African Bank
Attempted by a bank

Can you believe. I have an African Bank loan which I took in January 2012 over a period of 60 months. The first instalment on this loan was made by me on 25/1/2012 and thereafter every consecutive month without any being missed. During March 2013 I receive an invitation from African Bank to take a break from paying my instalment. All I have to do is visit a branch. This I did and was presented with a document called RESCHEDULING OF CREDIT AGREEMENT.A ccording to this agreement I have (after taking a break from my instalments for 1 month) a remaining term on my existing loan of 52 months. NOW CAN ANYBODY EXPLAIN THIS.HOW CAN YOU PAY 14 INSTALMENTS ON A 60 MONTH TERM AND TAKE A BREAK OF 1 MONTH AND STILL BE LEFT WITH A TERM OF 52 months? Nobody at the bank can explain this and tells me their system calculates it that way, but they inform you that your loan period will be extended monthly by the total amounts on months you take a break. Documentation clearly indicates something different. It seems that if I take a payment break of 1 month my term is extended by 5 months.(NICE WAY TO MAKE MONEY) SURELY THERE IS SOMETHING WRONG WITH THIS PICTURE.

Company: African Bank
Country: South Africa
City: NATIONAL

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