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Your Sergio [Your ID Number] *** [Your Email Address] [Your Physical Address] Date: [Insert Date] To: [Finchoice / The National Credit Regulator / The Credit Ombud] Subject: Formal Complaint Regarding Unfair Loan Repayment Practices by Finchoice Dear [Sir/Madam], I am writing to formally lodge a complaint regarding the conduct of Finchoice, as I believe their loan repayment practices are unfair, misleading, and in contravention of consumer protection laws. I initially took out a loan with Finchoice and was later offered an option to reduce my monthly repayment premium. However, I was not properly informed that this restructuring would result in compound interest being charged on top of existing interest, making it nearly impossible to settle my account. This has resulted in: Continuous accumulation of interest despite regular payments. Lack of transparency in how repayments are allocated. A repayment structure that unfairly traps consumers in ongoing debt. I believe this practice amounts to interest upon interest, which is exploitative and places me, as a consumer, at a severe disadvantage. Furthermore, this may be in breach of the National Credit Act and the principles of the POPI Act, as I was not given full, clear, and fair disclosure regarding the impact of restructuring my repayments. I therefore request the following: A full written explanation and breakdown of how my repayments have been calculated to date, including all interest charges. Confirmation of the total amount still owing, with an explanation of how much is principal versus interest. Immediate investigation into these practices to ensure compliance with the National Credit Act and consumer protection regulations. Assistance in restructuring my repayment plan in a fair and transparent manner that does not exploit consumers through compounded interest. Should this matter not be resolved promptly and fairly, I will escalate my complaint further through all available legal and regulatory channels. I trust that you will give this complaint the serious attention it deserves. Yours faithfully, Sergio