Wesbank
OVER CHARGING ON SETTLEMENT

My husband financed a vehicle through Wesbank in 2008, after set backs, debt review was the only solution at sometime. After 3 years of debt counseling, he cancelled it, as he is not seeing a difference in his accounts. Payment was still received by Wesbank on this account afterwards. Upon requesting settlement on the account early January this year, account was settled. The figures however does not make sense? Upon going under counseling the outstanding balance was something like R48 000. Monthly installment of R1 080 was accepted. After approx. 38 months of paying the account, the settlement was on R30 400... but taking the lowest installment paid (R1 080) x 38 months = R41 040 in repayment.. Okay so now, we understand that there were interests charged 15% per annum... but still the settlement is not making sense?? can somebody please advise us, we have tried calling, but the consultant just keeps telling us that the excess amount showing on the Wesbank account will be cleared on his FNB internet banking.. That is not the only thing we have a query on. Oh, they did send us amortisation schedule, and even on this schedule their OUTSTANDING bal is less than SETTLEMENT?

Company: Wesbank
Country: South Africa
City: VEHICLE FINANCE

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