MP
Michelle P
1 reviews | Active since Jan 2020
05 Aug 2020, 14:00
evasive tactics to confirm the calculation leading to a whole extra month in the term of my loan
Capitec through all the decreases in the repo rate, have kept their loan agreements and interest rates the same. okay. but what bothers me is that the debt insurance fee as been increased. they sent a communication on 30 June which was to be effective on 05 July. Mind you they sent a notice on 04 June that said the credit insurance premium is increasing. what puzzles me is how that insurance premium can equal a whole one month extention on my turn. i asked for that calculation of how this increase, which should apply going forward, could equate to an automatic term extention. And no, i wont be able to negotiate an alternative arrangement of an increase in my fee, if i can not be told the calculation so that i can see it for myself. Your company needs to be transparent. To date i have not received feedback. if we need to take this as far as the ombudsman i am happy to do that because you are not complying with your part in keeping me informed. i only got my credit insurance information a week ago after going to the branch and waiting three hours calling your call centres from your Rivonia branch. No body had hte product knowledge even in your legal department. its shocking to say the least.
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Capitec Bank's replyOfficial
05 Aug 2020, 16:06I acknowledge your posting, and have referred it to Complaint Management for immediate attention.
Feedback will be provided within five working days. I trust that this situation will be resolved to your satisfaction.
Kind regards
Capitec Bank
Feedback will be provided within five working days. I trust that this situation will be resolved to your satisfaction.
Kind regards
Capitec Bank
Capitec Bank's reply05 Aug 2020, 16:06
Official
I acknowledge your posting, and have referred it to Complaint Management for immediate attention.
Feedback will be provided within five working days. I trust that this situation will be resolved to your satisfaction.
Kind regards
Capitec Bank
Feedback will be provided within five working days. I trust that this situation will be resolved to your satisfaction.
Kind regards
Capitec Bank
MP
Michelle P's updateReviewer Update
07 Aug 2020, 11:51Yesterday you tried to call me, sent me a text message with a reference number. I called you back on that number. I spoke to an agent who didn't identify herself. When I said I am returning your call, she didn't seem to know what my complaint was about. Instead she said you were calling to tell me you received my complaint and if I had anything else to add to it. I said I don't have anything else to add to it. it’s still about the loan term extension and calculations of which. she began to answer me in an uninformed manner as if she didn't know the issues I had pointed out and the information I was requesting. the line cut, she didn't even bother to call me back yet she is in your complaints management. I tried to call back and was on hold for 20 minutes and it was a waste of my airtime. I thereafter responded to an email I received from Nothemba Nobanda, who asked me for a suitable time to call me on her email. I responded saying I must be contacted after 12pm. Yet lo and behold she tried to call me before this time, sent another text message, this time saying if I do not call back the matter will be closed and sent me the same damn email without reading the one I sent yesterday... What is going on there. You have elected to call me, you can also ask for clarity via email if you cannot call me on my preferred time, you can put your feedback in writing of how you come to the calculation and what the amount is. The same way you would put it in writing if I take this matter to the ombudsman.
For example: if you have a 20k loan, the insurance is R1 for every 1k. Then your insurance premium would be R20 for that loan. And then if you have 10% interest on the debt. it would mean 10% on R20 020.00. That’s if you apply interest before service fees, if not then you can explain that. Then with that example if the insurance were to increase to R2 for every 1k and you owe the bank R10 000. then the extra amount it should be calculated on the remaining debt which would mean an extra R10. So now your debt is R10 010.00. I want a breakdown of the fees calculated before this change and a comparison of what is being calculated with this change in layman’s terms, with monetary figures, so that I can make an informed decision.
For example: if you have a 20k loan, the insurance is R1 for every 1k. Then your insurance premium would be R20 for that loan. And then if you have 10% interest on the debt. it would mean 10% on R20 020.00. That’s if you apply interest before service fees, if not then you can explain that. Then with that example if the insurance were to increase to R2 for every 1k and you owe the bank R10 000. then the extra amount it should be calculated on the remaining debt which would mean an extra R10. So now your debt is R10 010.00. I want a breakdown of the fees calculated before this change and a comparison of what is being calculated with this change in layman’s terms, with monetary figures, so that I can make an informed decision.
MP
Michelle P's update07 Aug 2020, 11:51
Reviewer Update
Yesterday you tried to call me, sent me a text message with a reference number. I called you back on that number. I spoke to an agent who didn't identify herself. When I said I am returning your call, she didn't seem to know what my complaint was about. Instead she said you were calling to tell me you received my complaint and if I had anything else to add to it. I said I don't have anything else to add to it. it’s still about the loan term extension and calculations of which. she began to answer me in an uninformed manner as if she didn't know the issues I had pointed out and the information I was requesting. the line cut, she didn't even bother to call me back yet she is in your complaints management. I tried to call back and was on hold for 20 minutes and it was a waste of my airtime. I thereafter responded to an email I received from Nothemba Nobanda, who asked me for a suitable time to call me on her email. I responded saying I must be contacted after 12pm. Yet lo and behold she tried to call me before this time, sent another text message, this time saying if I do not call back the matter will be closed and sent me the same damn email without reading the one I sent yesterday... What is going on there. You have elected to call me, you can also ask for clarity via email if you cannot call me on my preferred time, you can put your feedback in writing of how you come to the calculation and what the amount is. The same way you would put it in writing if I take this matter to the ombudsman.
For example: if you have a 20k loan, the insurance is R1 for every 1k. Then your insurance premium would be R20 for that loan. And then if you have 10% interest on the debt. it would mean 10% on R20 020.00. That’s if you apply interest before service fees, if not then you can explain that. Then with that example if the insurance were to increase to R2 for every 1k and you owe the bank R10 000. then the extra amount it should be calculated on the remaining debt which would mean an extra R10. So now your debt is R10 010.00. I want a breakdown of the fees calculated before this change and a comparison of what is being calculated with this change in layman’s terms, with monetary figures, so that I can make an informed decision.
For example: if you have a 20k loan, the insurance is R1 for every 1k. Then your insurance premium would be R20 for that loan. And then if you have 10% interest on the debt. it would mean 10% on R20 020.00. That’s if you apply interest before service fees, if not then you can explain that. Then with that example if the insurance were to increase to R2 for every 1k and you owe the bank R10 000. then the extra amount it should be calculated on the remaining debt which would mean an extra R10. So now your debt is R10 010.00. I want a breakdown of the fees calculated before this change and a comparison of what is being calculated with this change in layman’s terms, with monetary figures, so that I can make an informed decision.