A Tip for Lenders at Direct Axis. Do not pay extra into your loan. Some years ago I took a loan from Direct Axis.
The loan has now finally been paid up. Some time back an extra R40.00 was paid into this loan account. Over time it attracted interest, ending in a balance of R122.83. When I queried the last payment with their settlement dept. I was informed the last payment would be less R122.83. The last payment was deducted with the standing amount. I telephoned again to be told it took 10 working days to close the account and that I would be credited with the amount. I sent an e-mail on 10th Sept to query the credit balance. I received an automated reply that I would receive a reply within 24 working hours. I checked my profile and noticed the loan has been closed. My question is what did they credit with this small amount. We know that to balance entries for every debit there has to a credit.
This sounds petty but it is just a tip for lenders not to pay extra on loans unless paying a settlement on a loan.
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