African Bank
All monies paid to date is basically paid for nix

I have a credit card and personal loan with African bank and my installment for my credit card was around R480.00 and loan around R650.00 and paid it for the first few months as normal, I was then unemployed and offered to pay R250.00 per loan instead and it was agreed, Only to come to know a few months/years later that the R250.00 in only going for insurances and interest charges, I then received a call last week from African bank offering to help me by now leaving my installment as R250.00 per loan which will now actually go towards the loans which is a good thing but I will have to start from scratch so basically all the years that I have paid, The money is basically forfeited and I now have to pay for 69 months, I was happy to do so but after seeking legal advise, How can all the monies paid to date be forfeited, I happy that my records at the credit bureau will be updated but why can't all the money I paid so far go towards the loans instead of starting from scratch because the new installments are going to be going towards the loan now and not insurances etc., The same can happen towards wat I have already paid, I am going to the NCR and banking Ombudsman to look into this

Company: African Bank
Country: South Africa

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