TM
Tuza M

1 reviews | Active since Apr 2023

13 Apr 2023, 01:28

Overcharged on loan account

My name is Muntu Patrick Motheoane, and I have a fixed term loan with capitec (48 months), I am paying it before or on due date, I never skipped a month . Someone there just wakeup and decided to add two months on the term of the loan , when asked for a statement I am told it cost R45 per page, and when I asked what is the reason for the extension on the term , I am told about interest rate hike and covid19...my question is what does fixed loan mean? If you where to apply the repo rate issue, immediately after I acquire loan from you repo rate went down significantly and my interest rate where still the same......I think any change in the arrangement of the loan should be discussed by both parties involved, but I was told that sms was sent, which I never received, so my question is that you ,have my email address n cell numbers, wasn't it important to know whether to increase my monthly installment instead of a loan term? I am trying my little best to honor my side of the deal but on the other hand you are not treating me fairly... can I have the loan statement , so I can see when did you increased the interest rate during a pandemic where people where not able to make ends meet...I must say that I am disappointed on you guys. Please investigate the matter and give me a sensible feedback as this matter will be taken further to Ombudsman...for mediation. My plea for now is the sms that you claimed to have been sent and never received, and a detailed loan statement be sent to me. Explanation on interest hike on fixed term loan.....and reason why opted to extend loan term instead of monthly installment.

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Replies (1)
Capitec Bank
Capitec Bank's reply13 Apr 2023, 17:17
Official
Good day Tuza 

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