I called Capitec Bank Collections to set up an arrangement for a period of 20 working days, asked for R500-00 to be deducted for one month and I would settle the remaining amount within 20 business days. I kept to my end of the arrangement and as a result, my account was in arrears for exactly 18 business days. I also settled the following month's installment before the due date. According to the agreement I signed, the Bank states that they will "take legal action against you if you are more that 20 (twenty) business days in default." and an account cannot be taken to the credit bereau unless it is more than three (3) months in arrears or unpaid. I have since been listed by Capitec Bank abd this has affected my application for any other credit with any institution.
This is a breach of a contract signed by both the agent assisting me (thus representing Capitec Bank) and myself.