I am surety on a student loan for my brother. The singed agreement has interest rate @ 14.5% 15 Jan 2008. FNB without ANY notice change the rate to 18.5%!!!
I went to the branch in Northgate mall (7 Nov 2013). The BANK MANAGER said they don't deal with student loans and had me call the student loan department. I explained the situation to the agent who said he dont know why the high interest rate and transferred me to collection department. I explained again and the call got cut off. I went to the branch in Randburg CBD, spoke to a service consultant, whom also couldn't' tell me why. She send me to the Investment/Private banking area at the same branch. She also could not help me and phoned the loans department. She didn't even know what the current REPO rate is!!! The agent Shawn said he will get a "voice contract" which explained the high interest rate. Sill waiting for it. 11 Nov 2013 I called the premier banking number. Was again transferred to a loan "SPECIALIST". She said the loan is at repo rate plus personal risk interest rate. When asked why my risk rate is at 10% he couldn't tell me why. I was told to phone collections. Still waiting for an explanation on the high rate
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