Prejudicial Credit Transaction: Complaint Against Capitec Bank

On 29 November 2024, I visited WeBuyCars in Pietermaritzburg to apply for vehicle financing. A Capitec consultant directed me to their Church Street branch, where my application was processed. I was granted personal loan of R342,000, instead of vehicle finance. The R80,271.18 from the personal loan was used to settle my existing Access Facility debt. This was not my instruction and has subsequently replaced the debt at a 20% interest rate with a new loan at 28.75%, increasing my monthly instalment from R4,800 to R11,999.98—a 250% rise.

I explicitly rejected this arrangement and requested a reversal, which Capitec disregarded. Multiple follow-ups from 29 November to 9 December 2024 did not resolve the issue, and the bank closed the matter without addressing the financial harm caused. The transaction’s terms are unaffordable, especially since I have secured additional vehicle financing through MFC. I believe this violates the National Credit Act, including Section 66(1)(c) for altering credit terms to my detriment and Section 90(2)(a)(ii) for enforcing unfavourable debt conditions.

I requested the original terms of my Access Facility be restored, with the debt repayment reverting to R4,800 at a 20% interest rate, but Capitec Bank showed me a middle-finger.

Can someone with expertise please help. I am willing to pay 078*216*6853