1 reviews | Active since Sept 2024
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
