Culoe De Song Allegedly Faces Getting His Properties Repossessed After Failing To Pay Loan Instalments

• Mzansi DJ and music producer Culoe De Song is reportedly in trouble with the law after failing to honour the agreement of a bank loan
• Culoe De Song allegedly took out a loan from a top commercial institution and was supposed to pay it back in monthly instalments
• The Webaba hitmaker is set to appear in court over the dispute after failing to pay the agreed monthly instalments

South African hitmaker Culoe De Song is allegedly in hot water after failing to pay monthly instalments for a loan he took from a major commercial institution.

The house musician whose real name is Culolethu Zulu allegedly breached the contract of a R100 000 loan he took out at FirstRand Bank.

Culoe De Song allegedly fails to pay back loan instalments

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According to City Press, the Rambo hitmaker failed to honour the terms of the contract he signed. Per the papers seen by the publication, FirstRand Bank filed for litigation against Culoe De Song in December last year.

The matter is reportedly waiting for a court date after the musician's lawyers reportedly tried to go for mediation to remedy the breach. Part of the contract read:

"The plaintiff (FirstRand Bank) lent an advanced R117 603.14 to the defendant (Culolethu Zulu) plus interest at the rate of 9.75%. It was agreed upon that the loan amount would be repaid in equal monthly instalments [with the amount not stipulated in the document] until the full outstanding balance plus interest was paid in full."

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Culoe De Song's properties could be attached after breaching the contract of a bank loan

Per the documents, FirstRand Bank has the right to attach and sell Culoe De Song's properties if he fails to pay what he owes within the stipulated time frame.

"The defendant would be responsible and liable to pay the costs, fees and charges applicable to the account, as well as default administration charges and collection costs if the defendant defaults on any obligation in terms of the agreement."

DJ Cleo allegedly breached Standard Bank's R1M home contract, commercial bank took Him to court

In related entertainment news, Briefly News previously reported that DJ Cleo is said to be going through the most financially after he allegedly breached a R1 million home loan contract with Standard Bank.

According to City Press, Standard Bank took DJ Cleo to court. The bank claimed it gave the renowned producer R1 104 000 in May 2006, understanding that he would pay R9 511.01 in monthly instalments for 240 months (20 years).

Source: Briefly News