Standard Bank
Standard Bank Loan Ripoff

On the 6th of June 2007 I took out a standard bank personal loan for R 7000 at the time it was explained to me that it was a fixed term revolving credit loan for a period of 72 months. With a monthly instalment of R 156. This meant that over 72 months I would be paying a total of R 11232. This loan should therefore have been paid in full my June 2013. Now 79 months after taking out the loan I have paid a total of R 12 324. My current outstanding balance as of today 27 January 2014 is R 3581.03 more than half the original amount. This is highway. There is no possible way this loan will ever be repaid, if I go according to the terms agreed to. Surely this cant be legal under the credit act? I have never missed a payment nor revolved the loan. I have paid nearly double what the initial loan amount was for and still have half the initial balance outstanding?? This is unacceptable!!!

Company: Standard Bank
Country: South Africa
City: Edenvale

  <     >