African Bank
Early settlement breach under the NCA

I can understand why African Bank was recently fined R20 million by the National Credit Regulator, and it seems that nothing has changed with AB's business practices.

I have 2 personal loans which I would like to settle. On both these accounts the settlements given are higher than the actual outstanding balance?

Fact is that the National Credit Act (Section 125 of the NCA 2005) specifically states the following:
""No penalty fee is payable for the early settlement of a SMALL (below R15 000) or INTERMEDIATE (below R250 000) Agreements""

My settlement on the 1st account is R1120.06 whilst my actual balance is R1034.83 - thus is my settlement R85.23 more than my actual balance owing
My 2nd accounts settlement amount was quoted at R14 627.27 whilst the outstanding balance is actually R14 264.34. Once again R362.93 overcharged for settling the loan early with NO ARREARS!!

Notwithstanding the aforementioned, I hereby allow AfricanBank to rectify the above mentioned within the next 48 hours as I would like to resolve this in an amicable manner.
Failure to do so will leave me no option and I will be obliged to lay a formal complaint with the NCR and the Ombudsman for Banking Services