Term Loan Unfairness
Loan Account. I have a term loan with Standard Bank, when I first took the loan out it was R75000 in April 2020, in August 2020 I paid R30000 towards that loan, everything was perfect except I asked Standard bank if they could then decrease the installment, I was told its impossible, so I'm still paying the same interest on the initial R75000 monthly. In December 2020, I got paid early, unfortunately, my installment bounced, my question is I have already paid an entire R30 000 towards the loan, the term never changed, they refused to decrease my installment, the loan, they still deduct the same installment. Why can they not consider the money I paid up front, instead of threatening me saying that my loan is behind, technically it isn't, it is basically 10 months paid upfront because standard bank does not want to take into account the payments I made towards the loan. Someone will have to explain to me the fairness in this deal.
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Thank you for posting your comment. We assure you that as an organization we are committed to providing the best possible service and assure you that this will be addressed as a matter of urgency. We apologize for the inconvenience and undue frustration, this has caused. We greatly appreciate your continued support. Kind regards
Complaint Resolution Centre
*** *** (fax)
***