Standard Bank
Standard Bank My Money

I had taken out a personal loan with Standard Bank in Feb 2008 with a loan repayment over 5yrs (60mths).
To my understanding, a loan repayment should be structured with payments over this 60 month period only, meaning that Jan 2013 would have been my last payment. But according to standard bank they say that i was still owing on this loan and will continue to be debited with the normal amount till the loan is payed of... which would have bee sometime in August this year, according to SB. That takes the repayment period to 68mths in my books.
I had gone into the Ladsmith Branch to query this and no1 can understand why this has happened as every single payment has been met timeously. SB Ladysmith requested for the initial contract over a month a ago and got back to me saying that the contract cannot be found as they have moved over to a different storge a couple yrs ago. My copy of the contract has been destroyed during the flooding and hail storm in Ladysmith in Dec last year.
I'm sure there is something illegal in what SB is doing to me and some kind of action can be taken. I really feel ripped off by them n will be changing my banking institution shortly.

Company: Standard Bank
Country: South Africa
City: Ladysmith

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