Nedbank
Interest increase instead of decreasing!!!

Maybe i am not knowledgeable about homeloans but i am very upset. looking through my statement this morning I notice that I have 7% interest rate (i am aware of this), but the interest added into my account fluctuates from month to month but worse it increases instead of reducing as the principal debt reduces. this is made worse by the fact that i pay a little extra every month and that i froze my repayment when the interest rates dropped. again maybe i do not know how this works but my basic knowledge and understanding is with very low interest and the additional payment i am making the monthly interest should be REDUCING and not increasing.

Please explain and fix this accordingly before i scream to Ombudman!

Company: Nedbank
Country: South Africa
City: Homeloans

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