MS
Mike S
1 reviews | Active since Mar 2009
26 Aug 2022, 15:49
Questionable business practice.
So my previous complaint about this company had just been removed. This because I took them on about thhe fact that they are refusing to issue a letter stating that my account was written off by them years ago. They are thus deliberately preventing me having my name cleared from debt review. I had a legitimate reason for being unable to pay my loan, as I was declared medically disabled.They unfortunately feel it unnecessary to have a credit life insurance in place, just because the law does not prescribe it. They are now being vengefull and petty by not issuing a simple letter stating that my account was written off. Just remember, none of us knows what the future holds and if you have a loan with them and suddenly have a life altering event, you'll have no protection if you're unable to repay your account even your loved ones may be left to deal with debt. Be mindful of this, I also thought I was healthy and nothing would happen to me, until it did. I would recommend using a company that has credit life insurance in place to to ensure you're protected.
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Replies (3)0
Replies (3)
Challenor Finance's replyOfficial
26 Aug 2022, 16:11Good day Mr Somerset According to the National Credit Act - A debt write off is when a creditor agrees that you no longer have to repay your debt. The creditor may agree that you don't have to repay if you can prove you are experiencing financial difficulty and have no viable way to repay. Which you clearly indicated when you went under debt review and were medically boarded. Having said the above, we acknowledged this fact and wrote off the debt in 2018. On the 16th August 2022, you emailed our credit manageress requesting that you wanted a letter for prescribed debt. However, your debt was not prescribed as you emailed us on the 23rd September 2016. And the account was written off on the 1st September 2018. Prescribed debt refers to the debt that has not been recognised by the creditor or been paid towards for more than 36 months. This is considered old debt by creditors and may then be written off, having said the above, this was not applicable in your case. With regards to your query why there was no insurance on the credit agreement, Please note that is not compulsory by law in South Africa. It only becomes mandatory or compulsory should it be a criteria of the credit provider. Regards
Challenor Finance
Challenor Finance
Challenor Finance's reply26 Aug 2022, 16:11
Official
Good day Mr Somerset According to the National Credit Act - A debt write off is when a creditor agrees that you no longer have to repay your debt. The creditor may agree that you don't have to repay if you can prove you are experiencing financial difficulty and have no viable way to repay. Which you clearly indicated when you went under debt review and were medically boarded. Having said the above, we acknowledged this fact and wrote off the debt in 2018. On the 16th August 2022, you emailed our credit manageress requesting that you wanted a letter for prescribed debt. However, your debt was not prescribed as you emailed us on the 23rd September 2016. And the account was written off on the 1st September 2018. Prescribed debt refers to the debt that has not been recognised by the creditor or been paid towards for more than 36 months. This is considered old debt by creditors and may then be written off, having said the above, this was not applicable in your case. With regards to your query why there was no insurance on the credit agreement, Please note that is not compulsory by law in South Africa. It only becomes mandatory or compulsory should it be a criteria of the credit provider. Regards
Challenor Finance
Challenor Finance
MS
Mike S's updateReviewer Update
26 Aug 2022, 16:13I don't find it in order at all. You're reply just reiterate the fact you're not willing to protect your clients. Just because the law does not prescribe it, it does not mean you have to ignore the fact that you need to protect yourself and clients.
Why would you refuse issuing me a simple letter stating that the account was written off. Thats just plain spitefull. I stand by my opinion that your company is ************ and has zero interest in doing the right thing.
I was never informed of the fact that debt was written off. For years I heard nothing from you so it was a reasonable assumption of me to make that the debt had prescribed.
Neither here nor there, the fact that you're still being vengefull by not issuing a letter stating the account was written off is proof of my point.
Why would you refuse issuing me a simple letter stating that the account was written off. Thats just plain spitefull. I stand by my opinion that your company is ************ and has zero interest in doing the right thing.
I was never informed of the fact that debt was written off. For years I heard nothing from you so it was a reasonable assumption of me to make that the debt had prescribed.
Neither here nor there, the fact that you're still being vengefull by not issuing a letter stating the account was written off is proof of my point.
MS
Mike S's update26 Aug 2022, 16:13
Reviewer Update
I don't find it in order at all. You're reply just reiterate the fact you're not willing to protect your clients. Just because the law does not prescribe it, it does not mean you have to ignore the fact that you need to protect yourself and clients.
Why would you refuse issuing me a simple letter stating that the account was written off. Thats just plain spitefull. I stand by my opinion that your company is ************ and has zero interest in doing the right thing.
I was never informed of the fact that debt was written off. For years I heard nothing from you so it was a reasonable assumption of me to make that the debt had prescribed.
Neither here nor there, the fact that you're still being vengefull by not issuing a letter stating the account was written off is proof of my point.
Why would you refuse issuing me a simple letter stating that the account was written off. Thats just plain spitefull. I stand by my opinion that your company is ************ and has zero interest in doing the right thing.
I was never informed of the fact that debt was written off. For years I heard nothing from you so it was a reasonable assumption of me to make that the debt had prescribed.
Neither here nor there, the fact that you're still being vengefull by not issuing a letter stating the account was written off is proof of my point.
Challenor Finance's replyOfficial
01 Sept 2022, 10:38Good day Mr Somerset
It was not that we refused to give you a letter that the account was written off. You originally requested a letter to say the debt was prescribed and requested a letter, which we could not do as, it was not prescribed
Please note that our debtors department has sent you a letter via email confirming that your debt was written off.
Regards
Challenor Finance
It was not that we refused to give you a letter that the account was written off. You originally requested a letter to say the debt was prescribed and requested a letter, which we could not do as, it was not prescribed
Please note that our debtors department has sent you a letter via email confirming that your debt was written off.
Regards
Challenor Finance
Challenor Finance's reply01 Sept 2022, 10:38
Official
Good day Mr Somerset
It was not that we refused to give you a letter that the account was written off. You originally requested a letter to say the debt was prescribed and requested a letter, which we could not do as, it was not prescribed
Please note that our debtors department has sent you a letter via email confirming that your debt was written off.
Regards
Challenor Finance
It was not that we refused to give you a letter that the account was written off. You originally requested a letter to say the debt was prescribed and requested a letter, which we could not do as, it was not prescribed
Please note that our debtors department has sent you a letter via email confirming that your debt was written off.
Regards
Challenor Finance