WesBank referred to tribunal over unfair credit practice
A probe by the National Credit Regulator shows the vehicle financing house lured consumers into handing over their cars, which contravenes the National Credit Act.
JOHANNESBURG – The National Credit Regulator has referred WesBank to the National Consumer Tribunal for alleged breaches of the National Credit Act around vehicle financing.
An investigation by the credit regulator shows the vehicle financing house lured consumers into handing over their cars, which contravenes the credit act.
The act provides for defaulting consumers to return their cars voluntarily.
The regulator’s Jacqueline Peters says: “What we’re saying is that this process that is being followed by WesBank, where their debt collection agencies are obviously trying to entice consumers to relinquish the possession of their motor vehicle, really undermines the voluntary nature of the surrender process.”