I took a personal loan of R40000 in Oct 2011 and it was taken on a term of 48 months for a monthly instalment of R1639. In May 2013 my finances improved, I called to request to decrease my payment term and increase instalment to R2000 and I was told by a consultant that paying an extra amount will decrease my balance, interest and the payment term. To my surprise when I got Aug statement, the balance was R23517.17 and I made R2000 payment on 25/08/2013 and when I called on 02/09/2013 to query a balance, I was told that is was R22 800.22 which means I was misinformed when I was told that extra payments will make any difference, well in this case it didn't, I paid R2000 and my balance got decreased by R716.95 only? I think its unfair because towards my Sept billing, the balance will be back to R23 000 because of the ridiculously daily increasing interest. I regret taking up a loan with Nedbank loan, I advise everyone to go to ABSA for a personal loan because Nedbank rips off their clients.
0 comments