Phone call received on 05/09/2013 from STD bank telling me that I am no longer seen as "under Debt review" because of late payments. They told me that I am in arrears R13 000 /- when I asked them WHY, they said it is because we were supposed to pay instalments of R7020 and we are only paying R3950. The amount of R3950 is being paid as per letter received from Colleen Plaatjes, Manager, Credit Rehabilitation, Ref: 031306 dated 15/11/2012.
One person tells me that because of the late payments we are off the debt review system, and will be dealt with in the normal way with regards to the arrears, then I asked them, okay, if I am off the debt review system, why do you still charge me 13.9%? This rate is supposed to be adjusted accordingly, otherwise, WHY would we go unto debt review in the first place? We did it in the beginning because we could not afford it anymore... now we must pay almost double the instalment, how will we ever be able to come out under Debt Review?
I need this interest rate to be adjusted to at least 9% or I will, once I come off Debt Review, switch my account to another bank.
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