Standard Bank
Interst Calculation

My brother passed away on the 20/1/2011, from that month on the 25th of each month i have paid the full bond amount due via EFT, in December 2011 i managed to buy over the half share of my brother where i was quoted the following:
Loan amount R505 000, Monthly Service Fee R48, Interst rate prime minus 1.3%, over 20 years, interest R527 264, installment R4301.10, interest R151.14. From my bank account R4 432.35 was debited from my account every time, which STB insisted it must be a debit order. In July 2013 i applied for a re-advance of R121k, which was approved and paid out. i found out today to my surprice the on the 31/12/2013 i was debited R71 532.23 for interest. When i phoned i was told that no interest was charged on my account and this was the reason, i wanted to lay a dispute as my instalment is supposed to include the interst amount as per quote. I was not helped further by the contact centre. think this is rediculous and want it reversed, my outstanding balance is now more than my loan amount by more than R50 000.00.

Regards
Dylan

Company: Standard Bank
Country: South Africa
City: Homeloans

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