Capitec Bank
Settlement amount more than Closing Loan Balance

I applied for a loan at Capitec Bank last month (14-08-2013). I paid my monthly instalment of R4 500, 33 on the 29-08-2013. Today (26-09-2013), a month later i wanted to settle my loan account. I went to Johannesburg branch to enquire about my settlement. To my suprise, my closing balance is: R118 312.53. However, my settlement amount is: R121 795.88 which is more than the initial loan itself.

I want to know how can my settlement be more than the initial loan even after i have already paid my first instalment of R4 500 which should have covered the initial loan fee?

When i enquired about this the branch manager (Lutendo), could not understand why and he called credit who refused to talk to me. They only spoke to him and they said it's future interest. The first lady he spoke to was Mabel, and then Lindiwe. They both did not want to speak to me and told Lutendo it's interest and no one knows where this interest is coming from or how it's calculated.

I then called customer service and spoke to Meagan who said she cannot access my settlemnent and can only open a complaint (Ref: 9907667). So far no one is taking any responsibility.
Capitec Bank is from us.

Company: Capitec Bank
Country: South Africa
City: Johannesburg

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