I would like to voice my unhappiness over the “repossession fees” for overdue payments for vehicle financing by certain financial institutions.
There are many reasons why one would fail to pay their financing on time.
The foremost reason, naturally, would be the absence of cash to pay.
Adding a repossession fee of up to BND$500 (which sometimes is more than the monthly payment for the hire purchase itself) for failure to pay on top of their financing does just not make sense. It puts undue burden on consumers.
Agreements and all aside, is there no compassion when acting out on these fees?
Do not tell us that there is no cheaper fee or alternative, as one has mentioned these fees used to range from BND$150 to 200. What has brought about this exorbitant increase?
Is there no oversight or control over this unscrupulous practice?
Are consumers to forever be indebted?
I hope the relevant authorities would look into this matter seriously as this only put undue burden to the consumer.
Are financial institutions free to act and become mindless money making entities?
We Bruneians are known for our compassion but it seems when there is money to be made by certain individuals, greed triumphs over compassion, which would be a sad thing if it is to be tolerated.
I hope a viable, humane and a win-win solution could found by all in regard to this.
– Eye Spy With My Little Eye