Unfairly Treated. Listed for poor payments, even after debt was settled even though I had credit insurance in the first place!

<p>I had a loan with Capitec Bank. The loan was taken out on 11/7/2012. At that that time I was employed with an IT company. In the month of November 2014 we were notified that our services are no longer required. The loan was granted by Capitec, and an employment verification was done by Capitec at that time.</p> <p>The main purpose of the loan was to consolidate my debt, and pay all of my debts at that time. The loan was disbursed, and subsequently the loan was paid back.</p> <p>The loan was a total of 32 Installments of R4800-00, and the first installment was paid on 30 August 2012. Subsequently all of the installments was paid religiously thereafter. </p> <p>In the month of November 2014, we were notified that our services is no longer required. I subsequently notified Capitec by means of electronic mail, that I am unemployed. The email was sent to ********** with a letter confirming that I am unemployed.</p> <p>With reference to this loan account, and the agreement attached hereto, you will see that the agreement in section 13, has loan insurance provisioned in the event that you are retrenched or death. The section further states that should you have a loan with Capitec for six months or more, that the full balance of the loan will be covered, up to a maximum of R230 000-00.</p> <p>On the 12th of December, subsequently I contacted Capitec bank, and advised them that I have been retrenched and that I can no longer pay for the R4800-00 instalments. I also sent the confirmation of such to ********** Subsequently Capitec offered to do a payment extension on the loan, as there were only 4 instalments left of the total of 32 instalments. At that time, my total balance left to pay was R20 000-00 of the total of R153 600.00. Never once did they tell me that I have credit insurance. </p> <p>I could not manage to pay back the extended payment terms, as I was unemployed. And I tried to make arrangements. I managed to find a new job, and I started getting a regular income from May 2015. And I have been employed permanently since. I had a massive backlog of arrears after being unemployed, and accounts to get back up to date thereafter.</p> <p>The capitec account was subsequently handed over to Debt Collectors, and finally the account was handed over to Basson Blackburn incorporated. After many discussions and negotiations, I made Capitec an offer in full and final settlement of the account. Capitec accepted this offer, and on the 25th of May 2016 I managed to settle this account in full. (Please see Annexure D & E)</p> <p>The area of Concern I wish to address is that I have paid Capitec in full. Even though the Loan Made Provision for Credit Insurance, as per section 13, of the attached loan agreement. I even paid the fees etc.</p> <p>Further to this statement, Capitec did not once, in any instance advise me that I have credit insurance in place, and that the final amount of R20 000 can be claimed against the credit insurance. This was after I have paid back a total of R130 000-00 at an annual interest rate of 32% per annum. I was never advised that I could claim against the credit insurance provided, even though my loan was on 29 instalments of 32, and at a very mature stage. I paid and settled the balance regardless.</p> <p>I have been trying relentlessly to get this matter resolved, as capitec subsequently submitted poor payment profile to all of the bureaus. I have attached the full credit report for your reference. I have been negatively impacted to the point where I am going to loose my job, because I cannot get a car financed.</p> <p>I have made all payments due to capitec, and they gave me a paid up letter to confirm such. The main purpose of the capitec loan was to pay off and consolidate all my debt, and to settle such. I have paid up all of my debt. And I have really been diligent in keeping all my installments up to date with all of my creditors.</p> <p>I have been affected negatively, in this matter. I have been trying to purchase a car since this year January 2016 , and I have been declined indefinitely do to this poor payment profile that Capitec submitted, without informing me that I have credit insurance in place, that was in place to avoid any damage to my credit profile, and to protect me in the event that I loose my job. Why would you even do that?</p> <p>I have now had to escalate the matter to the ombudsman for banking and credit, and the ncr to assist me in getting the adverse and arrear payments removed from my credit profile, because capitec has acted unfairly against me.</p> <p> </p> <p>All of the below applications to get a car has been declined. </p> <p> </p> <p>2016/10/24 WESBANK QVS WESBANK ACQUISITI ********** 000 OTHER</p> <p>2016/10/24 MFC: NEDBANK MFC, A DIVISION OF NEDBANK ********** CREDIT APP</p> <p>2016/10/24 ABSA VAF AVAF ********** 669 OTHER</p> <p>2016/10/24 ARIVA RENTALS P/L ARIVA RENTALS (PTY) LTD ********** 482 OTHER</p> <p>2016/09/25 DISCOVERY INSURE DISCOVERY INSURE ***OTHER</p> <p>2016/09/15 MFC: NEDBANK MFC, A DIVISION OF NEDBANK ********** CREDIT APP</p> <p>2016/09/15 ABSA VAF AVAF ********** 669 OTHER</p> <p>2016/07/22 BIDVEST BANK SIBONGILE NGWENYA ********** 000 OTHER</p> <p>2016/07/18 BIDVEST BANK DEBORAH MEDLICOTT ********** 000 OTHER</p> <p>2016/07/14 BMW FINANCIAL SER BMW FINANCIAL SERV BMW FINANCIAL SERVIC OTHER</p> <p>2016/07/14 MFC: NEDBANK MFC, A DIVISION OF NEDBANK ********** CREDIT APP</p> <p>2016/07/14 WESBANK QVS WESBANK ACQUISITI ********** 000 OTHER</p> <p>2016/07/14 ABSA VAF AVAF ********** 669 OTHER</p> <p>2016/06/02 BMW FINANCIAL SER BMW FINANCIAL SERV BMW FINANCIAL SERVIC OTHER</p> <p>2016/05/27 MFC: NEDBANK MFC, A DIVISION OF NEDBANK ********** CREDIT APP</p> <p>2016/05/27 ABSA VAF AVAF ********** 669 OTHER</p> <p>2016/04/15 MFC: NEDBANK MFC, A DIVISION OF NEDBANK ********** CREDIT APP</p> <p>2016/04/15 WESBANK QVS WESBANK ACQUISITI ********** 000 OTHER</p> <p>2016/04/15 ABSA VAF AVAF ********** 669 OTHER</p> <p>2016/02/02 RCS CASH LOANS RCS CASH LOANS 0 OTHER</p> <p>2016/01/13 ARIVA RENTALS P/L ARIVA RENTALS (PTY) LTD ********** 482 OTHER</p> <p> </p> <p>Now I dont know what to do any more. Think very carefully when taking out a loan with capitec. As they are very dishonest. Even at a ridiculous interest rate of R32% per annum. </p>