Rudco First NCR Now Scorpions!

Rudco Finance in the dwang again! Firstly, they were under investigation by the NCR, now they've been handed over to the Scorpions!

This makes me happy, a happy happy prson. What this means is South Africa is no longer taking CRAP from anyone. It also looks like we now have a governing body that's helping us fight corruption amongst the business ranks. Well done people. And congratulations to all who helped fight this fight.

To follow our news check out previous Rudco articles:

Rudco Home Loans 6%
Rudco under investigation

Also please check out the new article about Mortgage Fraud and Silvertale Investments

As soon as I get the Pretoria News this morning I'll publish the article for you all.

WizardMan Out!

Mortgage Fraud and Scandals! Watch Out People.

MORTGAGE FRAUDSTERS

You know when you wake up in the morning on the right side of the bed, with a bright big smile on your face and ready to take the world on without even blinking. You open up your mailbox and you've got a couple of leads and you decide to call one of them, and within 5 mins of listening to this guys story you want to cry...

Well it happened to me yesterday. It actually upsets me so that people get caught in these traps and schemes and loose thousands if not millions of rands. Well, I'm sick of hearing about them and I've decided to write about the story of Justin Peens and Silver Tale Investments CC. I hope to GOD that this story reaches the people it should reach and that it makes such a RA RA around South Africa that these people get caught and sent to jail!

Here's his story:
In February 2007 I went to a place called Silvertale Investments to apply for a mortgage and to consolidate all my existing debts. The lady I spoke to whose name was Suzanne, said she was very eager to help us. Very professional about the way they did things, she checked out our monthly income, did an affordability study and said we qualify for a mortgage of R1,300,000.00.

We proceeded and gave her all our documents, Copy of ID, Salary Slip, 3 months bank statements, and copy of our marriage certificate. We were also told that we need to put down a initial payment of R500.00 as an admin fee(See the Rudco under investigation article for other stories). We did just that. At first we were going to buy a farm with my family, but after a month she told us that the seller of the farm did no longer want to sell and that we should look for something else.

My wife and I decided that we would take out the mortgage of R1,300,000.00 and buy a house in Rustenburg instead. We started looking and low and behold we found the house of our dreams for R920,000.00. We signed the offer to purchase obviously having the mortgage secured for 60 days with Dolmcilum Estate Agents. A Mrs Lea De Kock the same day went to Silvertale Investments to hand the contract over to Suzanne and was informed that the mortgage should take 2 weeks provided our debts were settled. We gave them a list of all the debts and we received a pre-approval.

We then asked when we would get money to pay off the debts as we were really cash strapped and we had a baby (Little Emma) on the way. One of Suzannes co-workers said not too worry, all we needed to do was pay R50.00 to each place that we were indebited to and everything would be sorted out (maybe trying to convince them that starting a payment would clear your debt). Two weeks later we still had no reply. We went to see them again and we were told that an evaluation on the property needed to be done and that there was a fee of R750.00. Two weeks went by and the house was still not evaluated. Finally after 4 weeks they did a evaluation on the house.

A week later we got the final grant for the mortgage which said the money would be paid over in 7 - 14 days. On the 21st August my contract on my Offer to Purchase expired and now I'm in crap with them to as they're wanting to charge me a cancellation FEE. We called and called and called and every time we left messages no one called us back. We went to go see Suzanne from Silvertale Investments and she told us the file was at Head Office for payments.

Last we heard she went off to head office in Cape Town to see what the hold up was and when I called Venter Eiendomme the receptionist told me it was all a SCAM and FRAUD. Silvertale Investments CC was a fake company! Now I'm blacklisted with every bureaus in South Africa and I'm still trying to buy a house...

When I read this story people it really upset me.
Apparently there were 3000 people caught in this Mortgage Fraud scam and I'm glad that I heard about this.

People I urge you to spread the word of this story. I'm going to publish the names of the people and telephone numbers in involved in this scam for the world to see and read.

PLEASE PEOPLE, HELP OUT HERE. GIVE US YOUR STORIES. WRITE YOUR COMMENTS AND LETS STOP THIS FRAUD CRAP.

All I can say is, watch out Silver Tale Investments and everyone involved, I'm going to do my utmost to get your asses kicked!

FOR A DEBT A CRIME FREE SOUTH AFRICA FOR ALL!!

Lea De Kock Estate Agent - 078 131 8976
Venter Eiendomme - 082 909 9585
Johan Spamer - 082 351 1316 (Applied for Loan)
Deon Cockren - 072 998 6880 (Received Final Grant)

Rudco Under Investigation!

FURTHER MORE TO THIS ARTICLE NCR HAVE LAID DOWN SOME RULES AS TO RUDCO'S BUSINESS PRACTICES SEE http://www.ncr.org.za/press_release/Rudco.pdf

Rudco, Rudco, Rudco, oh what are you people doing! Firstly, never screw with peoples money it will always bite you in the ass! Secondly, trusting a company with what is most likely going to be your single biggest investment in life into a company that has no SOLID financial backing, SILLY!

As you may or may not have heard, RUDCO are now under investigation. Much like their predecessors FINBOND who themselves were given a good scolding years back when they decided to charge people for bond origination services, when this clearly went against all credit regulators and laws...

According to Moneyweb "On Thursday the NCR announced that it had found Rudco had contravened a number of provisions of the National Credit Act (NCA), and its predecessor, the Usury Act. One of the major contraventions of the law was Rudco's policy to accept payments for loans before they had even been granted.".

I don't want to be the one to say this, but, I TOLD YOU SO! It was inevitable! Unfortunately though, there are those people who have now found themselves in a bit of a predicament should Rudco's doors close down.

If you find yourself in a sticky spot or you need some Free Financial Advice, please don't hesitate to contact Wizard Home Loans on 012 341 2223.

WizardMan Out!

South African Property - June/July Market Summary

BOOM

It's been chaotic and exciting to say the least...

The last month in South Africa has been a shock to the home loans and property barons and I think it's definitely worth a nice little summary. For those of you who missed all the excitement, well, here's your chance to catchup!

To summarise it all, I'd say the 3 major impacts and stories have been the following:

The National Credit Act
Rudco Financial Services
Bank Charges

The National Credit Act

First was the property boom, prices rising, interest rates dropping then, WAM BAM, thank you MAM, here comes the National Credit Act. All of sudden, investors who were purchasing homes by the dozen every month, found out that they could no longer afford (REALLY AFFORD) anymore property. Banks started declining bonds left right and centre because people were hiding money from them and claiming they were earning R60 000 a month when there statements were only showing R20 000 worth of income.

To top it off, the interest rates went up! WHAT THE HELL! Well, it's not all bad. What it means is that the banks and financial institutes can no longer loan money to people who cannot afford it! It's going to curb credit lending which is great for the economy, LESS DEBT, plus all those people who've been hiding money from the TAX MAN, will no longer be able to do it with property unless you buy it cash. Either that or you need to start showing the banks where that money's coming from.

Wizard says, YAY to the National Credit Act!

Rudco

Now here's a story that's been causing a stir. Rudco Financial Services came out this week with a special, "The first 1000 people to sign up with Rudco get their home loans at 6% interest". Talk about a stir. It's had the home loans companies up in arms and it's got people asking ALOT of questions.

Firstly, well done to RUDCO, it's caused such a publicity STIR that I'm pretty sure they've already got their first 1000 deals signed up. The reason Rudco got everyone talking though was due to a couple of "suspect" things that bugged us.

1. Where is there financial backing coming from? Why won't they disclose it?

2. They're not registered as a financial institute!

3. What happens if they go under? What happens to their clients?

4. Offering home loans @6% gives clients the false impression that they can afford that R1 000 000.00 property. If Rudco go under, and the client needs to switch to a bank. Their interest rates are going to jump to 13%. WILL THEY STILL BE ABLE TO AFFORD IT!

All in all though, Wizard do wish Rudco the best of luck. Banks needs competition, maybe it's the first step!

SA Banks and their DAMN Bank Charges!

This is something that just pisses me off! The banks and their bank charges. Now I can understand bank charges. I understand that we have the highest ATM crime rates in Africa (or the world for that matter) and that banks need to replace all the broken ATM's. Let me tell you though that paying R15.00 for every debit order that comes off your FNB cheque account is pathetic! I also believe that paying R20.00 to draw money from an ABSA ATM vs a FNB ATM is absurd!

The banks in this country are not making it easy for people to live! They're not helping South Africans and they're not helping the MAJORITY of South Africans (underprivileged) in making this a country to want to stay in!

Read this article that STORM posted, read it carefully and you tell me what the hell the banks in this country are thinking!!!!!

http://sa-property.blogspot.com/2007/07/are-banks-charging-you-more-than-they.html

But ladies and gentlemen. Apart from that, we love this country!
You cannot say that this isn't an exciting country and an exiting time in South Africa.

Thanks again to all the readers and the input everyone has had on our BLOG over the last 3 months.

WizardMan OUT!
I'm OFF TO DULLSTROOM!

Rudco - Home Loans @ 6% - WATCH OUT!

What is Securitization and where did it originate from?

Happy Friday to all you readers out there. It's been a long a busy week for home loan and mortgage originators with all the HOOHAA of the National Credit Act. It does however look like the banks are slowly starting to get things under control again. Just to let you all know. Bank Submissions are now taking 10 - 14 days. It's no longer the 5 day turn around time we've all become accustomed to.



Anyway back to the topic of the day. RUDCO Finance Company.

Let me tell you these RUDCO boys are causing quite a stir at the moment. Take a look at the article on MoneyWeb's site: http://www.moneyweb.co.za/mw/view/mw/en/page38?oid=145005&sn=Detail&ccs_clear_cache=1#CMT_ANCHOR.

Apparently you can get your home loan now @ 6% interest. Be careful people, when a company (Rudco) claims to have financing from a external source and they're not backed by the banks or registered as a registered financial institution, those blinkers should start flapping.

Firstly: Who does Rudco get their financing from, and why are they not disclosing it.

Secondly: Rudco claim to be using the World Bank's interest rate of 5.7% (or something there about) which sounds to me like their money is coming from an international source.

Thirdly: If they go under and you have to transfer your home loan to another bank, you're going to be liable from transfer duties.

And another one: When you're qualified for a bond @ 6%, Rudco goes insolvent, you have to transfer your bond to ABSA and you're now paying interest @ 13% (HOW WILL AFFORD IT)

So my personal opinion, WATCH OUT PEOPLE!

Update:

I've been reading quite a couple of articles relating to these Rudco guys and I'm going to list them here cause I think it's something that people need to just watch out for before they switch their bonds. Consider your costs and consider the fact that Rudco Finance is not a "Fincially Registered Institution". I had a chat with the Rudco personal and they do not provide Financial advice either.

The whole point of going with someone to do your home loan is to get GOOD SOLID financial advice. This once again kind of defeats the purpose, plus you're paying RUDCO for this service. WHAT FOR?

See Car Today Rudco Discussion
See My Broadband Rudco Discussion