Guiding consumers since 2009

WesBank: No further response from Venter

By Staff Writer
Following the collapse of the ‘Get a new car for R699’ car scheme, Albert Venter, the person behind it was set to sue WesBank for R20 million.
 
Venter, who owns Satinksy 128 (PTY) Ltd., claimed that WesBank allegedly disclosed confidential information of their financing scheme, breaking their confidentiality agreement. WesBank was the only bank from the four big South African banks that did not get involved in the scheme. Standard Bank, Nedbank and Absa financed Satinsky cars.
 
However, Rudolph Mahoney, who works in research and public relations at WesBank said that they replied to Venter’s claim, “several months ago” and have received no further response from him to date.
 
When Justmoney asked if he would still be perusing the case against WesBank, Venter said “no comment”.
 
NCR investigation
 
The National Credit Regulator (NCR( said it was combatting predatory lending practices, including credit marketing practices and had slapped a Compliance Notice against Satinsky in July. However, on Tuesday, 4 November, it was announced that the NCR had finished their investigation and no criminal charges would be brought against Satinsky.
 
“All the stakeholders, including the banks have cooperated and submitted all the information required for the purpose of the investigation,” said Trade and Industry Minister Rob Davies to Fin24.
 
“Due to the analysis of the outcome of the investigation that is currently underway, there is no action, including a criminal charge that has been taken against anyone as yet,” said Davies.
 
Class action suit
 
The R699 car scheme members were denied a class action suit against the banks and Satinsky. On Thursday, 21 August, the Port Elizabeth High Court judge dismissed attorney Duncan Heuer’s application to have the R699 car scheme clients certified as a class.
 
The aim of the class action suit was to have the credit agreements with the banks – Nedbank’s Motor Finance Corporation (MFC), Absa and Standard Bank – declared to be reckless lending in terms of the National Credit Act.
 
If the class action suit was a success, the banks would have been obligated to take back the cars and declare the contracts between them and the consumers null and void.
 
More on the R699 car scheme
 
If you would like to know more about the R699 car scheme, then please click on the following links:
 

Recent Articles

Featured What to do when you’ve been denied a home loan

After months of scanning property sites and attending showhouse after showhouse, you’ve finally found what you’ve been looking for. But your dream of owning a home comes crumbling down when you receive the news that you’ve been denied a home loan. So, what now?

Can your retirement annuity be used as collateral for a loan?

If you have a retirement annuity, you may have wondered whether you can use this as collateral when you take out a loan. We decided to do the leg work and find out whether this is possible or not.

Best travel cards offered by top South African banks

Planning a trip abroad involves a lot of administration. You need to consider travelling arrangements, reasonable accommodation, and a daily itinerary. But have you considered how you’re going to pay your bills once you arrive? Besides considering bank costs, you also need to consider exchange rates.

Best ways to save your money short-term

For many, it seems close to impossible to save when spending on holiday getaways, Christmas gifts, while also trying to ensure there’s money left to survive January. Justmoney takes a look at the best ways you can save during the short term.

Deals

Marble Gift Card Special

Price: From R1000
When: Until 25 December 2019
Where: Johannesburg

Trennerys Hotel and Camping Januworry Special

Price: R950
When: From 10 to 31 January 2020
Where: Centane (Eastern Cape)

Bakwena Standard Packages Special

Price: From R999
When: Until 31 December 2019
Where: Nationwide