1 reviews | Active since Jul 2010
Failure to Make Payment
Hello,<br> <br> I took vehicle finance finance with Wesbank. Few months into the agreement I had financial problems and went for debt counselling.<br> <br> I still I struggle to keep payment even when under debt couselling. And sadly got into a car crush the had no insurance. I went 2 years without paying anything to Wesbank. Start from Last year I started making a payment on R1000. <br> <br> I called Wesbank early this year asking them to find a better way for me to keep paying and improving my credit record as Im unable to do anything while owin. I wanted them to at least update my ITC payments so that I can have access to credit.<br> <br> I stopped paying them the agreed R1000 so that I can save to buy a cheap car for cash as I was nohelping to pay them.<br> <br> I still wish to find a better way of dealing with thie debt and want to get a setttle agreement that will mutually benefit us both.
Thank you for bringing your observations to our attention and affording us the opportunity to address this issue comprehensively.
The relevant management has made contact with you to clarify your financial obligation in terms of the credit agreement and the details regarding your ITC exposure.
The removal of payment profile data or any amendment thereto on credit bureau records is prohibited under Section 14.6.8 of the Credit Providers Association constitution. In addition, Section 70 (2)(d) of the National Credit Act states that a registered credit bureau must retain any consumer credit information reported to it for the prescribed period, irrespective of whether that information reflects positively or negatively on the consumer. Payment profile records may therefore only be removed or amended if they were listed in error; which is not the case in this instance.
Whilst the Bank is committed to service excellence and assisting you in every way possible, it is also our duty to alert you to the possible implications of this arrangement. We encourage you to conclude the arrangement as agreed or sooner if possible to restore your financial wellness.
Regards,
WesBank
Thank you for bringing your observations to our attention and affording us the opportunity to address this issue comprehensively.
The relevant management has made contact with you to clarify your financial obligation in terms of the credit agreement and the details regarding your ITC exposure.
The removal of payment profile data or any amendment thereto on credit bureau records is prohibited under Section 14.6.8 of the Credit Providers Association constitution. In addition, Section 70 (2)(d) of the National Credit Act states that a registered credit bureau must retain any consumer credit information reported to it for the prescribed period, irrespective of whether that information reflects positively or negatively on the consumer. Payment profile records may therefore only be removed or amended if they were listed in error; which is not the case in this instance.
Whilst the Bank is committed to service excellence and assisting you in every way possible, it is also our duty to alert you to the possible implications of this arrangement. We encourage you to conclude the arrangement as agreed or sooner if possible to restore your financial wellness.
Regards,
WesBank