African Bank loans - A *******!!!

<p>I took a loan of R16 000 in November last year which was to be paid back in 24 months. African Bank started deducting R1040 as of December which has so far totalled to R11440</p> <p> </p> <p>I was also offered a credit card with R5000 but cancelled it in January when I realised I had been misled when signing the contract.I tried complaining to the branch manager about how the loan agent misled me with incorrect information when offering me a loan and the credit card and how she distorted the terms of the contract when simplifying them to me before I signed. The manager said the loan agent is not responsible because I can also read the contract. And when I aske if this suggested that the the loan agents are neither trustworthy nor credible, she asked me to leave her office saying I was waisting her time. </p> <p> </p> <p>For the first time in July I started receiving my balance statement via SMS:R16 755 </p> <p>And for consecutive months my balance was sitting on around R16000</p> <p> </p> <p>On the first of October I received an SMS saying my balance is R15670 and 1 November it went down to R15286</p> <p>On Saturday I went in and requested a settlement letter and they printed it out for me. And the settlement amount is R15, 451, 31</p> <p> </p> <p>I asked the lady how was this possible. She told me I must have signed for certain interest rates and there was nothing I could do. </p> <p>I am not sure if such is allowed, but if there are such unrealistic loan rates I am hoping that the National Credit Act protects consumers from such and that banks who mislead people and lure them to sign unfair contracts can be addressed... </p> <p> </p> <p> </p>