I took a personal loan with Capitec Bank in 2006. Pre-requisite with personal loan is that the borrower MUST take take and pay an insurance that will cover the loan, shoul he pass on, be permanently disabled with no income, or be retrenched. I was retrenched in 2008 by Absa Bank. I immediately took my retrenchment documents to Capitec and made them aware of my situation. The Branch Manager took copies thereof and I did not hear a word from the bank. I went back to them in 2009 and opened a savings account with no problem. to my suprise a received an sms on the 4th July 2013 demanding that I mus come and pay my personal loan. I am still unemployed, but managed to deposit some money into the savings account I opened with them and they never debited that account to credit the personal loan. Now all of a sudden they demand and threaten me of legal action. What kind of service is this? Can someone make sense out of all this? What about the retrenchement cover that was taken on this loan because the NCR requests that institutions giving loans must let customers take these covers I mentioned above.
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