Rudco Homeloans at 6%

[Karenwhe]

I think anyone contemplating Rudco services, should have a look at this article.

http://www.moneyweb.co.za/mw/view/mw...4345&sn=Detail

The product sounded good, but sometimes things that sound too good to be true are probably not true.

Hope this helps.

[Dave A]

Great link - Karen. Thanks.

WOW! The National Credit Regulator has successfully obtained a liquidation order against Rudco! Clearly the NCR means business.

Two questions arise:

• Will Rudco clients be getting any money back?
• How did Rudi end up being the sole director given this little snippet from the same story?

In court documents it emerged that Rudco CEO Rudi Visagie is a convicted criminal. He was convicted of theft in 1995 and was barred from being a company director. Despite this, he became the sole director of Rudco.

[Karenwhe]

I don't really think people will get their money back by the state of things right now.

I heard somwhere that most of them already had financial trouble and this was a major reason for changing to Rudo.

Since Rudco did not take over the bonds, these people are likely to be repossessed by the respective banks. I think one article in the media stated that Rudco has/had 1,800 clients. That is a bit sad.

What I would like to know is why and how did the National credit regulator give temporary license to Rudco as a credit provider without background checks? If they don't protect the public from scams and give licenses easily, then who will? No one can possibly expect the public to do the background checks on credit providers.

[Skulk]

Yip, that was a near miss for many.

A 6% bond opportunity means easy money for all of us.

I registered an enquiry with Rudco but first ran a credit report on them, their directors and their personal records.

Needless to say, the informaton was negative and I did not proceed with my application.

Much to my surprise though, I received a phone call from a very irate Rudi, demanding an explanation as to "waarom krap jy in my persoonlike sake rond!"

My response that surely he has nothing to hide was met with a blunt silence.

By the way, he is not the only director, the other one is a Ms Wyeth - according to the credit report anyway.

Liquidating the company is one thing. Question is, what does the NPA intend doing with Rudi, given that he has again broken the law? Will he be prosecuted or just rapped over the knuckles?

Sadly, the registrar of companies is still failing the public where they allow unrehabilitated insolvents and convicted criminals to be company directors.

This is not a free punt but www.deedsearch.co.za provides and excellent service to expose these individuals and is worth joining.

[anakin]

Rudi Visagie is the guy who lived right beside us - my neighbour. The front door was left wide open during the night and we contacted his wife to find out. She asked us to close the door. I just found out the guy is Rudco's Rudi Visagie.

Police is looking for him now. His son has been arrested.