Saturday, 12 May 2018

The Voice - Consumer's Voice

A genuine funder?

I need your assistance here Sir, of recent I came across this other company on Internet as I was searching for possible funders, I requested for an investment amount of $50,000. We have been communicating via mail till today when I receive their approval confirmation. What scares me is that their procedure was so simple and they never requested any security nor any clause that talks of in case I fail to return the money. I'll send you the agreement letter they sent me and please confirm for me if the company is legit or is just a scam.

There's no doubt about it. This is a scam.

The first clue is the simplest. This isn't how funding works. It's not how getting a loan works. Genuine lenders don't offer large amounts of money to total strangers they met on the internet. Genuine lenders don't lend money without extensive checks, interviews, form-filling and evidence that the borrower can make the necessary repayments. Anyone who's taken a genuine loan will confirm this. It's never easy.

In your case there are other clues. They say they'll lend you around $50,000 (around P500,000) but at only 3% interest? That's unbelievable. Furthermore, they say that the total interest over the five year loan period will be just $3,906? Genuine lenders can do basic arithmetic.

This is actually nothing more than an advance fee scam. There is no loan, no lender, no funder. Nothing you've been told is true. The way is this works is that the scammers seduce you with the offer of a very cheap loan but just before this fake loan is paid to you they'll demand a payment from you first. Sometimes it's a tax or duty, other times an account opening fee, maybe a penalty of some sort. Again it's all fake but that's what it's all about, that fee they make you pay in advance of getting the fake loan.

I'm glad to hear that you haven't sent them any money yet because often when people contact us with stories like yours it's too late and the money has already been sent. And everyone should know this. Scammers don't offer refunds!

Another broken second hand car

About 3 weeks ago I purchased a 2nd hand car for P48,000 from one dealership in Mogoditshane. Within 3 days it showed an engine light in the dash board and then on the 5th day showed another one.

I took the car to more than 5 car technicians and mechanics who made their computer diagnose and found different problems. The last diagnosis report found that it's the computer box which needs to be replaced. I have also fixed the car on so many things, include the engine mountings and plugs.

I have come to decision of returning the car back to the dealership in Mogoditshane. When I include all the minor services I have spent around P8,000 extra on the car. I have all the necessary receipts of some of the expenses. And please advise if a refund is due to me how I will be refunded the purchase price and for the services.

All the problems and expenses have been communicated to the dealer who has asked us to do more diagnosis on the car and insisted its fine. Eventually he asked his mechanic to look at it on 1st May and found all the problems we complained about.

The agreement was that the warranty is only one month if it has an engine problem. And my one month ends on 13th May I guess that's why he keeps pushing I drive the car even if I insist it has problem so that my one month to elapses.

I suspect you're right. The dealer is stalling you and hoping the month will expire before you take action to protect your interests. You need to write him a letter saying that the car is not "of merchantable quality" as required by Section 13 (1) (a) of the Consumer Protection Regulations and that you require him to honour the warranty that was included in the sale of the vehicle. Make sure that letter gets to him as soon as possible and definitely before the 13th May. On the same day you should also go to the Consumer Protection Unit and lodge a complaint with them. Ask them to call him so that he knows they're on the case. With a little luck these two actions will encourage him to do the decent thing!

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