I applied for a loan of R 10 000 in 2011 May and a couple of months after that I lost my job and couldn't pay my account.
I made an arrangement to pay a lesser instalment than the initial one of R 674.00 I paid R 425.00. Though the fact that I was making some payment was going to help me but that was the beginning of my nightmare.The bank started deducting R525.00 from my account without my consent, i was OK with it still because I also wanted my loan to decrease but to this day I have been paying but the balance on my account is not going down. It is increasing every month. To make matters worse my arrears are currently at R 9000.00, almost the amount I took out for the loan. I don't understand as I'm currently paying, where is my money going to? It should be accounting for something, either the balance on the account or the arrears should be going down? If this is not a rip off then I don't know. Where is the money I'm paying going at? Why should I still continue paying for the account that is not decreasing, it's as if I'm pouring money down the drain. I'm angry!!!!