Disappointed

Subject: Urgent Review of Vehicle Auction Shortfall

Dear Legal Team/Nedbank,

I am writing regarding my vehicle account ***.

Before the auction, I informed the bank that I had secured an offer of R90,000 from dealers. In response, the bank declined, stating that no offers below R100,000 would be accepted. I have this in writing as per our email correspondence.

In addition, my sister indicated her willingness to apply for refinance, but only on the condition that the outstanding balance be reduced to a fair and realistic amount in line with the vehicle's market value. This request was also declined.

Despite this, the vehicle was later auctioned for only R60,000. This decision has increased my shortfall debt unnecessarily, leaving me with a balance of approximately R100000, which is far greater than what I would have owed had the bank accepted the R90,000 dealer offer.

I previously instituted rescission proceedings against the bank, which I later withdrew in the spirit of resolving this matter amicably. However, given the current situation, I am prepared to reinstate legal action if the bank does not act fairly and reasonably in addressing this issue.

I therefore request that the bank:

1. Review my account in light of the above evidence.

2. Adjusts the shortfall to reflect the more reasonable amount that would have app**** had the R90,000 dealer offer been accepted.

3. Consider a fair settlement arrangement based on this adjusted balance.

If the bank refuses to address this matter appropriately, I am ready to escalate it to the Ombudsman for Banking Services and to pursue the matter in court. This time, I am willing to go all out to fight this injustice, and I will do whatever it takes to ensure that the matter is resolved fairly. If it happens that no customer has ever won a case of this nature, then let it be known that I am prepared to be the first.

I kindly request your urgent attention and a written response within 10 working days.

Yours sincerely, Itumeleng Mohube *** ***