I bought a car in September 2013 & the dealership sold me a shortfall insurance with GRSA. they told me thet the insurance was going to pay for any amount outstanding at the bank should my car be written off.
After two weeks, my car was in an accident & was written off. My Insurance paid their potion and I had a shortfall of about R25000. Wesbank submitted a claim on my behalf to GRSA which took about 3 weeks to be processed. The only contact I had with GRSA was one phone call from admin asking me about the events of the accident and telling me that they are working on my claim.
I came to work on Tuesday, 26 Nov 2013 to find an email from Wesbank Financial Services, with a settlememt letter for an amount of R11 072.89. I called Wesbank to enquire and they told me its the amount that i have to pay them after My Insurance and GRSA have paid their part.
My concern is, what is the point of having SHORTFALL INSURANCE if im still going to pay the bank another shortfall amount. and why are they not informing the clients that they also not paying the full amount of the shortfall. this is unfair and false marketing because as a client you think you are safe from financial burden.
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