On Sat 02/02/2013 I was called by a debt collector from African Bank who reminded me about my arrears. During our discussion, I promised to settle the account with a balance of R1700 (repeated severally by the collector) either this month or in April 2013, so that I can be able to top up my payments on the accounts with arrears.
This morning, 04/03/2013 I called African Bank for a settlement quote on this account and I was told that my balance was R1700, to my surprise this afternoon on receipt of the quote I have to pay R3163.53 in order to close this account. The amounts owing per the quote have significantly changed by close to 80% since Saturday. The total outstanding balance have since changed from the outstanding balance of R1700 to R2927.30 and settlement to R3163.53, in addition to these amounts I am told that these amounts do not include the instalment for this month of R666.71 which actually means I still owe R3830.24 on this account. Doesn't interest get reversed and charged up to the day of payment? My goodness, will debtors ever pay-off debts with institutions like this.
Daylight by this financier. I am so discouraged to even settle the others now