ZEEBEDI Mtshali from Vosloorus, Ekurhuleni, says Atlas Finance helped him get a loan from Standard Bank in 2007.
It was for R115 500 and was paid out to JG Horn Incorporated, the attorneys who registered his bond.
They reportedly paid more than R54 045 to Atlas Finance as commission, amounting to 47% of the loan, almost half of the total amount! Zeebedi said he called Atlas Finance to find out why this was happening.
He was told the amount was used to consolidate his debt. He asked for proof but never got it.
WHAT I DID
I spoke to Atlas Finance to find out what happened to the R54 045.
Senior marketing manager Candice Richards called JG Horn, as Atlas had no record of the deal.
The amount of R54 045 listed as “Pay Atlas Commission” was paid to Bridge Way Limited, a company assisting clients with bridging finance when buying property. It’s not clear why the transaction was shown as “Pay Atlas Commission” and this was explained to Zeebedi.