ET
Eugene T
Active since Jun 2010
2
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2 reviews31 months ago
Thabizolo Cashloans (Trading as Incredible Cashloan) is a ****
16 August 2023 The Manager National Credit Regulator 127 15th Road Randjespark Midrand 1685 Dear Sir/Madam, COMPLAINT AGAINST THABIZOLO CASH LOANS CC (TRADING AS INCREDIBLE CASHLOAN) WITH REGISTRATION NUMBER: NCRCP10114 FOR FAILURE TO DISBURSE LOAN AND CHARGING UPFRONT FEES I am writing to lodge a complaint against Thabizolo Cash Loans Cc (Trading As “Incredible Cashloan”), for unfair and potentially ******** lending practices. On 11 September 2023, I entered into a loan agreement with Incredible Cashloan for R45,000. As part of this agreement, I paid the following upfront fees: ▪ Lawyer’s fees: R2,850 on 9 September 2023; and ▪ Loan insurance fees: R3,599. I begrudgingly paid the total fees of R6,449 to Incredible Cashloan’s attorney, Mr. MG Bharath on 9 and 11 September 2023, respectfully. Despite paying these fees and signing the loan agreement, Incredible Cashloan has failed to disburse the R45,000 loan amount to me. On 12 September 2023, I received the following email from Rejoice Johannes at Incredible Cashloan: “MGPFD/09/12/2023: Attn: EP TERBLANCHE the transfer order of ZAR48599.00 from HSBC to Capitec Account:1721920100 is still Pending due to Non Endor*****t payment of Marginal Fluctuation charges, you are required to Pay Endor*****t Refundable fee of R7450 to avoid much delay. Contact via whatsapp on 0832045024 immediately for Payment Details.” I have made multiple requests to Incredible Cashloan to either disburse the loan or refund the fees paid, but these requests have been ignored and I sent Sandra William, the loan consultant, a Whatsapp on 19 September 2023 cancelling the loan, 5 business days after receiving the demand for payment of the R7,450 as required by the National Credit Act, no. 34 of 2005 (“the NCA”). The fee of R7,450 was never mentioned in either the Loan Approval letter or the written agreement. 2 I believe that Incredible Cashloan is in violation of the NCA for the following reasons: ▪ Failure to disburse the principal loan amount as contracted. This is a violation of Section 90(2)(b). ▪ Charging upfront fees for a loan that was never disbursed. This may constitute reckless lending under Sections 80 and 81. ▪ Failure to respond to my requests for the loan or refund. This violates my right to fair treatment under Section 82(1). I request that the NCR urgently investigate Incredible Cashloan for these ******** lending practices. In addition to the return of my fees paid, I believe Incredible Cashloan should face appropriate penalties and sanctions for reckless lending and unfair treatment of consumers. Please find attached the following documents as evidence to support my complaint: ▪ Copy of Loan Approval Letter dated 6 September 2023 as Annexure A; ▪ Personal Loan Contract dated 11 September 2023 as Annexure B; ▪ Receipts for fees paid to Incredible Cashloan as Annexure C; and ▪ Whatsapp correspondence requesting loan disbursal or refund as Annexure D. I look forward to your acknowledgement of this complaint and proposed action. Please let me know if you require any additional information from me. I am happy to cooperate fully with the NCR’s investigation into Incredible Cashloan. Yours faithfully,
131 replies
32 months ago
COMPLAINT AGAINST SQUARE FINANCE (PTY) LTD FOR FAILURE TO DISBURSE LOAN AND CHARGING UPFRONT FEES
Dear Sir/Madam, COMPLAINT AGAINST SQUARE FINANCE FOR FAILURE TO DISBURSE LOAN AND CHARGING UPFRONT FEES I am writing to formally complain about Square Finance's failure to disburse my approved loan of R40,000 and charging me the following upfront fees of which I was never upfront informed: Lawyer’s fees: R3,063 Insurance fees: R3,763 Payout approval fees: R2,955 Total fees paid: R9,781 These fees were a shock to me and was grudgingly paid. I have made multiple requests for the loan amount or refund of fees paid, which have been ignored. I also sent a letter of demand to Mr. Damains Van Dike on 15 August 2023 which went unacknowledged. And they don’t answer their telephone number (087 095 7782) or their Whatsapp number (079 546 9056) nor do they reply to emails for a status update on the payout. This is extremely poor service. Square Finance is in breach of contract and in violation of the National Credit Act 34 of 2005 as follows: Failure to disburse the principal loan amount as contracted. This is a violation of Section 90(2)(b). Charging upfront fees for a loan that was never disbursed. This may constitute reckless lending under Sections 80 and 81. Failure to respond to my requests for the loan or refund. This violates my right to fair treatment under Section 82(1). If this complaint is not resolved with the full R40,000 loan amount or a refund of R9,781 in fees within 7 days, I will take the following actions: File ******** charges of ***** and theft against Square Finance for taking fees for services not rendered. Conviction of these charges may result in fines or imprisonment for responsible executives. Initiate civil litigation to recover the fees paid. This will necessitate Square Finance paying legal costs in addition to the R9,781. Failure to pay could result in a civil judgment ordering repayment. Lodge complaints with the Consumer Goods & Services Ombud and National Credit Regulator (“NCR”). These bodies have the authority to impose penalties, revoke lending licenses, and order restitution for reckless lending practices. I attached as an Annexure my proposed compliant to the NCR. Report Square Finance to Hello Peter and on social media. This will inform other consumers of ******** practices and damage Square Finance's reputation. Contact media outlets to expose Square Finance's predatory lending schemes. Significant public scrutiny and reputational damage typically follow media coverage. I trust Square Finance will promptly pay out the loan amount or refund the fees paid so that I can avoid taking these actions. This is an opportunity for Square Finance to correct its mistake before facing consequences. I look forward to the full resolution of this complaint within 7 days. Regards, Adv. Eugene Terblanche 0832533316
0 replies
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