Wesbank Decision

To whom it may concern I would like to express my feelings about my dealings with Wesbank over the past 8 years. I purchased my Hyundai IX35 brand new in 2013. I have been paying monthly installments during this time. I started to experience financial difficulties when my wife was retrenched over three years ago. I had no choice but to go under debt review as we lost her income of R9000 per month and could no longer pay for some of our monthly expenses. However a new arrangement was made with Wesbank and I continued to pay my monthly installments. In April 2020 I received a letter from my company explaining that due to the Covid 19 Global Pandemic they were not able to operate business as before and unfortunately were advising us to seek assistance from the government Covid relief fund as they could not guarantee our monthly salary and due to this had to retrench the staff. However I was kept on as I am a Senior Assistant Pastor and they needed my services. They decided to keep me on but reduced my salary by 15% and could no longer afford to give me my monthly petrol allowance of R2500. I new immediately that I will not be able to pay for my vehicle every month and had no money for petrol. Since then I have been receiving my salary in percentages every month. As I right this review I have only received 65% of My December salary. I decided that it was best to return my vehicle to Wesbank. At the time I was ******** and not aware of how this process works. Wesbank repossessed my vehicle and told me the most they could auction it for was R70000 which is about half of the resale value of my vehicle. I then borrowed the money from a family member and got my vehicle back. However due to my current financial situation I am in arrears with Wesbank once again. This time I decided to get a valuation from We Buy Cars and they agreed to pay an amount of R130000 for my vehicle. I immediately notified Wesbank of this amazing offer and pleaded with them to accept this as full and final settlement for my vehicle given my current financial position. Wesbank refused to hear my case and are threatening with legal action, demanding that I sign a document committing to pay the outstanding balance of R70000 for the vehicle. I told them that this would be financially reckless of me as I know that I will not be able to commit to paying this amount. This is totally unsympathetic to my situation as I have been paying for this vehicle since 2013 and this is my livelihood. If they take away my livelihood how am I supposed to pay them. I trust you will hear my case.