HomeHome SearchSearch MenuMenu Our productsOur products

17,000 duped consumers face financial issues after a ‘Buy a New Car for R699' scheme fell apart - Here's what you can do if you're affected

by , 22 July 2014

Some 17,000 motorists put their faith in the ‘Buy a New Car for R699' scheme. But the scheme has now come crashing down.

This has left thousands of motorists with credit agreements that they can ill afford.

If you've been a victim of this scheme, what can you do?

Read on to find out…

What is the ‘Buy a New Car for R699’ scheme?

The target of the ‘Buy a New Car for R699’ was low income earners, says IOL. In return for “allowing their cars to be used as billboards for the scheme,” they would receive a fee.

There were two options to pick from: “Earn-While-You-Drive or Earn-While-You-Own,” adds IOL. The first option meant you could earn the value of “your entire car instalment if you travelled more than 2,000kms a month”. The other option was to receive a monthly fee of R570.

The “scheme collapsed earlier this month,” notes The Citizen. And now banks are demanding the full monthly repayments from affected consumers. These are “amounts not affordable for all those involved”.

Some affected consumers are taking the matter to court

Several banks are also in the firing line as they supported the scheme, reports BDLive. The scheme was “launched in 2008 by Albert Venter, the CEO of the Satinsky group”.

A lawyer who represents over 500 of affected consumers has taken the matter to court, says Fin24. The respondents are Satinsky, Standard Bank, Absa and Nedbank.

The National Credit Regulator is now also on the case, says IOL. It “came down” on the scheme for failing to explain the “full cost of credit in its advertising”. The regulator is also conducting an investigation to find out if “vehicle owners were granted credit in accordance with the National Credit Act”.

What can you do if you’re a victim of “Buy a New Car for R699” scheme?

There are a number of things you can do, MoneyBags explains… Once the case makes it to court, there should be further guidance on what to do if you’re a victim of the scheme. The hearing is due to start on 7 August.

*********** Recommended Product ************

Your financial advisor does NOT want you to see this pattern...

And you could use it to bank a second income!

You can use this pattern to get rich, “working” just five minutes a week.

It’s easier than you ever imagined!

Click here to get your hands on this pattern today!

*******************************************
 


17,000 duped consumers face financial issues after a ‘Buy a New Car for R699' scheme fell apart - Here's what you can do if you're affected
Rate this article    
Note: 5 of 1 vote

Have a trading or investing question? Click Here


Related articles



Related articles


Watch And Learn




Trending Topics