How can we rob you?

I relate to the lady who went nuts in Capitec last week. Apparently she had been paying R4000 a month for two years on a R100 000 loan, to be told she still owed R92 000. That's how I feel. IT'S ABSOLUTELY ********.

I would like someone to explain this to me in layman's terms, which I believe is my right. How can it be that I took our a loan in April 2019 of R63 207,50, and in Feb 2021, the outstanding amount was R63 904,59 - MORE than the original loan amount, when there had already been more than R40 000 paid in?

In September 2021 - outstanding balance was R59 419,30 - Meaning only R3788,20 less than the original amount. Not even R4000!

By this stage, I had already made 26 payments of R2344, amounting to R60 994. Paid R60 000, but only R3788 less on my loan. HOW????????

If my interest was 100% this would make sense, but the interest is 27,5% (ALREADY ********). So how can it be that I have already given FNB R60 000 and I still owe R60 000? IT MAKES NO SENSE. FNB is not a backstreet loan shark, so why do I feel like I am being royally **********?

If you take off the monthly interest of R1464, the R202 CCP and the R69 service fee, it amounts to R609 per month that should go towards the loan amount. That's R15 834 after 26 payments.

R63 207,50 - R15 834 = R47 373,50.

To my mind, that's the most I should still owe at this stage. Already, it means the loan amount goes from R63 000 to more than R110 000, which is quite revolting, but FNB is going even further and saying that of the R60 000 I have paid back, only R3788 counts!!!!!!

Please could someone explain it to me in writing, in layman's terms, so that I understand.

The fact that FNB's payoff line is HOW CAN WE HELP YOU? is laughable. It should be - How can we rob you?