BMW to compensate thousands of Australian clients in loan scam

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We’ve been running the story of First National Bank which has left some of its low-cost housing clients destitute by dragging compensation through the courts. These are the poorest and most vulnerable. Their home loans are in the region of R60000. FNB has overcharged them in interest rates and all these people are demanding is their money back.

Imagine if this bank could simply compensate these clients. Imagine if the regulatory bodies and courts in this country were as vigilant and fair as those in Australia which found BMW had violated credit laws resulting in many people acquiring cars they couldnt afford and later have them repossessed.

Online news outlet, France24 reports that “the Australian Securities and Investments Commission said at least 15,000 customers may have “suffered hardship as a result of BMW Finance’s compliance failure”.

ASIC deputy chairman Peter Kell highlighted BMW’s “sales-driven culture that failed to comply with the requirements of the credit laws and resulted in poor outcomes for many consumers.

 “We are encouraged that BMW Finance has recognised these shortcomings and agreed to a remediation programme that will see thousands of consumers compensated,” Kell said in a statement released Tuesday.

“This is an example of the staggering cost of poor business practices.”

Read the rest of the BMW story here http://www.france24.com/en/20161207-bmw-compensate-thousands-australian-clients-loan-scam

 

8 Comments on "BMW to compensate thousands of Australian clients in loan scam"

  1. Corruption is endemic and not exclusive to RSA. It is important for us all to hold those accountable and demand transparency.
    Clutching at straws via spurious legal arguments is a further extension of corruption. The difference between BMW and Governments is that BMW will pay their own legal costs. Individuals found to have broken the law and wish to pursue their cases further are unlikely to have their legal costs paid for by, in this case, BMW. Shareholders will not stand for it.
    In SOE’s and Public Service entities, such as the SABC and the Hawks, the shareholders (SA citizens) are expected to pay as the cases move up towards the Constitutional Court.
    The legal advisors in these types of cases should forfeit their (huge) fees and be made to answer to their professional bodies for bringing the legal system into disrepute.

  2. Hello PK,

    This is most interesting. I remember that in the year 2,000 when I analysed the bonds of 2,000 People I found a ‘pattern’ of BAD BUSINESS PRACTICE at First National bank.

    Prime Example : A ‘simple’ ‘poor’ so-called ‘black’ Lady had been CROOKED CHEATED THIEVED from by Rupert and his of ‘Afrikaner Nationalist Mafia gang’s’ bank FNb. She had been overcharged interest. Simple. BUT her problem/s did not stop there. Oh no. There was more; much much more.

    By the time that this Lady came to ask me for help her position was ‘worsening by the day’.

    FNb had cancelled her bond and was suing her for an outstanding amount on her a/c with them. She had been paying her bond monthly for 12 years. She had missed some monthly payments, but “ .. not that many – when I had family problems ” is how she told me. She had also paid in a ‘lump sum’ of R 8,000-00 off her bond – which had started out at R 60,000-00. By the time that this Desperate Lady arrived by taxi from Limpopo at my home in Johannesburg asking me for help – incidentally PK, she came to me with 5 other ‘poor’ so-called ‘black’ People who had bonds and who had all been CROOKED CHEATED THIEVED from by this same bank – by the time that I met this Lady this bank’s lawyers had told her that FNb was prepared to ‘re-finance’ her and that the bank would stop all Proceedings against her and she could get her house back; BUT only IF she signed for a bond of R 72,000-00 on her house. Together with lawyers fees and interest and other costs such as insurance the bank was prepared to let her get her house back if she signed for a bond of R 72,000-00. My analysis of her a/c came to a figure of R 31,000-00, NOT R 72,000-00.

    I was not able to help this Unfortunate so-called ‘black’ Lady beyond checking the figures and giving her my own personal advise on how she should proceed. I am not a lawyer you see PK. We did share a Prayer, late in the night, there at my dining-room table – all 7 of us (including the taxi driver) – and we did share a tear together. It was SO SAD. It was UNBELIEVABLY SAD. It still is; in my own memory. All that I could offer her …. a Prayer and my tears, together with the analysis of her bond a/c; which I do want to say, I did for free, WITH PLEASURE !

    Now PK, my point is this : Did FNb apply UBUNTU ? No. Did FNb treat her fairly at the outset. No. I have always called these so-called ‘poor’ so-called ‘simple’ so-called ‘black’ People the “sign here” People. The lawyer and the bank said to these People – who were all so excited and so desperate for homes – “Sign here”; so they “signed there”, and “there” and “there” and “there”. Right. Did they know what was in the ‘fine-print’ ? Of course not. Did the lawyers have the Legal Right to ‘enforce the Law’ of the Contract – yes, of course they did, but they are Ruthless and they always go too far. We all know it. Simple.

    Did this bank know that ‘simple’ so-called ‘black’ People such as this Lady would get into trouble and that this bank would ‘foreclose’ and ‘re-possess’ and re-sell ? YES I do believe they knew it was possible, even probable. Nice Business hey. First sale with a bond of R 60,000-00; 12 years of payments; cancel; second sale to same buyer with a bond of R 72,000-00. No wonder Mr. “JR” Rupert and Mr. GT” Ferreira and Mr. “LL” Dippenaar and Mr. “PK” Harris (no relative on mine !) and Mr. “Viv” Bartlett and the other Directors (who are ALL Major Shareholders as well) are all Multi-Billionaires PK !!!!

    It reminds me of the bank in Scotland, just a few years back, which had a Special Division. This Special Division was there to ‘set up’ bank Clients; to make them vulnerable, to foreclose; to sell their assets; even to buy their assets.

    Now you report on this ‘scam’ by BMW in Australia.

    ‘Smacks’ of how FNb dealt with this Lady hey PK. Especially when one remembers that SAAMBOU and Rupert and his ‘Afrikaner Nationalist Mafia gang’s’ bank FNb will be proved to be “ racist banks” in Mr. Emerald van Zyl’s Clients’ Cases which are coming up in the Equality High Court in Cape Town in March 2017. Can’t wait to finally see – in Court Records – proof of racism by SAAMBOU and by Rupert and his ‘Afrikaner Nationalist Mafia gang’s’ bank FNb. Can You PK ?

    Lord Bless, love Michael (heart).

  3. Mr. Harris is to be admired in his endeavors to hold the banks accountable and responsible. Strength to you Sir.

  4. PK,

    SAD ‘funny’ hey ? (lol) Lord Bless, love Michael (heart).

  5. I will admit one thing PK. I am a real ‘joke’ …. to Mr. Rupert and his ‘friends’ at FirstRand Limited i. e. “GT” Ferreira, “LL” Dippenaar, “PK” Harris (no relative on mine – please !) “Viv” Bartlett, and the other Directors (ALL Major Shareholders); all Multi-Billionaires.

    I have always referred to myself as ‘an ant against an ELEPHANT’ – ref. is at http://www.meharris.co.za. Now, you see me as ‘funny’ PK; and you are just SO RIGHT. After battling this bank since 1998 in my ‘fight for Justice’; after opening 31 Police Cases against Mr. Rupert and his ‘friends’ and their their Auditors, they laugh at me. To them I am just a joke; I am ‘funny’.

    Oh well, what can I say …. well I say (to myself) “Box on boy, ‘funny’ man”, Box on. (lol)

    Lord Bless, love Michael (heart).

    • Hi Michael

      Thank you for the website, will check it out. I didnt mean funny in the sense of being hurtful.

      Who are the FNB shareholders?

      Kindest regards

      PK

  6. Thank you PK,

    OK; I suppose I do have ‘ a bit of a sense of humopur’. (lol)

    Re Shareholders : First National bank is owned 100% by Public Company FirstRand bank Limited; which is owned by Public Company FirstRand Limited.

    Major Shareholders in Public Company FirstRand Limited have always been “GT” Ferreirs; “LL” Dippenaar; “PK” Harris; “Viv” Bartlett and some others.

    What happened is that ‘old man’ Anton Rupert (deceased) bought Barclays bank for his son Johann “JR” Rupert . “JR” then ‘brought in’ his “friends” “GT” Ferreira; “LL” Dippenaar; “PK” Harris (no relation – please!); “Viv” Bartlett and some other “friends” to ‘maximise’ the PROFITS of the bank. These ‘gentlemen’ were known to be “HUSTLERS” – and very proud of it were they.

    These ‘Afrikaner Nationalist Mafia Gang Members’ changed the bank into a racist bank which they named First National bank – owned by FirstRand Limited via FirstRand bank Limited. In the process of ‘maximising’ PROFITS these ‘fine gentlemen’ took extreme advantage of their very own ‘poor’ so-called ‘black’; ‘coloured’ and Indian CLIENTS. Ask Emerald van Zyl – he will tell you PK.

    They all became Rand Billionaires – from Illegally OVERCHARGING, DISCRIMINATING against; CROOKING CHEATING THIEVING from their very own, their ‘poor’ so-called ‘black’; ‘coloured’ and Indian CLIENTS.

    As I have said previously PK – I do not believe that it is ‘just’ a case of ROBBING the ‘poor’. I believe it is a case of intentional racism AND ROBBING the ‘poor’.

    Lord Bless, love Michael (heart).

    P. S. Via shares owned by “JR” in various Public Companies and by way of his “friends” “JR’ Rupert has became one the Richest people in South Africa – a Multi Rand Billionaire. His “friends” “GT” “LL” “PK” “Viv” and some others have become Rand Billionaires. They care nothing about the hardship they bring about on their VICTIMS who are – SAD to SAY – their very own CLIENTS.

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