Rashid Shaik ***- Multi Loan

Multi Loan Account No. ***<br> Name of Account: Mr Rashid Shaik<br> <br> I had a multi loan account which expired on the 21/10/2015. This credit facility has been managed according to the terms and conditions and I benefitted from the product just as the bank. I resigned from a company called Shackletonlife and received my last salary payment from that company at the end of September. On 02/10/2015, I was employed at Mr Price. In an attempt to submit my letter of employment and reapply for the multi loan account, I visited the Capitec Bank branch on Anton Lembede Street, Durban. and was told that the facility cannot be renewed as I need to wait for at least 2 salary payments to be made into my savings account before reapplying for the multi loan. Thus, when I get paid on the 27/11 the bank is going to apply set-off and take my entire salary to pay off the loan. This will leave me out of pocket as I will not be able to survive with no income. I am not disputing the banks credit vetting policies and procedures. I can wait for two months and then reapply for multi loan but what happens to my budget for this month if the bank takes my entire salary and settles the loan?