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Letsatsi L
1 reviews | Active since Nov 2019
03 Dec 2021, 10:54
DirectAxis milking south africans - Settlement amount more than loan amount
I took a loan of R40000.00 in October 2019. In July 2020 and December 2020 i app**** for the loss of income claim due to the impact of the covid 19 pandemic but did not receive any feedback. The account was handed over to GLA. in May 2021 i paid R11034 to GLA to have account moved from GLA to DirectAxis. this was not done . To date i have paid R27041.55. Yesterday i asked for a settlement amount and they said it was R41 947.99.
How is possible that the settlement is higher than the capital amount? Do they penalise clients for early settlement??? even after paying R27041.55. My contract amount was R40000 and i have paid more than 50% of it. I understand interest charges but this is ridiculous
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DirectAxis's replyOfficial
03 Dec 2021, 12:14Hello Letsatsi, Thank you for reaching out to us. Please accept our humble apologies for the inconvenience caused in the process of trying to get a settlement letter from us. We'll look into this immediately and will be in touch with you as soon as we've gathered more information. Team DirectAxis
DirectAxis's reply03 Dec 2021, 12:14
Official
Hello Letsatsi, Thank you for reaching out to us. Please accept our humble apologies for the inconvenience caused in the process of trying to get a settlement letter from us. We'll look into this immediately and will be in touch with you as soon as we've gathered more information. Team DirectAxis
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Letsatsi L's updateReviewer Update
07 Dec 2021, 13:06DirectAxis does not have deceny to call me directly, they ask GLA to call and GLA is unable to answer my questions. I took a capital of R40000 over 60months. The statement states a capital/ contract amount of R77,024.93 which was not what was agreed with the consultant. If I was told of this capital amount by the consultant I would have objected at that moment! The loan agreement states a principal debt of R41207.50 (R40000.00 + initiation fee)which I agree with. Where does the R77,024.93 come from? On credit agreements, from first payment made, a portion goes to capital and a portion goes to the interest thus on the date a client wants to terminate, they check the outstanding capital to be settled not the potential interest payments. In this way DirectAxis wants to punish consumers unfairly. This is a ******* and discouraging consumers from settling their debts quickly. Our industries are struggling and i have managed to raise funds to settle the loan because i dont know what tomorrow holds with these endless lockdowns. I am not going to pay interest for a period I will not be having the loan.
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Letsatsi L's update07 Dec 2021, 13:06
Reviewer Update
DirectAxis does not have deceny to call me directly, they ask GLA to call and GLA is unable to answer my questions. I took a capital of R40000 over 60months. The statement states a capital/ contract amount of R77,024.93 which was not what was agreed with the consultant. If I was told of this capital amount by the consultant I would have objected at that moment! The loan agreement states a principal debt of R41207.50 (R40000.00 + initiation fee)which I agree with. Where does the R77,024.93 come from? On credit agreements, from first payment made, a portion goes to capital and a portion goes to the interest thus on the date a client wants to terminate, they check the outstanding capital to be settled not the potential interest payments. In this way DirectAxis wants to punish consumers unfairly. This is a ******* and discouraging consumers from settling their debts quickly. Our industries are struggling and i have managed to raise funds to settle the loan because i dont know what tomorrow holds with these endless lockdowns. I am not going to pay interest for a period I will not be having the loan.
LL
Letsatsi L's updateReviewer Update
08 Dec 2021, 08:18Again DirectAxis sends GLA to contact me instated of them contacting me directly. GLA sent me a settlement of R44 0000.00 which is still above the R40 000.00. I took thus DirectAxis is trying to ***** money from me. I will not pay more than I took for a settlement.
Now DirectAxis states that full contract balance is R55116.56 but i only took R40 000.00 where does the rest come from?
On credit agreements, from first payment made, a portion goes to capital and a portion goes to the interest thus on the date a client wants to terminate, they check the outstanding capital to be settled not the potential interest payments. In this way DirectAxis wants to punish consumers unfairly.
Now DirectAxis states that full contract balance is R55116.56 but i only took R40 000.00 where does the rest come from?
On credit agreements, from first payment made, a portion goes to capital and a portion goes to the interest thus on the date a client wants to terminate, they check the outstanding capital to be settled not the potential interest payments. In this way DirectAxis wants to punish consumers unfairly.
LL
Letsatsi L's update08 Dec 2021, 08:18
Reviewer Update
Again DirectAxis sends GLA to contact me instated of them contacting me directly. GLA sent me a settlement of R44 0000.00 which is still above the R40 000.00. I took thus DirectAxis is trying to ***** money from me. I will not pay more than I took for a settlement.
Now DirectAxis states that full contract balance is R55116.56 but i only took R40 000.00 where does the rest come from?
On credit agreements, from first payment made, a portion goes to capital and a portion goes to the interest thus on the date a client wants to terminate, they check the outstanding capital to be settled not the potential interest payments. In this way DirectAxis wants to punish consumers unfairly.
Now DirectAxis states that full contract balance is R55116.56 but i only took R40 000.00 where does the rest come from?
On credit agreements, from first payment made, a portion goes to capital and a portion goes to the interest thus on the date a client wants to terminate, they check the outstanding capital to be settled not the potential interest payments. In this way DirectAxis wants to punish consumers unfairly.