high interest (Section 101) (Regulations 46 -48)

I received a call from Debt Company who is collecting on behalf of Bruma Finance the 19th March 2015.And I ask the lady for a settlement amount and see gave an amount of R7500 .<br> <br> I would like to get a understanding why is the interest so high if the loan amount was only for R2000 .The interest charges is more than 200% .Is even legal for them to charge such high interest .Someone needs to get back to me and explain to why is it so high .<br> <br> As per the credit act . (Section 101) (Regulations 46 -48)<br> <br> Other costs The Act, in addition to the other charges discussed in this chapter, also allows credit providers to charge consumers the following: ? Default administration charges. This is a charge that a credit provider may charge a consumer who is in arrears with repayments on his/her credit agreement. These charges relate to costs that the credit provider has incurred in attempting to advise the consumer that he/she is in arrears with his/her account. These costs are limited to a letter sent by the credit provider to the consumer, informing him/her that he/she is in default in terms of the agreement. These default administration charges do not include any telephone calls made to the