Credit insurance refusal to cancel

<p>1. My credit agreement shows R460 for insurance payable, I have been charged R572 on an outstanding balance of R55 000.00. Up until know I have received no reason why I am being charged more that per agreement. Originally on balance of R56 300, I was charged R702 (R242 above contract amount for inurance).</p> <p>2. I requested that the life insurance be cancelled, sice I have over 3mil in life insurance, but was then told the inurance is not adequate</p> <p>3. I requested that they explain how they are charging me R572 on an outstanding balance of R55 000.00 but still has received no explanation on how they get to R572. They keep telling me that it is calculated on the o/s balance (which I know). I want to know at what rate/percentage of o/s balance??</p> <p>4. The new law states they are not allowed to charge more that R4.50 per R1000 outstanding balance. I was then told it only applies to new policies. I then told them to cancel the old policy and I will take out a new policy, which they refused to do.</p> <p> </p> <p>So I am paying more than R10 for every R1000.00 of outstaning balance, where the law was changed to R4.50!! And they refuse to do anything about it!!</p> <p> </p>