i have just received my latest credit card statement and busy working out the settlement and i noticed how i pay my budget account.
all my budget installment are calculated monthly and interest is charged...i dont have a problem with this...must be pretty normal
here the thing i have just noticed...i get charged interest on my budget facitly then the amount is deducted from my straight account...i didnt have a problem with this until i noticed that i am being charged interest on the total amount including the budget deducted amount...now because i got behind with my minimum payment i am now paying interest on the accumatling amounts...
standard bank are not interested in my problems and are not prepared to assist me in any way they dont even bother responding to any secure messages etc...just charge me for every little default which makes me laugh how it works with the latest technology a payment the night before if done after 7 pm is not included in your balance the following day...i have just been nailed another R115 and my vehicle payment reversed again because i went over my limit by R80...it sad for me and what a bonus for them another R115 for nothing...i wish i could rip my customers off like this...talk a bout a get rich quick scheme...i would love to see the amount of money standard bank is making just on this R115 from all the customers they are nailing...this is easier money than the lotto during these difficult times.
when you start going downhill boy you fall fast...i feel for all those other people out there in the same position i have been in these last couple months and hope they manage to get lucky and have a bail out plan...all my problems will be sorted out in the next day or 2 and i will be completely debt free again and have some spare money to buy some new equipment for my bussines to help reduce the tax i am gona have to pay...maybe even buy a new superbike as a delivery bike...i am busy making arragement to move to a bank which will offer me that personal attention...i might pay a little more in fees but at least i know the bank manager personally so hopefully i will get better service.
lets hope i can stay out of debt for a while so i dont have to go through all this cr*p again.
one thing i never do is get into more debt than i have assets to settle for example my bond is half the value of my property...all my equipment office stuff etc in my bussiness is all paid for and one of my vehicles is paid off and the other...the hp is less than the market value...in other words if things had got really bad i could have sold everything and still walked away with money in the bank...i cant say the same for other people...maybe take this as a tip and try not spend more than you can settle...i listen to people talking and hear how the banks have them by the neck...squeezing every little cent out of them they can get...and they have nowhere to go other than liquidations debt management etc...the rich get richer and the middle and lower class just pay