Absa offers some reprieve for R699 scheme car buyers

2014-08-01 00:00

WHILE many victims of the R699 Satinsky scheme have been left in a rut, Absa have offered some reprieve for its customers.

Absa Retail Banking head Arrie Rautenbach said its investigation into the Satinsky car loan scheme had not yet been concluded.

Meanwhile the bank had offered its clients a restructured payment plan by extending the pay-back period.

“Absa has offered clients assistance if they have any concerns about their ability to meet any repayments,” he said.

Sunaina Depalal of Port Shepstone, who banks with Absa, said: “I think this will help; make life a little easier. I believe they will lengthen the instalments so it will take longer to pay, but at least people will be able to make their monthly payments easily.”

However, not everyone has this helping hand. After contacting their respective banks requesting instalment restructuring, at least two other scheme victims have to contend with the higher financial burden.

Daneisia Olwegan from Durban, whose deal was financed through another bank, said any assistance would have helped.

“This would have helped so much, but they have refused to assist. I was paying R1 200 for my car, but now I have to pay R2 800,” she said.

Jeannene de Klerk, also from Durban, was sceptical about the restructuring of loans. “Even if they restructure the loan, imagine the amount of interest we will have to pay. Who can afford to pay R40 000 to R50 000 more in interest?” she said.

Consumer activist and administrator of the Facebook group against the scheme, Simon Lapping warned that restructuring payments would not help those affected.

“I am appalled at Absa Vehicle Finance’s approach towards this problem,” said Lapping.

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