R699 banks deny reckless lending There’s no commonality; not all R699-ers had the same experience. The claims of manipulating expenses information to influence credit scoring are completely reliant on hearsay and speculation and the application should be dismissed due to lack of jurisdiction. That, in a nutshell, is the response of all three 699 car deal financing banks - Nedbanks MFC, Absa and Standard - to attorney Duncan Hauers application to certify the Satinsky car owners as a class; to his contention that their financial information was falsified by Satinsky and to his suggestion that the banks were guilty of reckless lending and thus all the affected contracts ought to be set aside. Satinsky 128 (Pty) Ltd, the company which reportedly sold more than 25 000 New car from R699pm cars in the past six years, is among the respondents, along with the three banks which have financed the cars. Also listed as a respondent is Wesbank, which chose not to finance the cars, regarding the scheme to be too risky. Those who bought the cars entered into two contracts: one with the bank, for the full instalment, and another with the mysterious promotions company, Blue Lakes. The scheme worked for many people for several years, but began to wobble in March when the advertising fees were slashed, and then imploded altogether earlier this month when the fees all but dried up. - Read more at: myvirgo.info/forum/topic/2311#sthash.4BbDTsIk.dpuf
Posted on: Mon, 28 Jul 2014 08:30:16 +0000
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