How recalculation of interest benefits you and your debt
People wrongly assume a bank’s every action can be trusted. In our experience, we have found that the Usury Act and National Credit Act have been incorrectly applied. In this way, they are causing you to pay more than you ought to on your bond or overdraft.
The National Credit Act regulates interest rates, initiation fees and service fees by determining the maximum interest rates that credit providers could charge you and the maximum initiation fee that credit providers may charge you. They also specify the maximum fees that credit providers are allowed to charge you.
The sum of service fees, cost of credit insurance, interest, default administration charges and collection costs may never exceed the outstanding capital owed once a consumer is in default.
How do you stand to benefit from assessment and or recalculation of interest?
Credit providers will, once notified, only communicate with us so you do not have to deal with them any longer.
If credit providers to not comply with the provisions relating to maximum rates and fees written in the Act, then the National Tribunal is allowed to declare a contact unlawful.
All payments you made will have to be refunded along with a certain amount of interest.
However credit providers can only write off a balance or refund you when the sum of interest, charges and costs are larger than the outstanding debt at the time of default or when they enjoy the advantages resulting from a reduced payment obligation.
Credit providers will have no claim for damages once they arise from the depreciation of goods.
When you submit all relevant Bank Statements with your original agreement, we can recalculate whether the correct interest was charged against your account and whether the banks had correctly applied the aforementioned Acts to your account
We can do a recalculation of interest – should mistakes have been found – on your overdraft, bond, credit account or personal loans. The calculation will confirm that the summons or claimed amount is incorrect due to various amounts of technical mistakes that have accrued on your account.
If you have been summonsed and should any mistakes be uncovered, it may save your property from being repossessed and place you in a better financial situation as the mistake can be rectified.
The law dearly states, if the contents of the summons/statements are incorrect the summons/statements themselves won’t hold up in court.
Creditors will normally reinstate your termination if whatever you are under debt wan In light of above mentioned facts, we can assure you that your situation is, when a fault has occurred on your account, it will stop legal action being taken against you immediately.
If you are in this position, feel free to contact us to discuss the matter with us fully.