I had a credit card with fnb in 2005 then i defaulted and the limit was R15000.for some other reason FNB failed to get hold of me and interest has been accruing to this account and six years later- last week, i got a call from barret and legal associates and they say i owe R40, 000.. i asked them to give me the make up of the 40k before we can talk of any arrangements. they say i should make an arrangement and complete a debit order form and will be charged 22% monthly on the balance. as such i refused to make any arrangement because i never signed a contract with FNB that says i will be charged 22% monthly equating to 264%annually. right now i need to know the correct rates so i can make an informed decision as to whether take a loan and sttle the account or make a debit order arrangement but interest rate is a key driver in making this decision. so the collections lady says he will proceed with issuing summons and judgements. my question to FNB is how many innocent SA citizen are being milked by this debt collector? an audit must be done. if one had failed to pay FNB at an interest rate of about 2% monthly then how can one afford to pay 22% monthly??
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