NK
Nina K

1 reviews | Active since Sept 2024

03 Sept 2024, 13:15

Capitec Loan repayment period extended without reason

I took a loan of R250 000.00 from Capitec in November 2019. I started to pay loan immediately from end Nov. 2020 Covid happened and I requested a 3 month payment holiday which was given to me with obvious conditions. My installment would increase from 7160.49 to 7741.31 to make up for the three months non payment. I happily agreed to this. Then on my banking app I noticed that my payback periods also increased with a year - which means I now pay R585.87 more and a year longer - which means I basically now just giving the bank money for nothing - paying them back R711 446.80 on a R250 000 loan. I kept paying - still paying but went in to the bank to query the above and made numerous calls with no success. The bank keep telling me I did a "rescheduling" and that is why my payment period also increased. I never asked to reschedule - only for a payment holiday. I even received interest of 7860.17 back on two occassions as reward because i kept paying my installment. Everyone I talk to and explain said they can understand why I say its wrong but they can not do anything to help me. I asked for call back from any person who can help me - with no success. Capitec can not expect of me to pay back R711 446.80 on a R250 000.00 loan. No one ever would just pay a year longer - basically throwing money in the water for nothing in return. I already paid R425 018.33 on this loan and according to bank still 37 months to go - which means I still have to pay R286 428.47 - bringing me to R711 446.80

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Replies (3)
Capitec Bank
Capitec Bank's reply03 Sept 2024, 14:09
Official
Good day Nina Thank you for letting us know of your concern, and for your patience while we explore this matter. We have assigned your query to a designated official who will contact you within the next business day. Kind regards Capitec Bank
NK
Nina K's update24 Oct 2024, 12:39
Reviewer Update
So this just happened. They called me back and it took almost two months for me to get an answer - basically to tell me that what they did is correct. According to Capitec it is correct that I pay back an amoount of R711 446.80 on a loan of R250 000. According to their records I made payment arrrangements twice - which I did not! I made an arrangement for the payment break for 3 months as Capitec like all the other banks promised they will stand by us and "help" us during that difficult time. And because I asked for the help they so kindly offered I need to pay almost R200 000 more on my loan for a payment break of three months? So I am paying the R584.00 more on my account every month for the rest of the loan period and they extended that perios with almost a year. How can any person with a God given brain think that is correct???? I asked for a break in total R21 481.47 and they knock me back with over R200 000.00.
NK
Nina K's update24 Oct 2024, 12:54
Reviewer Update
I would truely like to know how did they calculate the extra on the installment as well the increased period - how did they get to that???? I have heard so many horror stories about people losing money as Capitec allowed unauthorised debit orders (my daughter one of them) and i always backed Capitec - never thought I was backing the devil himself!!! Its one thing if someone **** you out of your money using your bank account - but if the keeper of that acount start ****ming you - that is when you start running for the mountains. Capitec i need answers. I need the call recordings where you claim I made arrangements/rescheduling twice. This is Bull****!!