FNB, Nedbank and South African FSP’s taking indebted consumers for a ride

FNB, Nedbank and South African FSP’s taking indebted consumers for a ride

I’d thought long and hard about writing this follow-up blog on South African banking, but given the current state of affairs, I am left with no other option. I HAVE tried to assist my financial services and credit providers in settling my accounts, but I have been willfully obstructed from doing so – with them adding interest and fees on all the late payments. Laughing all the way to the bank methinks – if banks were humans it would be a rather narcissistic thought; them running all the way to themselves.

In Feb/March last year I was retrenched from my job. Luckily I knew I’d taken out credit life insurance on my accounts which covered retrenchment. But, it has been a gruelling, isolating and brick-to-wall-hitting few months – if I, as an informed consumer could struggle so, how much more do our poor, uneducated, struggling South Africans get taken for a ride by South African banks and credit providers? Methinks, the NCR has some digging to do…

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