After logging a complaint on Hello Peter on the 4th September regarding my FNB Loan the bank just pulled up there shoulders. I didn't receive a copy of my contract when I signed it. The terms and conditions were explained to me by a clearly incompetent consultant. I was told that my contract will be emailed to me as there was problem printing to the printer. When I went back to the bank to query about the insurance I was told by the banks stair keeper that I can't speak to the person that told me that the insurance will become less the more I pay. After signing the contract the service provided by the branch is over. I now have to phone the Loans department.
Even thought I have paid more than half of my loan off in the first year it is costing me more than double what it would have cost me before I consolidated my debt.
I was contacted by the bank and they claimed that consolidation would free up some funds. CLEARLY NOT THE CASE!!!
The contract also states that interest is calculated on your daily balance and is compounded monthly in arrears. Your interest rate is FIXED and it will stay the same for the period of the Credit Agreement. NOT TRUE!! Yet one more lie!!
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