Challenor Finance
1.4|19 reviews
MS
Mike S
1 reviews | Active since Member
26 Aug 2022, 11:06
Unethical business practice.
Be very careful when entering a loan agreement with this unscrupulous company. I had a lian with them. I fell I'll and was declared medically disabled. Subsequently lost my job. Was unable ta make further payments. I duly informed them of my situation and submitted proof. They had zero empathy with my situation and had no credit life insurance in place to protect myself and THEM from such unfortunate situation. Subsequently I was blacklisted, debt was written off as bad credit and now, years later the refuse to issue me with a letter stating that debt had been written of. I'm still not and will never be able to work again, but am trying to restore some dignity to my life by clearing my name from credit buro. So know this, Challenor finance are void of any ethical behaviour, have no good corporate governance ideology at all. They will through you to the vultures in a blink of an eye. DO NOT DO BUSINESS WITH THEM.
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Replies (74)Challenor Finance's replyOfficial
26 Aug 2022, 13:12Good day Mr Mark Somerset According to the National Credit Act - A debt write off is when a creditor agrees that you no longer have to repay your debt. The creditor may agree that you don't have to repay if you can prove you are experiencing financial difficulty and have no viable way to repay. Which you clearly indicated when you went under debt review and were medically boarded. Having said the above, we acknowledged this fact and wrote off the debt in 2018. On the 16th August 2022, you emailed our credit manageress requesting that you wanted a letter for prescribed debt. However, your debt was not prescribed as you emailed us on the 23rd September 2016. And the account was written off on the 1st September 2018. Prescribed debt refers to the debt that has not been recognised by the creditor or been paid towards for more than 36 months. This is considered old debt by creditors and may then be written off, having said the above, this was not applicable in your case. With regards to your query why there was no insurance on the credit agreement, Please note that is not compulsory by law in South Africa. It only becomes mandatory or compulsory should it be a criteria of the credit provider.
We trust that you find the above all in order.
Regards
Challenor Finance
We trust that you find the above all in order.
Regards
Challenor Finance
Best regards,
Challenor Finance's reply26 Aug 2022, 13:12
Official
Good day Mr Mark Somerset According to the National Credit Act - A debt write off is when a creditor agrees that you no longer have to repay your debt. The creditor may agree that you don't have to repay if you can prove you are experiencing financial difficulty and have no viable way to repay. Which you clearly indicated when you went under debt review and were medically boarded. Having said the above, we acknowledged this fact and wrote off the debt in 2018. On the 16th August 2022, you emailed our credit manageress requesting that you wanted a letter for prescribed debt. However, your debt was not prescribed as you emailed us on the 23rd September 2016. And the account was written off on the 1st September 2018. Prescribed debt refers to the debt that has not been recognised by the creditor or been paid towards for more than 36 months. This is considered old debt by creditors and may then be written off, having said the above, this was not applicable in your case. With regards to your query why there was no insurance on the credit agreement, Please note that is not compulsory by law in South Africa. It only becomes mandatory or compulsory should it be a criteria of the credit provider.
We trust that you find the above all in order.
Regards
Challenor Finance
We trust that you find the above all in order.
Regards
Challenor Finance
Best regards,