BEWARE : Call center harassment, crony behavior and plunged into a cycle of debt- Africa Bank 2.0

<p>I have taken out a personal loan with Capitec in 2015 and due to change from employment to unemployment to employment again I have had to reschedule my loan on numerous occasions. That was all fine and well however when I advised Capitec that I am now working I went into the bank and verified my employment details etc. Even though I handed in my payslip and showed them that my pay date is the 25th of each month (which is not uncommon mind you) I noticed that capitec began early debiting. Then I would get calls from agents telling me that I am in arrears and that I now owe arrear interest. When I advise them of my paydate I am told to go into the branch to update my paydate. I have attempted to do so on 5 occassions!!!! and everytime I am unable to because the branch has to call credit control because my loan is in arrears so no action can be taken on my account. My instalments now stand at R4000+ per month even though I am a graduate professional earning R7000 per month who has expenses outside of capitec as I am the only breadwinner in my house at 25. I have advised capitec that on an affordability assessment the instalment they have set is too high. Each time I am told to enter into a three month arrangement to assist in paying the arrears. However every time I have to enter into such an arrangement the instalment increases once more which means that one will never be able to pay off the debt with my current salary as I will always have to enter into an arrangement and whilst doing so I attract arrear interest as well as interest on the loan. Now I have been advised by capitec to seek debt review and debt counselling which I did and the debt counsellor wrote to Capitec informing them that they HAVE to assist as I am not overindebted and this is the only debt to my name. That banks are not meant to seek to prejudice the consumer but should look to recover their money not make money off of the consumer solely. Capitec ignored this recommendation and told me I had no more schedulings or arrangements available to me and to just pay what I can in the meantime. So I continued paying R1000 a month despite being in arrears. I would be harrassed by credit control agents who refuse to make notes on their system who would advise me to go into the branch to have another affordabilty assessment done in order to bring the instalments down as I am not a reculcitrant debtor and I am making payments each month to ensure I finish the debt. When I go into the branch I am told I cannot be assisted because I am in arrears. I have been given the runaround by Capitec and its agents that don't know their story as well as their branch staff who have no idea what happens with credit control.</p> <p> </p> <p>This bank makes its money off offering loans very easily then trapping its customers with high instalments and arrangements that are made to seem as though they will assist the customer climb out of debt but instead they keep you in the cycle of debt. My current arrear instalment is sitting at R9000 (which is a third of the capital loan amount I had initially app**** for) even with the arrangement I have entered into AND there is still the actual loan that has not been paid. When I threatened Capitec with the National Credit Regulator and Banking Ombud and even wrote into their complaints department, they now tell me the arrangement is available. I have had to enter into this arrangement because I have no other means of getting their credit department off my back. But here's the kicker! Since entering into another arrangement I am harrassed daily at work by Capitec agents caling me to "confirm the arrangement". I sometimes get more than one call in a day!!!</p> <p> </p> <p>It is proposterous that this has to happen. I am being harrassed each day by calls from Capitec to the point where it disturbs me during office hours and I am unable to focus on my job. I have hightened anxiety due to constantly having to deal with explaining myself to different agents who just refuse to flag my account as dealt with.</p> <p> </p> <p>Capitec is aTERRIBLE BANK that really DOES NOT seek to assist its customer! I am currently in the process of opening a case with the Ombud as well as the Consumer Protection Tribunal and the National Credit Regulator. This bank needs to be shut down. It is another African Ban**** BEWARE</p>