Phoned these guys today to hear about the outstanding amount on a Personal loan I took out a April last year, as I want to settle the amount completely...
The loan is now a year old... 11% compound interest.
They informed me the outstanding balance is more than R20 000.00 MORE than the capital amount...
Now I must have gotten my degree under a tree then, as I thought compund interest is based on M = P (1 %) to the power of n, where:
M = Future Value
P = Capital Amount
n = Period in years
So basically I calculated the amount to be around R30 000.00 odd LESS than what they state my outstanding amount is...
Why are the people in the call centre not trained properly???
Can someone from ABSA please contact me and inform me what my actual outstanding amount is? If they persist it is what they informed me today, I will go the legal route, as it is impossible for the loan to have increased to what it currently is with the monthly payments and the 11% interest rate!
How many people do they actually rip-off like this, that just keep paying and paying, who do not know they are being run in by the bank?!
Unacceptable!
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