The settlement amount that Capfin told was R8882.36 and I went to their Pep Stores to settle the amount, when I got to Pep they told me they cannot take all the amount as a once off payment and therefore I needed to pay R3000, R3000 and the R2882.36. On the statement that Capfin sent me it showed that I had made an over payment by an amount of R367.53. This is an amount that I wanted Capfin to refund me and close the account and send me the letter to confirm that I had settled the account.
On Friday 04/10/2013 I got an sms saying that the refund of R41.99 is being paid into my account. I called Capfin they told me that in that amount of R367.53 that they owed me, they took out interest and service fees. I really don't understand how they calculated the interest because to my knowledge the interest should be calculated on the outstanding balance and in this case the outstanding balance is due to me but they calculated interest anyway. I am very unhappy as the consultants cannot explain to me how this interest is being calculated. Can interest be calculated on Zero balance? I need to know how they arrived at this interest amoun amount.
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