eddy Posted August 23, 2018 Posted August 23, 2018 This is really unfair unless I am an total idiot and actually feeling like one after doing business with them Patat My comment wasn't aimed at you but Cippo made the same comment I was typing. Saying the same thing would just have been rubbing it in. You have my sympathy as you were had. This guy is a scoundrel praying on those who are not financially astute. Thank you for posting because this will hopefully prevent others from falling into the same pit. Enjoy your bike, ride it lots !
Warm-Patat Posted August 23, 2018 Author Posted August 23, 2018 Not to mention that I believe my personal information is shared to numerous company's. I receive 100's of spam messages and called daily after dealing with I-Me Solutions
Warm-Patat Posted August 23, 2018 Author Posted August 23, 2018 Patat My comment wasn't aimed at you but Cippo made the same comment I was typing. Saying the same thing would just have been rubbing it in. You have my sympathy as you were had. This guy is a scoundrel praying on those who are not financially astute. Thank you for posting because this will hopefully prevent others from falling into the same pit. Enjoy your bike, ride it lots !No probs tnx
eddy Posted August 23, 2018 Posted August 23, 2018 adjusted now.am more than happy to be shown the correct calcs, which is why I included the formula. No criticism of your point, you were right in your response. Can't say off the top of my head what it should be but my mental arithmetic showed me that at 60% pa over two years the interest component would have been bigger that the original loan amount, and it wasn't. Just too many years sitting in meetings mentally checking other people's assertions. I couldn't tell you off hand what is right, but I can recognise something that looks wrong.
Jehosefat Posted August 23, 2018 Posted August 23, 2018 that's not a great deal. R79k - R20k deposit so you financed R59k over 2 years at R3880 R338,51 per month. according to excel =Rate(24;-338,51;59000) which is 2,74% interest per month, or 38% annual interest. AFAIK this is borderline legal (max rate of double prime + 10% right) edit:updated figures Max rate is around 32% iirc. So my guess is that this is at the max rate and there is a "credit facility fee" charged each moth as well (max R57 per month). The settlement penalty is illegal on loans < R250k though as far as I know.
TheEd Posted August 23, 2018 Posted August 23, 2018 Stay away!!! You will end up paying thousands of hard working money extra. I managed to settle my financed bike in full after 3 months of installments also paid R20 000 deposit. The bike ended up costing over R30 000 more than retail. I was told that if I settle early I only pay 2x months of installments extra. My deposit is not even taken in consideration the installments did not make a dent in the financed amount. When I query this with Mr Fourie I get no response. People I am warning you. If someone who has settled there bike have an different story please share. Regards Doesn't sound right, but I don't have access to the original contract/agreement... Get the contract/agreement, go through it and confirm if the procedure followed is contractually sound. Declare a dispute with the service provider and then start legal proceedings. I think it's the FAIS Ombud that should be able to advise and/or assist: https://www.faisombud.co.za/ Either them or one of these: http://www.creditombud.org.za/are-you-having-a-consumer-dispute-know-the-right-ombudsman-to-approach/ In my mind, at the very least, the R 20 000 should have been deducted, as deposits are either not part of the financed amount or get deducted from capital...
IceCreamMan Posted August 23, 2018 Posted August 23, 2018 Max rate is around 32% iirc. So my guess is that this is at the max rate and there is a "credit facility fee" charged each moth as well (max R57 per month). The settlement penalty is illegal on loans < R250k though as far as I know. I concur, the settlement penalty scenario ended many moons ago. Just one thing on this, while your contract may state something , a contract may not contain terms which are essentially illegal, thus depedning on the contract itself , either the clause is severed or in some cases the entire contract may be illegal.
Dazshell Posted August 23, 2018 Posted August 23, 2018 I would imagine that this is not a "finance" deal but rather a "re-sale" deal. You choose the bike, I-Me buys it from the supplier, marks it up but whatever percentage they want, then sell it to you based on the new marked-up price. You pay a deposit and the balance in instalments over the period. This by-passes the Usuary Act that limits interstes rates and any FIAS legislation regarding credit sales agreements. Works a bit like Shariah-compliant Islamic financing.
Warm-Patat Posted August 23, 2018 Author Posted August 23, 2018 Thank you everyone for your advise and input. The deposit is the big issue for me
Danger Dassie Posted August 23, 2018 Posted August 23, 2018 Sorry to hear man, reading this it sounds like it was closer to being modelled on a leasing to buy or residual basis, as opposed to a straightforward financing deal? Hope you come right. Topic is worth keeping an eye on though.Wonder how the likes of Wesbank/Yondo fair against this, or their views. Would imagine it creates a bad perception that would affect them.
Clinton H Posted August 23, 2018 Posted August 23, 2018 Not to mention that I believe my personal information is shared to numerous company's. I receive 100's of spam messages and called daily after dealing with I-Me SolutionsIf I was you i would inform the bike shop I purchased the bike from as well . The shops make good cash from these loan sharks which is why they promote the finance house .Sharing of personal information is a serious offence if done without your consent .
Vetseun Posted August 23, 2018 Posted August 23, 2018 Stay away!!! You will end up paying thousands of hard working money extra. I managed to settle my financed bike in full after 3 months of installments also paid R20 000 deposit. The bike ended up costing over R30 000 more than retail. I was told that if I settle early I only pay 2x months of installments extra. My deposit is not even taken in consideration the installments did not make a dent in the financed amount. When I query this with Mr Fourie I get no response. People I am warning you. If someone who has settled there bike have an different story please share. RegardsBoys!Dont finance your toys!
GrahamS2 Posted August 23, 2018 Posted August 23, 2018 I was told by Freddy Fourie... But what does the actual contract stipulate?
Bianchisti Posted August 23, 2018 Posted August 23, 2018 Is this company like a one man band type operation or it’s owned by some corporate?
eddy Posted August 23, 2018 Posted August 23, 2018 Boys!Dont finance your toys!Good advice, and politely made. Last time I tried I nearly got run out of town like Wyatt Warp....
Escapee.. Posted August 23, 2018 Posted August 23, 2018 Sounds Super Dodgy OP R79 000 - R20 000 deposit (Who did you pay the deposit to?) Finance AmountR59 000With Interest Rate of 30%Payment should be +-R3300 per month over 24 months Total Paid over loan period R80 814
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