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.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24


How to open a beer bottle without an opener

Do the right thing and never be thirsty again…


You won't want to miss...

WATCH: Man films himself going down water slide upside down as things go very wrong…
WATCH: Conor McGregor: Notorious the trailer
Best date night restaurants in South Africa
WATCH: Ryan Reynolds offers fans a free tattoo in new Deadpool 2 teaser
Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.