what is my right on this

[Fitness freak]

I've ask the bank for a settlement figure on my car
They faxed me a settlement letter with a date that I must pay it
I've paid the exact amount on the last day

Now after 2 weeks the bank come back to me and said I'm still owning them R5200

Again I've paid the exact amount on the final expiring day.

[BBBEE_CompSpec]

You have a problem. Do you still have all your correspondence? What type of car did you buy?

[Fitness freak]

yes I have the settlement letter from the bank

I've got a other car so I just got rid of the extra one

[d3wdr0p]

How did you pay the settlement? Bank transfer? Straight deposit into their bank? Did you send them proof of payment?
If you did a bank transfer (internet transfer) keep in mind that if you bank with a different bank it may take 2 - 3 days to reflect in their bank account.

[Dave A]

Does the bank have an explanation for the discrepancy?

[sterne.law@gmail.com]

Have they not charged you a penalty for not giving notice? I think they normally want 3 months. This happens even with home loans if you dont give 3 months notice to settle they charge a penalty.

[BBBEE_CompSpec]

Go back to the bank with your details. It sounds like the date you paid and the date they captured the payment may be different. Its a pay by date and not a pay before date.

If they refuse to give you a refund or even to talk to you, I will have to show you how to fight it through the National Credit Regulator and/or Banking Ombudsman.

I recently had a case where one of my clients wanted to settle his bond for his factory. They gave him a settlement figure and payed according to their request. He was also told to pay a further amount. He came to me. I checked their calculations and found they were incorrect on the first settlement. I threatened them and they were forced to give back all monies overpaid.

I need to travel to Cape town in a weeks time to get further instruction from the Coastal Director for MERSETA. I could pop in if you are still having a problem.

However, the only way the bank listens to you is when you go in personally with your evidence.

[Fitness freak]

The bank knows about the everything

I've faxed the settlement and the deposit slip from the dealer to them
they say that the last installment was not included in the settlement thats why I must pay it

The dealer made a direct deposit on the final day of the settlement letter

The bank also knew that I'm selling the vehicle thats why I'am asking for the settlement.

[Dave A]

So all sorted out then or are you still unhappy?

[Fitness freak]

Still waiting for the bank to reply
I'll give them time till Monday or it is me and Hallo Peter again.

I personally think they taking me for a ride and wonder how many customers they getting away with this.

[BBBEE_CompSpec]

what is my right on this

The Bank will laugh at you should you go to Hallo Peter. Hallo Peter has its own bad reputation to sort out. Take it to the corrct authority, namely, the banking Ombud. Every complaint is properly investigated, and then gazetted.

From the ombud you can take it to the NCR.

Once you get the ruling you can advertise the findings in all the newletters, blogs and webpages you can find. A much better solution.