Revolving Credit Plan from Standard Bank - PLEASE NEED ADVISE!

[nenevanwyk]

I took out a RCP Loan with Standard Bank, Northcliff Branch, Sept 07. I was under the impression it would have been paid up end of this month. I don't have the signed contract anymore (moved quite a lot and also currently in Windhoek, Namibia for work). No way of phoning the branch directly, no one to speak to!!! I have been sent from pillar to post. I received the full statement (and still not agreeing) i requested for the signed contract. I received a signed contract via email (with half of the contract missing) because the branch lost it. The most important part stipulating the interest and period, is MISSING!!!!! Funny enough when i phoned 3 months ago, the lady said i only owed +/- 1200 and now i owe +/- 13 000 because of interest. As a consumer it is my right to request my FULL SIGNED CONTRACT. I am frustrated, irritated and in disbelieve because i cannot phone from Namibia to the branch and get answers!!!!! I will accept my fate when i see what i have signed for! But a half signed contract with two pages (meaning zero) to me and a "sorry" we lost it, is not good enough and against my rights as a consumer!!!

What now?????

 

[StonerStuart]

I am sure someone on here will be familiar with the CPA and will give you some advice.

Good luck, hope you get some helpful advice on here...

And welcome to the forum!

 

[nenevanwyk]

Thank you StonerStuart

 

[FNfal]

Just request statements for the RCP .I have a RCP and it is exactly that revolving credit you pay and when you have payed to a certain amount you can borrow more money and if it is payed off it is always open so if you need money you can borrow the full amount.

 

[StonerStuart]

That last comment was pretty unhelpful.
Can no one help this women (yes a real women on the internet) out?

I referred her to this site because i know their are a lot of smart people on here so i was hoping someone could help her out.


Can a mod move this thread to the CPA section?

Maybe then some real help will emerge.

 

[HavocXphere]

I received a signed contract via email (with half of the contract missing) because the branch lost it.

It strikes me as unlikely that they've got a portion of it only. Just double check that this is indeed the case.

Its likely that when the sht hits the fan, they'll do a proper search for it - so you can't really rely on them not having it & for example going to court with this.

As a consumer it is my right to request my FULL SIGNED CONTRACT.

Perhaps there is a NCA/CPA provision to that effect that I am aware of, but as far as I'm aware you've got no such right. You did after all have the original. If it does go to court they will need to provide the contract though to prove that you owe them. It is however common business practice to provide the contract on request.

That last comment was pretty unhelpful.

Relax. The comment was 100% spot on. If she thinks its paid up and then bank says R13k outstanding then checking wtf is going on on the statement is step 1.

Can a mod move this thread to the CPA section?

This falls, I think, more under the NCA than the CPA.

In summary - check the statement, request the contract again and finally if it all checks out pay up. You're in a pretty weak position on the whole so I don't think you'll get around the paying part.

 

[gnomez]

I've had an issue wrt. my RCP last year sometime. The branch was wasting my time and sending me from pillar to post.
I then went on twitter and ranted for a while. Got a reply from STD Bank on twitter and then a call from some big-wig @ HO who got the plebs at the branch to sort out my issue same day ! </2cents>

 

[StonerStuart]

This falls, I think, more under the NCA than the CPA.

I was not aware that there was a NCA section on here.

Well if the bank cannot provide the full contract does that not mean that there is a greater chance that the contract cannot be proven and yes agreed as soon as they see they need to find it they will get off their asses and find it - If they can indeed find it.

 

[Captain Morgan]

You can contact the branch from Namibia and the details are as follow:

+27114714887 or +27118984200

Keep in mind that you won't have to include the "+" when dialing the number. So you should dial either 27114714887 or 27118984200. If this fails, then include the "+" in front.

Good luck and enjoy Namibia while you are there...it's a beautiful country!

I took out a RCP Loan with Standard Bank, Northcliff Branch, Sept 07. I was under the impression it would have been paid up end of this month. I don't have the signed contract anymore (moved quite a lot and also currently in Windhoek, Namibia for work). No way of phoning the branch directly, no one to speak to!!! I have been sent from pillar to post. I received the full statement (and still not agreeing) i requested for the signed contract. I received a signed contract via email (with half of the contract missing) because the branch lost it. The most important part stipulating the interest and period, is MISSING!!!!! Funny enough when i phoned 3 months ago, the lady said i only owed +/- 1200 and now i owe +/- 13 000 because of interest. As a consumer it is my right to request my FULL SIGNED CONTRACT. I am frustrated, irritated and in disbelieve because i cannot phone from Namibia to the branch and get answers!!!!! I will accept my fate when i see what i have signed for! But a half signed contract with two pages (meaning zero) to me and a "sorry" we lost it, is not good enough and against my rights as a consumer!!!

What now?????

 

[nenevanwyk]

This issue falls under the NCA (National Credit Act) and NOT the CPA (Consumer Protection Act). On Standard Bank's site, they confirm that they are a registered credit provider. They then have to adhere to the NCA. And according to the NCA and the Bill of Rights, my one right is that i may demand documentation. Even with me loosing my own original signed contract, they HAVE to keep their original signed contract on file until this account is closed.

The bank has actually confirmed that they do not have the first part of the contract on file. So yes, i have made sure that i received what they have sent.

I might be a girl, but i am not stupid!

Then commenting to the first comment, I DO NOT WANT TO BORROW AGAIN! I am trying to get rid of the account. I know how a RCP Loan works. I hated this RCP Loan for 5 years.

What i thought i might get here, is some advise on how to do about. As i feel i will not pay until they can provide me with the correct interest and period which i signed for in the beginning.

If i was wrong all along, i can fully accept my fate. However i am not a fool and will not just accept on hear-say without a piece of paper, as i have been paying every month for the last 5 years, not missing one payment. So i'm not trying to get out of this. I just want to make sure that i am paying correctly and for how long!

That the bank cannot provide me with, and with that i am unhappy

 

[Ianf1]

Can you open a dispute with Standard Bank saying the amount they say is wrong. Then go to the Banking Ombud http://www.obssa.co.za/ and register it their. Maybe they will supply the account to back up the balance.

 

[akescpt]

standard bank group support person on twitter gets stuff done. quick too. rcp's dont expire. even if your balance is zero. you keep paying that same monthly payment. they are sneaky that way. of all forms of credit i have had this is one of the worst. its from the devil!

you have to close that account for the payments to stop.

 

[HavocXphere]

The bank has actually confirmed that they do not have the first part of the contract on file. So yes, i have made sure that i received what they have sent.

I see. In that case I'd approach the bank ombudsman & tell them you're unhappy about paying for something where neither party has the contract.

You'll have to make a plan about the Namibia thing though - fixing this will be difficult enough without being unable to communicate with the other party properly.

Would help if you have a record of everything you did & showing that you made a legit effort to fix this. i.e. Ombudsman is the last resort & it should be the last step on your list.

I was not aware that there was a NCA section on here.

It was more of a general comment as to which applies rather than which subforum it should be in - I can see though that the portion I quoted was confusing. It was more of a reference to this:

I am sure someone on here will be familiar with the CPA and will give you some advice.

 

[PURE]

If you took the RCP before June 2007, it falls outside the NCA, since it NCR only came into effect in June 2007.

The monthly installment generally given on RCP type loans mean that it will take you about 6 to 7 years to repay the loan as long as you don't re-borrow on the loan after repaying 15%.

e.g. ABSA takes the loan amount they give and divides it by 40 to get the installment.
http://www.absa.co.za/Absacoza/Individual/Borrowing/Finance-your-Lifestyle/Revolving-Loan

Give Standard Bank's complaint resolution team a call or fill in the form.
Complaint Resolution Centre - 0860 101 101 | +27 11 299 4649
https://www.standardbank.co.za/secure/CRC/Feedback.html

To work out roughly when your loan was meant to have repaid back.
Type the following formula into excel
=NPER(Interest Rate you are paying/12,Installment you are paying less the monthly fee,-the loan amount,0)
e.g. =nper(12.5%/12,445-25,-20000)
= 66 months. Add that to the date you took out your loan to get to a end date.

If you never re borrowed and the date is way out then you have a case if the date is close you owe them the money.

If you took out credit life insurance with the loan. the above formula may not be accurate.

 

[slamm]

standard bank group support person on twitter gets stuff done. quick too. rcp's dont expire. even if your balance is zero. you keep paying that same monthly payment. they are sneaky that way. of all forms of credit i have had this is one of the worst. its from the devil!

you have to close that account for the payments to stop.

Is this really the case? Because if it is, it seems extremely unfair and seems like it should be illegal. I was thinking of getting a R60000 RCP but repaying it immediately thereby keeping the facility option open for whenever I need it. But if this means I will have to keep paying R1500 every Month just to enjoy the option of perhaps one day using the additional funds, then this is definitely not an option, not even remotely. No disrespect to you akescpt, but can someone else confirm that this is indeed the case? I could not find any information on either of the banks' websites or anywhere else online to corroberate this.

 

[ToxicBunny]

standard bank group support person on twitter gets stuff done. quick too. rcp's dont expire. even if your balance is zero. you keep paying that same monthly payment. they are sneaky that way. of all forms of credit i have had this is one of the worst. its from the devil!

you have to close that account for the payments to stop.

If they keep taking the monthly installment even if the credit balance is zero, the bank ends up owing you money... they may not just take your money if you are not owing them anything.

 

[Greg C]

Can you open a dispute with Standard Bank saying the amount they say is wrong. Then go to the Banking Ombud http://www.obssa.co.za/ and register it their. Maybe they will supply the account to back up the balance.

You are pretty close. I work at a bank. Your resolution process is held under the the NCA as well as some portion under the FAIS act in the description you have given.

1) You are fully entitled to request and receive your contract in full when requested. If you do not fully understand it, you have the right for someone at the bank to explain it to you in the simplest manner possible-in your case they are clearly ducking and diving as in a practical manner the enquiery clerks that do it for you HAVE NO CLUE usually.

2) in terms of resolution its relatively simple to see some people jumping and resolving this rather quickly. First ensure that you have facts and only facts,ignore your emotions. Put in a complaint formerly into standard banks procedures.Ie I want my full contract,an individual to explain the terms and state current up to date owings on this account.They have 48 Hours to respond. If nothing move further out externally.

3)externally I suggest hello peter as standard bank is registered.A customer service manager will phone you I assure you,so answer your phone if its a blocked number. If you are still unhappy with the result you can take it further to the Banking Ombud.

4) Banking ombud deals with your complaint as a mediator,remember the ombud will mediate and investigate if it feels it is indeed worth the time to do so.There is a fee of I believe R1200 or something for them to open the case and begin investigation(I stand to be corrected) You have claims of up to a maximum of R800 000 in this case.

5)Unless you have actually incurred a financial loss that can be proven,sticking to the external complaints section will serve you far better. Threatening to go to the Ombud does and I repeat DOES generally get a serious response from your bank to fully answer all required.

6)Lastly do not think standard bank have lost your documents.If they have they're in a serious situation with you as the minimum requirements for compliance of contracts,ROA and other documents are required for a financial product to be sold. Do not let them push you around.

Hope this helps

 

[orefad]

Is this really the case? Because if it is, it seems extremely unfair and seems like it should be illegal. I was thinking of getting a R60000 RCP but repaying it immediately thereby keeping the facility option open for whenever I need it. But if this means I will have to keep paying R1500 every Month just to enjoy the option of perhaps one day using the additional funds, then this is definitely not an option, not even remotely. No disrespect to you akescpt, but can someone else confirm that this is indeed the case? I could not find any information on either of the banks' websites or anywhere else online to corroberate this.

I'm still waiting for a response to this question . Has anyone actually gone through the terms (times) of their RCP? Were you required to keep paying (until you actively closed the account)? If so, was/is there any interest (now positive) applied to your +ve balance? (hopefully,the same interest charged on the -ve balance)

 

[hellfire]

This issue falls under the NCA (National Credit Act) and NOT the CPA (Consumer Protection Act). On Standard Bank's site, they confirm that they are a registered credit provider. They then have to adhere to the NCA. And according to the NCA and the Bill of Rights, my one right is that i may demand documentation. Even with me loosing my own original signed contract, they HAVE to keep their original signed contract on file until this account is closed.

The bank has actually confirmed that they do not have the first part of the contract on file. So yes, i have made sure that i received what they have sent.

I might be a girl, but i am not stupid!

Then commenting to the first comment, I DO NOT WANT TO BORROW AGAIN! I am trying to get rid of the account. I know how a RCP Loan works. I hated this RCP Loan for 5 years.

What i thought i might get here, is some advise on how to do about. As i feel i will not pay until they can provide me with the correct interest and period which i signed for in the beginning.

If i was wrong all along, i can fully accept my fate. However i am not a fool and will not just accept on hear-say without a piece of paper, as i have been paying every month for the last 5 years, not missing one payment. So i'm not trying to get out of this. I just want to make sure that i am paying correctly and for how long!

That the bank cannot provide me with, and with that i am unhappy

Whatever you do, don't withhold payment. That affects your credit record VERY negatively