Wesbank
Improperly given fixed term loan contract at 17.5%

On 20April2009, I financed a car through WESBANK in South Africa. Because I was a foreigner, only in the country 4 months, I was offered a rate of Prime 4.5. This was very high, but as a foreigner I had no other options. To alleviate payments, I elected to take a variable interest loan for 5 years, as it was apparent that the rates would lower over the next couple years. I had verbal agreement to this with the WESBANK agent handling my application. However, the contract that was presented to me was for a fixed term loan at prime 4.5 (17.5% total interest payable) over 5 years. I did not notice this discrepancy and signed the paperwork. On my 2nd monthly payment, I noticed that the premium did not decrease with the country's lowering interest rate. I attempted to resolve the issue with WESBANK but was told that because I signed the contract, there was nothing I could do. Now, nearly four years later, I learned of Hellopeter.com and its effectiveness. I have also seen that others have encountered similar problems. I have decided to re-contest this issue and request compensation to the amount had I properly obtained a variable interest loan.

Company: Wesbank
Country: South Africa
City: SANDTON

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