1 reviews | Active since Aug 2017
Phantom profits generation from FNB during covid pandemic
Good Day
I have a credit card with FNB and have had for years. Up until last year, I had never missed a payment as they take the money via debit order. Last year due to covid I experience cashflow problems and was only getting paid 10% of my salary.
I took up the opportunity of a payment break as I could not afford payments during that time as I had expenses as well as my younger brother coming to lie with me as he could not afford to stay alone during exams. My understanding of the payment break was that my payments would freeze however the interest would still continue. This I was ok with as FNB is still a business and needs to also survive.
I soon learned this year however that FNB took out a loan against my name to itself. The loan they took out amounted to 25% of my credit card I have with them. I attempted to engage the call center and find out what the personal loan was about as I never app**** for a personal loan with FNB. I was then told by Ntokozo that FNB had to pay my loans( to itself) and hence I now owe all that amount of money to FNB for a loan FNB took out to itself.
This makes no sense to me, as FNB did not pay a third party on my behalf but rather itself. It has created a phantom loan to itself, paid itself and now I owe it 25% more credit on top of the original credit amount. As stated before I have never missed a payment to FNB and I understood it to be that my payments would freeze for a couple of months then I would continue paying my credit. I didn't spend any amount groceries, furniture etc from FNB but now I owe them 25% more money which they created from thin air( this is called round trip financing) as the money went from one department of FNB to another and yet now I owe them yet more money.
No other banks did this during this period. This was a tough period from which people died and lost their jobs, which has culminated to the unfortunate situation from which people were hungry and started looting as some could not find employment and their kids went hungry. Yet during this time where we all have less disposable income as company's struggle to generate profits and we all have to tighten our belts, I am now being required to pay yet more money to a Bank.
I did not make use of any additional credit from the bank, so my question is why are we being required to pay more to a bank which did not expand any funds to a third party or to its clients. This is supposed to a bank which is at the forefront of technology and considering its clients with every innovation it comes up with. from where I am seating it seems to have yet found more ways to generate more revenue from individuals who are struggling to make ends me for its own bottom-line
I hope you are well.
I received the response from FNB stating that the complaint has been logged and being followed up by the relevant department. I received an sms from FNB on the 3rd of August stating that a response would be forthcoming between 24-48 hours.
Today is the 13th Of August and to date I have not received any communication about the matter from FNB. As this is registering as a personal loan under my name, and as such has obviously had a negative impact on my credit score rating in terms of repayments of debts as now it seems as if I am a bad payer.
FNB may you kindly contact me to resolve this matter, I work very hard to ensure all debts which are under my name are paid up timeously to ensure I have a good credit score. With regards to the communication no forthcoming, I find this to be unacceptable as it is almost 2 weeks now and no one from FNB has communicated in any way to me.
Regards
Thulare Chaoane
I hope you are well.
I received the response from FNB stating that the complaint has been logged and being followed up by the relevant department. I received an sms from FNB on the 3rd of August stating that a response would be forthcoming between 24-48 hours.
Today is the 13th Of August and to date I have not received any communication about the matter from FNB. As this is registering as a personal loan under my name, and as such has obviously had a negative impact on my credit score rating in terms of repayments of debts as now it seems as if I am a bad payer.
FNB may you kindly contact me to resolve this matter, I work very hard to ensure all debts which are under my name are paid up timeously to ensure I have a good credit score. With regards to the communication no forthcoming, I find this to be unacceptable as it is almost 2 weeks now and no one from FNB has communicated in any way to me.
Regards
Thulare Chaoane