Went under debt review end 2009 due to wife losing her job. Both my wife and my own vehicle finance on my name with a residual. In effect both residual values became arrear amounts. Since going under debt review all my outstanding debt except for Wesbank and Homeloan was fully paid up as well as wife is working again. Want to cancel my debt review as my situation changed. SA Homeloans was more than willing to let me cancel and continue with my normal installment but Wesbank is so stubborn and will only allow me to cancel and make an arrangement if I settle 70% of my outstanding balance. Please note my Residual amount became arrears due to not being able to apply for finance on the Residual amount at the time. My current negotiated installment on the one vehicle is just over R2800 and the other R600. I offered to pay much more on both accounts on a monthly basis and in effect it will be paid of much quicker but they refused with the following reason: It will take longer to settle the account. Basic maths tells me that if I pay a higher installments it will be settled earlier.
0 comments