I have a huge problem, I took a loan with Absa Bank in 2011 and the instalment was R592.86 the term is for 60months and I was told that the service fee and the credit insurance are included in the instalment plus the interest is fixed.( All this is written on the contract as well) Sometime last year Absa started to deduct R493.00 (which they said I asked to pay instalments only, I don't recall) and I paid as per normal so I received a call from the collections department stating that I'm in arrears for Jan and Feb 2013 I did not pay the whole instalment (R620.00), the consultant said my instalment is R620.00 I was so shocked I told the consultant that my instalment is R493.00 because for some reason my loan was rescheduled and I got more term and lesser instalment, she said to me no the loan was never rescheduled and since 2011 I have been paying R620.00 she said because that's how much I'm supposed to pay I told her as per my contract with Absa my instalment is R592.86 and that's how much I have been paying since 2011.Thsi is i can not pay R620.00 if my contract says im suppose to be paying less than that. Why increase the instalment now? i did not agree to this. UNHAPPY.
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