In May 2012, i applied for a loan with African Bank and agreed to the repayment amount. I made it clear that my salary only reflects in my account on the 26th and everything went smoothly. Now all of a sudden debits are being made on the 24th, 25th - pretty much whenever they feel like it. AND WHO PAYS THOSE BANK COSTS? To my horror, i checked my latest statement and in 1 year my principle debt has gone down for only R4000. How is this possible when for a year i pay over R2000 every month. This is a complete rip off and I plan on taking this further - as a consultant at African Bank will no idea how to explain this to me. I understand that there is interest to consider, but to flat out ROB someone of their hard earned money is an absolute disgrace.
I feel that I have been cheated and taking advantage of, and for this reason other plans I had will now need to change.
Thank you African Bank for your blatant dishonesty and cheating.
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