On the 5th January 2006 I loaned R8000 with Nedbank, when I called this to enquired how much do I still owe they were still debiting my bank account which I decided to put a stop payment since no one is willing to take ownership. I was shocked when I was told that I owing R16 641 after 7 years paying my loan. Though I do have arears which are amounting to R2000 more or less because I made an additional R100 payment to cover those arears three years but still the balance is sky rocketing. I also got a shock when I was told that the interest of this loan is sitting at 58% and I was not made aware of this high interest on the day of application. Is this high interest allowed to consumers and also advised that when I making a payment there is somebody is who is withdrawing from my account. Now it's like I'm paying a bond. please advise
Your prompt response to this matter will be highly appreciated.
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