I had a loan with Capitec bank since 2007, i lost my job 2008 and notified them that i'm unable to make payments in 2009. They requested me to send them a letter to show im no longer employed and the consultant i spoke acknowledged receipt of email and letter faxed to them, they said my account will not acculate interest. To my suprise, i contacted them last month when i got employed again wanting to make arrangements for payment, my account has been handed over to MBD ATTORNEYS which charges interests of R590 per month, i wanted to make arrangements to pay R200.00 every month. The interest are even higher than what i can afford. I emailed Capitec, they dont even bother to respond on both email addresses which appears on their website.By the end of the year it means the account will be seating at R20000. For working employees you must be alert which banks you choose and make sure you are coverered in all angles, when you take a loan theres insurance, i wonder what happens to the insurance money on loans.
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