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WesBank disagrees with regulator over unfair credit practice

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Cape Town - WesBank disagrees with the National Credit Regulator (NCR) that it coaxed defaulting consumers into handing over their cars, it said on Thursday.

NCR referred the matter to the National Credit Tribunal, alleging that Wesbank is in breache of the National Credit Act (NCA). This following an investigation, into the Wesbank’s debt collection practices, which commenced in 2014.

Wesbank, a division of FirstRand Bank Limited, is one of South Africa’s leading vehicle and asset finance providers. The NCR claims the bank, through its debt collection agents, coaxed defaulting consumers into relinquishing possession of their motor vehicles.

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