MFC finance

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aigle2am

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Hello all

I recently applied for finance for a Hyundai i20 Glide and I was approve for finance pending company/employer validations. They came back to me saying I cannot get finance as my company is not 'registered' and thus does not appear on there list. Ironically, Capitec also gave me a similar answer when I was looking to get a loan from them. Has anyone heard of this before?
 
YEs, I had a similar issue. I got my HR dept to draw up a letter confriming my employment, company registration details etc. Sent that to the bank and all was sorted.
 
I did the same, the bank simply refuses. Got the MD of the company involved too.
 
Who does the company bank with? Might be worth applying there, as they at least have an idea of the financial status of the company.
 
aigle2am said:
Hello all

I recently applied for finance for a Hyundai i20 Glide and I was approve for finance pending company/employer validations. They came back to me saying I cannot get finance as my company is not 'registered' and thus does not appear on there list. Ironically, Capitec also gave me a similar answer when I was looking to get a loan from them. Has anyone heard of this before?
Click to expand...

Not registered with what?
 
@furpile, I have no clue. They are not willing to tell me. But the basic legal registrations required are in place. I have verified them.
 
@Colin62, they bank with Nedbank and it seems to make no difference as they claim to be using different validation systems.
 
aigle2am said:
@furpile, I have no clue. They are not willing to tell me. But the basic legal registrations required are in place. I have verified them.
Click to expand...

That sounds dodgy. If your employer is registered as a business and pay income tax to SARS on your behalf I don't see what more they would want. And if they don't want to give you specifics it's even more dodgy. Try and pressure the bank for specifics regarding this registration.
 
Yep, proving the company is registered (CIPRO), active (bank statements), & that you are employed there (payslip), should be enough for them to proceed.
 
The registration they are talking about is with Telkom, when confirming employment most banks will phone Telkom
obtain the number that they can confirm with instead of using the one that you provided them with. This is obviously to minimise fraud.
 
The two most likely scenarios in my view are:
1) They've using some type of internal database tracking companies & contact details
2) The registered refers to CIPC as mentioned above...and that CIPC search is fussy as hell...if you don't type it in 100% then it gives zero results

8....3....1 said:
The registration they are talking about is with Telkom, when confirming employment most banks will phone Telkom
obtain the number that they can confirm with instead of using the one that you provided them with. This is obviously to minimise fraud.
Click to expand...
wut? Why would anyone phone telkom about "registrations"? If for some arb reason they insist on going via Telkom then they'll use the whitepages.
 
8....3....1 said:
The registration they are talking about is with Telkom, when confirming employment most banks will phone Telkom
obtain the number that they can confirm with instead of using the one that you provided them with. This is obviously to minimise fraud.
Click to expand...

Why the hell would they do that?

Not every company has a Telkom number that people can phone, or even if they do, it may not be listed in the WhitePages (the list Telkom would get the number from if you phoned them yourself)
 
ShaunyCT said:
Unfortunately the company needs to be on Telkom's white pages because that is one of the many things most financial credit providers check. I have heard that Absa, Capitech and Standard bank makes use of this.
Click to expand...
If my bank denied me a loan because the company I work for isn't in the white pages I'd have a hernia in the middle of the branch as well as the newspapers and online.
 
8....3....1 said:
Phoning telkom is normally part of the procedure which has to be followed, the sales person can still use their discretion if it is for an existing customer.
Click to expand...
That seriously does not make any sense at all. Telkom is not the sole telecommunications provider in South Africa and many companies prefer to take their business elsewhere.

What is the logic behind it?

I would throw all my toys out of the cot if this happened to me.
 
it happens: i remember when i started working had issues with one of the major banks because the consulting company i worked for had less than 50 employees. To the bank that was risky, so i was told.
 
NightCrawlerNic said:
it happens: i remember when i started working had issues with one of the major banks because the consulting company i worked for had less than 50 employees. To the bank that was risky, so i was told.
Click to expand...

That is understandable, given quite a few other bits of info they may or may not have had on the company..


But denying a loan purely because the company doesn't have a listing in the White Pages is bollocks, and would cause me to move ALL my business from a bank if they tried that with me.
 
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