AFRICAN BANK - MATERIALLY MISLEADING

I wish to raise a serious concern regarding the conduct and transparency of African Bank during a recent restructuring process.

At the time of engagement, my combined outstanding balance was R476,736. On the morning of 10/02, I was contacted by an African Bank Restructuring Consultant who offered to restructure my accounts due to arrears.

Importantly, during this call, I clearly informed the consultant that I have been unemployed for the past 8 months. Despite this disclosure, the restructuring process was still pursued and concluded. I question how this aligns with responsible lending principles as required by the National Credit Regulator (NCR).

Throughout the conversation, the consultant repeatedly referred to my existing balance; however, she failed to clearly and explicitly disclose that agreeing to the restructuring would result in my total repayment obligation increasing significantly.

After consenting to the restructuring, I was shocked to discover that my total balance had increased from R476,736 to approximately R909,075 — nearly double the original amount.

Although the consultant stated that the restructuring would not be reversible once accepted, I strongly dispute the fairness and transparency of this process. At no stage was it clearly explained that my total repayment exposure would escalate to nearly R900,000. The material financial consequences of this agreement were not properly disclosed.

In my view, the information provided was incomplete and materially misleading. Furthermore, proceeding with such an agreement despite my disclosed unemployment raises serious concerns about compliance with NCR guidelines on affordability assessments and responsible lending.

I request a full review of this matter, as well as a clear explanation of how this process complies with regulatory requirements.