Comments on: Too good be true

By: Rudie still trucking and ducking?

Rudie still trucking and ducking? — Thu, 26 Feb 2009 16:02:17 +0000

[…] reader has some news, potentially about Rudie Visagie and another Rudco-style plan. Neither I nor the reader are sure about the details […]

By: David Kirk

David Kirk — Mon, 03 Dec 2007 09:26:55 +0000

E.s. check out my latest blog post

https://twentythirdfloor.co.za/2007/12/03/the-wheels-of-justice-turn-just-too-slowly-for-rudco/

I’ve closed this post for comments, but you can continue to post comments on the above post if you like.

By: E.s

E.s — Mon, 03 Dec 2007 07:03:20 +0000

I am not convinced that by tranferring my R1000 000 bond to Rudco i stand to loose,Why? because we must remember that rudco is buying our debt book from other big banks,it is a balance sheet concern, rudco says guys let us buy your bond loan from the current bond holding bank.question is, if rudco liquidate, how do you stand to loose, I say nothing,why-because two thing will take place:1] upon liquidation, rudco will sell its debt book to a willing buyer in this case any bank or 2] the total debt book owing to rudco by you will be written off, then who looses. I hear people talk about them investing which is a wrong approach, you are investing nothing because if you were to switch your proporty to any bank, you will be liable for the exact cost structure rudco proposes therefore we must remove the invetor mentality and ask WHO STAND TO LOOSE OR GAIN?

By: Yolanda

Yolanda — Tue, 27 Nov 2007 11:50:30 +0000

I am one of the suckers conned by Rudco….and I am still waiting for my money to be refunded to me. The staff are absolutely useless and their stories are forever changing.
I get updates from NCR and the last was that Rudco received a court order to refund everyone by 12 Monday, 26/11 – no surprise but I never received a cent. Whats the next step?

By: Anonymous

Anonymous — Tue, 27 Nov 2007 08:11:54 +0000

I was one of the victims Rudco took money for the debt consilidations. To date they still not refunded me of almost R7000.00 . Rudi was suppose to refund our money End Of oct and then another dead-line was given 22NOV07. To date nothing yet.
I advise that no-one should do business with Rudco.
This guy Rudi should be jailed for a long period and should be stripped from everthing he owns.

By: Adriaan

Adriaan — Mon, 26 Nov 2007 09:43:10 +0000

Rudco gives us consoldation money to repay our accounts and after 3 months they did not pay our 3 months instalments what we already pay rudco, they don’t gives us reply on it. We want to know why and when rudco going to pay us back!

By: Comcerned

Comcerned — Thu, 22 Nov 2007 17:43:20 +0000

Rudco made a presentation to police officers – at a police station – anout the mortgage loans. If this is not a good deal, why is the SAPS allowing them to speak to an already stretched staff. Surely someone must be cautioning the public. Lets hear what the publif protector has to say.

By: Aikona

Aikona — Fri, 16 Nov 2007 15:44:26 +0000

Can you believe it?

Bad press, NCR rulings despite, Rudco and it’s agents are pushing like hell to sell this product. They all claim everything is sorted out and that you no longer pay any upfront installments. Other than the R5,700 fee of course which, by the way, you can finance over three months.

The con here is that they say it takes 5 months to switch. What they don’t tell you is that you can kiss your R5,700 goodbye, whatever the outcome of your application. It is purely a facilitation fee.

What they also don’t tell you, is that not a single bond has been taken over yet.

Therefore… zero track record.

Except that Mr V himself has a ruling against him for not paying his personal debt.

Basic truth is, Rudco does not have the finance to extend these loans. If they did, Mr V has no reason to be so secretive does he now.

However, they are raking in the R5,700 facilitation fees though.

If it turns out that all is above boaerd, I’d be the first to jump in and refinance my home.

Until then, just another scam.

By: Madox

Madox — Sat, 10 Nov 2007 15:36:40 +0000

If as you say, the total 1000 bonds equate to 1,000,000,000 and there fire sale value on the open market is 2,500,000,000 what would happen if Rudco went under.
What would happen to the mortage bonds.
Who would buy them.
What would happen to the bond holders of Rudco.
if I see a risk to the desperate investor whom has no were to go because of the Reservse banks blikered decisions, why has Trevor stepped in.?

By: David Kirk

David Kirk — Wed, 07 Nov 2007 14:33:12 +0000

It’s now been fairly widely reported in the press that Rudco has in fact failed to repay installments accepted from clients before loans were granted.

At what point does this become a joke? I think it’s clear that Rudco (specifically, Rudi and co) have run out of due process and have shown no interest in abiding by the NCR’s rules and instructions.

I was reading on another foru,m about Rudco recently. Zulu, whoever you are, I sincerely hope you are eating your hait, assegai and whatever else you have on hand because your predictions now reflect the accuracy of your logic and limited understanding of finance.