In October 2012 I received a call from DMC regarding an overdue Standand Bank personal loan. The call centre informed me that I must pay an installment amount of R74.44 per month and that I owed a balans of approximately R3900. I agreed to pay an amount of R300 per month as I wanted to settle the account asap. Last week I phoned DMC to find out what the balance is that I am still owning. I was shocked to find out that I still owed an amount of R2500. I requested a statement which they provided almost immediately. The statement indicated that an amount of R300 was added and sometimes deducted from my account every now and again. The description of these transactions is opening balance adjustments. Altogether an additional amount of R2100 was added to my account. When I queried this the call cente informed me that I was paying far to little and the interest per month is far more. When I stipulate it to her that my installment is an amount of R74.44 and that I am paying R300 in stead she could not help me. She referred me to the customer service centre. They also could not explain the transactions. I am still awaiting their response.
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