Incorrect Loan Deduction date causing me to be in arrears and Poor Service from Capitec Bank

I am writing to express my frustration and disappointment with Capitec Bank regarding the incorrect deduction of my loan payment and the subsequent issues that have arisen.

Before I start with my review, I want to say that my contractual payday with my company is the 25th of every month; however, on occasion, this varies based on weekends, etc.

On 21 February 2025, I received a message from Capitec Bank stating that my loan was in arrears. This was surprising as I have official documentation, including the Statement and Quotation for Credit Agreements and the Authority and Mandate for Payment Instructions, which clearly state my repayment date as the 24th. I confirmed this salary information regarding my employer with a consultant on the same day, who acknowledged the error and promised to email the collections department to correct the date.

However, on 22 February 2025, I received another SMS stating that my insurance was not paid because Capitec had not received my loan payment. Today is 24 February 2025, and after numerous phone calls and being transferred between collections and client care, I finally spoke to a supervisor in collections. The Team Leader acknowledged the discrepancy between the paperwork and the system but insisted that I must provide a letter from my employer confirming my salary date, despite the contract already reflecting this information. This is unacceptable—what is the point of a contract? Furthermore, once I have the letter, I need to take it to a branch so they can call the collections to update this date. What happens to the insurance on the loan and my credit score for a loan unpaid? I have the names of persons I spoke to and references for calls.

This is honestly pathetic service, and I will NEVER advise anyone to take out a loan with Capitec. After some research, it seems this is a trend with Capitec, as noted in another thread by an unhappy customer titled: Capitec Accuse Me of Being in Arrears.

My perception is that they give you good service to take the loan provide you with the paperwork to assure you of dates etc., but then ***** you over after the fact, causing your insurance to not be paid on the account and interest on the outstanding amount, making the initial reasons for taking the loan not viable any longer.