It’s amazing how people still blindly want loans during this recession despite them knowing that greedy, immoral bankers were the cause of it. Worse is that Knysna banks are still targeting the poor to take loans.
If you enter into a deal with Knysna’s FNB, Standard Bank, ABSA, Capitec or Nedbank, first give them a letter with these questions:
- Please confirm that the bank actually possessed money prior to my loan being granted.
- Would the bank be prepared to amend the credit agreement as follows: “We, the bank, did in fact possess the money we loaned you, prior to the loan being approved.”
- Please can you send me a transaction certificate, as required by Generally Accepted Accounting Principles (GAAP), proving that the bank was funded by assets belonging to the bank at the time the so-called “loan” was made.
- Was the amount borrowed actually “deposited”, as per the definition of “deposit” in terms of the Banks Act?
- Did the bank record my promissory note (ie. the loan agreement or other) as an asset on your books? If yes, then where is my promissory note / negotiable instrument now?
- Does the bank participate in a securitisation scheme whereby debts / promissory notes are bundled and then sold-on to a third party/parties via special purpose vehicles, entities or alike processes?
- Was my loan securitised?
- Regarding the security given to the bank by me, has this security been sold on or given as security to another party?
If you don’t get a response, or a negative response, then send the details to email@example.com.
Also check out Silly Money.