Misleading Loan Restructuring

At the time of the 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. 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 to approximately R909,075. After consenting to the restructuring, I was alarmed to discover that my total balance had increased from R476,736 to 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.