Articles

 

ABSALUTELY  overcharged with R959 484.69.

 

Mr Thompson* from Hermanus home is up for sale in execution on next week . (*) not real name

 

An urgent re-calculation of his mortgage loans revealed that ABSA Bank overcharged him with a whopping R 959 484.69.

 

He registered a mortgage loan in November 2008 for R 3 million

The agreed interest rate was ABSA Bank’s prime rate from time to time

– 2.5%.

 

Absa Bank applied the interest rate of prime -2.5% for three months before increasing the interest rate to prime without informing him.