Defaulting consumers coaxed to hand over vehicles by credit providers - NCR

Nthopeng Mokgolego, Senior Legal Advisor at National Credit Regulator, says they have revealed through an investigation that Wesbank is in breach of the National Credit Act with their vehicle financing.

She says consumers, out of their own free will, can decide that an asset bought under a credit agreement that they don't need it anymore, whether they are in default or not.

The investigation shows that consumers are lured into handing over their cars when they default on payments, which contravenes the credit act.

If you are a consumer and you are asked to hand over your car you should ask for a warrant. Iif they don't have that warrant you must then know that it is not the process allowed to credit providers.

Nthopeng Mokgolego, Senior Legal Advisor at National Credit Regulator

What they are doing it is to coax you or pressurise you indirectly to relinquish possession of your vehicle. Truly speaking consumers can refuse...

Nthopeng Mokgolego, Senior Legal Advisor at National Credit Regulator

To hear more on this interview, please listen below:


This article first appeared on CapeTalk : Defaulting consumers coaxed to hand over vehicles by credit providers - NCR


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