Blantantly Ignores the National Credit Act- **********!!!

For the full story please refer to the link: https://www.hellopeter.com/directaxis/reviews/settlement-letter-ans-settlement-of-account- **********

So basically I paid up my loan as per the settlement letter that was sent to me on 2018-05-16. I have recorded conversations from Direct Axis where they say that my account is closed but I have yet to receive the elusive ‘Paid Up’ Letter.

I logged on to FNB today to find a new ‘personal loan’ account to the value of the loan + the interest I would have incurred had I not settled + initiation fee. I was shocked. It put my profile into a negative net worth of R110 081.00.

I called Direct Axis and they tell me that it will take 60 days to clear and that it will show on the credit bureaus for that time. Even though I settled early, I am still showing a debt liability of more than twice what I took the loan for.

I have laid complaints with relevant bodies. My private banker is launching an investigation from her side but even she couldn’t access that account. She was even more shocked than I was and she is part of FNB.

To top it off when I called for an explanation the manager Nolundi who came onto the phone was so arrogant and spoke to me like a 5 year old who cant add. I had to explain to her that interest is about the time value of money. And how could she charge me interest for the entire 72 months when I settled 1 day after taking the loan. She was ridiculously arrogant acting like an expert on credit until I told her that I am recording the entire conversation and that I plan on posting it on social media.

Oh and furthermore when I asked her if customers are told that the moment they take a loan they become listed for the entire loan amount, without taking into account early settlement, she actually said yes. When I said that nobody told me that, she actually had the cheek to tell me I should have asked.

That alone is shocking that she would blatantly be in violation of the credit act. If you review the National Credit Act it clearly states that it is “to promote and advance the social and economic welfare of South Africans, promote a fair, transparent, competitive, sustainable, responsible, efficient, effective and accessible credit market and industry, and to protect Consumers.” Transparency being a very important word here. Does nobody at Direct Axis fear the law?

I am now in a liability of R110 081.00 even though I have paid back every cent.

I have consulted with our auditor and by Monday we will write a letter to the National Credit Regulator.

Please whatever you do, do not take a loan from Direct Axis. They are loan sharks who have direct access to your bank account.