African Bank
AFRICAN BANK ARE
- 06-19-2013
- 17
I took out a loan for R10000 and credit card for R2500 with african bank and 13 months later I defaulted and they ended up garnishing me. Since 2011 I have been trying to get a settlement amount and they keep telling me I owe them R20533 for my loan and R11000 for my credit card. I have received the settlement letter for my credit card from De Beers attorneys but they continuously phone and tell me that I still owe them the above amounts. According to the Duplum Rule the NCA enacts the in duplum rule into legislation in Section 103 (5) but the NCA takes the definition further than the common law definition of the in duplum rule, specifying that not only interest stops running when the unpaid interest equals the outstanding capital. So how they are calculating I really wish to know. Can someone stop these.
Company: African Bank
Country: South Africa
City: Collections department