I I took out a loan with Capitec bank in 2009 for R25000. I made continuous payments on the loan until I was retrenched (because the business was taken over by new owners and they had their own staff on board) in March 2012. At this point I owed Capitec R3987.69 as per a letter sent by them. I was left without a salary for March month and no leave pay. I informed Capitec bank of this and they said that I needed a letter to confirm this. The only letter that I had only stated that the business's lease had expired and that our contracts were no longer valid. Capitec did not want to accept this as a retrenchment letter. I then could not pay them as I had no income and no way of contacting my former employer. I received a call from their attorneys and they informed me that my outstanding balance is R5524.92. At this point I started a new job and agreed to R500 a month because I had to take a job that paid me less than my previous job because I had no other choice. I felt that my debt had to be paid. Capitec's collection agents informed me that I would only be paying the R5524.92. They did not inform me of any extra collection fees and interest that will be added onto this amount monthly
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