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Avoid CFC Stanbic loans They are thieves
premio
#1 Posted : Friday, February 10, 2012 8:50:13 PM
Rank: Member


Joined: 5/31/2009
Posts: 224
I took out a cfc scheme loan of 1.2m feb 2011 ksh29563pm for 60 months.It was employer negotiated meaning interest was fixed at 15%pa plus a few percentage points the banks adds. Even b4 the CBK altered rates in october last year cfc has changed rates 5 times without informing our employer. Their loan statement shows eg may interest is 21000 principle 8400 yet june interest goes to 16000 principle 12000 yet its supposed to be on reducing balance. Some months like jan 2012 1ntrest shows 28000 meaning principles is less that 1000. Other charges inserted totaling to 19000ksh penalty late payment yet employer pays on time. This they say they will refund but i want to sue them. I have made 11 installments totaling 325,171 yet loan balance is 127,897 meaning i have paid less that 100k. I have taken loans with EB,BBK and their interest reduces every months as total balance goes down(even with rates increases) with statements u can elewa They say rate is now 28% up from 15% yet direct sales guy are telling pple 19%. Paying balance to escape is even hard they say early repayment penalty is now 12% these SOUTH aFRICAn thieves pls avoid like plague use stanchart or barclays.Kenya Bankers Associated in a press release on 14th dec 2011 said no early penalty should be applied on borrowers whos rate have been altered from the original contracted rate.Who knows a good lawyer who can take these guys to sweat.
itz
#2 Posted : Friday, February 10, 2012 9:19:39 PM
Rank: Member


Joined: 3/20/2009
Posts: 335
premio wrote:
I took out a cfc scheme loan of 1.2m feb 2011 ksh29563pm for 60 months.It was employer negotiated meaning interest was fixed at 15%pa plus a few percentage points the banks adds. Even b4 the CBK altered rates in october last year cfc has changed rates 5 times without informing our employer. Their loan statement shows eg may interest is 21000 principle 8400 yet june interest goes to 16000 principle 12000 yet its supposed to be on reducing balance. Some months like jan 2012 1ntrest shows 28000 meaning principles is less that 1000. Other charges inserted totaling to 19000ksh penalty late payment yet employer pays on time. This they say they will refund but i want to sue them. I have made 11 installments totaling 325,171 yet loan balance is 127,897 meaning i have paid less that 100k. I have taken loans with EB,BBK and their interest reduces every months as total balance goes down(even with rates increases) with statements u can elewa They say rate is now 28% up from 15% yet direct sales guy are telling pple 19%. Paying balance to escape is even hard they say early repayment penalty is now 12% these SOUTH aFRICAn thieves pls avoid like plague use stanchart or barclays.Kenya Bankers Associated in a press release on 14th dec 2011 said no early penalty should be applied on borrowers whos rate have been altered from the original contracted rate.Who knows a good lawyer who can take these guys to sweat.




talk about banks getting greedy.please call the newspapers for those who will listen and give your story just to bring awareness to the masses.if people keep quiet the banks will continue exploiting the public.i am firm believer in contract enforcement but the banks need to tell their customers upfront about this kind of changes.they are acting like loan sharks.
'user'
#3 Posted : Friday, February 10, 2012 9:21:57 PM
Rank: Veteran


Joined: 12/3/2010
Posts: 1,141
Location: Londokwe
premio wrote:
I took out a cfc scheme loan of 1.2m feb 2011 ksh29563pm for 60 months.It was employer negotiated meaning interest was fixed at 15%pa plus a few percentage points the banks adds. Even b4 the CBK altered rates in october last year cfc has changed rates 5 times without informing our employer. Their loan statement shows eg may interest is 21000 principle 8400 yet june interest goes to 16000 principle 12000 yet its supposed to be on reducing balance. Some months like jan 2012 1ntrest shows 28000 meaning principles is less that 1000. Other charges inserted totaling to 19000ksh penalty late payment yet employer pays on time. This they say they will refund but i want to sue them. I have made 11 installments totaling 325,171 yet loan balance is 127,897 meaning i have paid less that 100k. I have taken loans with EB,BBK and their interest reduces every months as total balance goes down(even with rates increases) with statements u can elewa They say rate is now 28% up from 15% yet direct sales guy are telling pple 19%. Paying balance to escape is even hard they say early repayment penalty is now 12% these SOUTH aFRICAn thieves pls avoid like plague use stanchart or barclays.Kenya Bankers Associated in a press release on 14th dec 2011 said no early penalty should be applied on borrowers whos rate have been altered from the original contracted rate.Who knows a good lawyer who can take these guys to sweat.

I hope the 1.2m didn't go towards the purchase of a toyota premio.

next time go for sacco loans.they are cheap and straight forward
2012 is here.Kenya is Ours.Be Part of The Peace Keeping Mission To Protect Our Motherland.Say No To Violence and Tribal Hatred .If you can read this,wewe ni mtu amesoma, usifikirie kama mtu hajaenda shule .Ni Hayo Tu
jerry
#4 Posted : Friday, February 10, 2012 9:45:32 PM
Rank: Elder


Joined: 9/29/2006
Posts: 2,570
Are you in nbi? Try City House 6th flr! He is called Mr. Brown. I must warn you though. Banks have lawyers too. Did you read the fine print? If the contract says 2% above the base lending rate and they are at liberty to change the base rate without reference to you? The employer should communicate the 'MOU' but they normally don't. I almost took one (loan) with them.
The opposite of courage is not cowardice, it's conformity.
premio
#5 Posted : Friday, February 10, 2012 10:49:55 PM
Rank: Member


Joined: 5/31/2009
Posts: 224
haha didnt buy a premio finished my house to start earning owner occupier.My issue with cfc is that they dont even charge what interest they have quoted even after the increase ie jan 2012 out of the 29563 deduction 28000ksh went to interest they cant explain why no mount went to principle kwani the interest is 99%. They have agreed to refund though but i want to go legal.The rate was 15% pa btn march 2011-october 2011 yet interest btn sme months vary by as much as 8000pm system error given as reason.The communication from KBA was that no early repayment penalty to be applied on loans that have interest increased if borrowers want to pay full balance yet cfc has put in 12% to block anyone trying to runaway from their robbery without violence indurstry average is 4%.I think they have a policy to steal as much as possible and take it down south Africa
bird_man
#6 Posted : Saturday, February 11, 2012 7:20:31 AM
Rank: Veteran


Joined: 11/2/2006
Posts: 1,202
Location: Nairobi
Hey Premio,
CFC Stanbic was doing a system upgrade at about that time so I'm sure there were system issues especially with interest calculation on loans.Best thing to do is visit the credit manager with your repayment evidence & work out the loan off the system.Once you come to an agreeable balance it will then be booked into the system as the correct balance.
You could go ahead & sue them....but could be damn expensive for an issue that can easily be solved with some few meetings.
Formally employed people often live their employers' dream & forget about their own.
Gathige
#7 Posted : Saturday, February 11, 2012 9:40:06 AM
Rank: Veteran


Joined: 3/29/2011
Posts: 2,049
@ Premio, Too sad.

I would echo @ bird_man advice. You may be hurt but start by sitting down with your offender, the bank. Work out what the payments should have been based on the loan agreement and let them effect the amendments to reflect the true status. Mistakes do happen and can always be resolved if both parties agree to resolve. Use the lawyer as a last resort as even with a lawyer they can buy time and the bank might delay any resolution until the case is over!

All the best.
"Things that matter most must never be at the mercy of things that matter least." Goethe
QW25091985
#8 Posted : Saturday, February 11, 2012 9:44:18 AM
Rank: User


Joined: 1/24/2012
Posts: 1,675
Location: In Da Hood
hehhe. ati sue a bank !!!! ehhh. you better have some good money for a lawyer !
lovely2010
#9 Posted : Saturday, February 11, 2012 9:48:37 AM
Rank: Member


Joined: 10/25/2010
Posts: 519
Location: nairobi
SACCO is the way to go...My young brother is a banker when he sees my call...he already knows what Im going to say to him! I pity him sometimes...
lovely2010
#10 Posted : Saturday, February 11, 2012 9:51:19 AM
Rank: Member


Joined: 10/25/2010
Posts: 519
Location: nairobi
QW25091985 wrote:
hehhe. ati sue a bank !!!! ehhh. you better have some good money for a lawyer !


It will be better he prints his story in a newspaper to create awareness than wasting his time and money suing a bank...
FUNKY
#11 Posted : Saturday, February 11, 2012 10:00:36 AM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,484
Consult Philip Murgor...
Impunity
#12 Posted : Saturday, February 11, 2012 11:23:46 AM
Rank: Elder


Joined: 3/2/2009
Posts: 26,110
Location: Masada
'user' wrote:
premio wrote:
I took out a cfc scheme loan of 1.2m feb 2011 ksh29563pm for 60 months.It was employer negotiated meaning interest was fixed at 15%pa plus a few percentage points the banks adds. Even b4 the CBK altered rates in october last year cfc has changed rates 5 times without informing our employer. Their loan statement shows eg may interest is 21000 principle 8400 yet june interest goes to 16000 principle 12000 yet its supposed to be on reducing balance. Some months like jan 2012 1ntrest shows 28000 meaning principles is less that 1000. Other charges inserted totaling to 19000ksh penalty late payment yet employer pays on time. This they say they will refund but i want to sue them. I have made 11 installments totaling 325,171 yet loan balance is 127,897 meaning i have paid less that 100k. I have taken loans with EB,BBK and their interest reduces every months as total balance goes down(even with rates increases) with statements u can elewa They say rate is now 28% up from 15% yet direct sales guy are telling pple 19%. Paying balance to escape is even hard they say early repayment penalty is now 12% these SOUTH aFRICAn thieves pls avoid like plague use stanchart or barclays.Kenya Bankers Associated in a press release on 14th dec 2011 said no early penalty should be applied on borrowers whos rate have been altered from the original contracted rate.Who knows a good lawyer who can take these guys to sweat.

I hope the 1.2m didn't go towards the purchase of a toyota premio.

next time go for sacco loans.they are cheap and straight forward


Sell that Premio (at say 800,000 if its a 2004,KBN) fast put in CBK 364 paper and get some 112,000 interset and buy a used starlet to move around and swallow your pride.
Tell your ladies you are postponing your gratitudes to enjoy later.
You can return the 800,000 to them CFC and sleep happy there after.
Pray
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.

wairegi
#13 Posted : Saturday, February 11, 2012 12:12:34 PM
Rank: Member


Joined: 6/4/2007
Posts: 215
Sacco is the thing
premio
#14 Posted : Saturday, February 11, 2012 4:11:08 PM
Rank: Member


Joined: 5/31/2009
Posts: 224
guys this is a matter of life and death, thousands of kenyans who dont know how to scrutinize statements or who care less are being ripped by CFC STANBIC.Good news though today after my protests yesterday some 20000ksh has been credited as "priniciple repayment" remember it was installment for dec 2011 which was remitted by my employer on dec 28th 2011 CFC says it was erroneously held up in a suspense account since i dont have an account with them. I guess the suspense account had super glue thats why it couldnt go to reduce my loan burden. whole amount remmited was 29563 so 9k still being traced guess could be in the sky.Guys i was thinking of meeting editors of the standard financial times, bussiness daily and the star but i think this is stuff for the parliamentary committe on finance investigating the loss of the ksh/us $.The thing is i dont need to sell the premio stanchart have loans at 19% actual not base rate why should have to deal with South African thugs SCB is ready to buy off the loan for me but cfc want to charge 12% early repayment fee against KBA directive thats where i want to go to court for even if i loose thousands of people will learn about my predicament and shun these thugs
itz
#15 Posted : Saturday, February 11, 2012 5:25:48 PM
Rank: Member


Joined: 3/20/2009
Posts: 335
premio wrote:
guys this is a matter of life and death, thousands of kenyans who dont know how to scrutinize statements or who care less are being ripped by CFC STANBIC.Good news though today after my protests yesterday some 20000ksh has been credited as "priniciple repayment" remember it was installment for dec 2011 which was remitted by my employer on dec 28th 2011 CFC says it was erroneously held up in a suspense account since i dont have an account with them. I guess the suspense account had super glue thats why it couldnt go to reduce my loan burden. whole amount remmited was 29563 so 9k still being traced guess could be in the sky.Guys i was thinking of meeting editors of the standard financial times, bussiness daily and the star but i think this is stuff for the parliamentary committe on finance investigating the loss of the ksh/us $.The thing is i dont need to sell the premio stanchart have loans at 19% actual not base rate why should have to deal with South African thugs SCB is ready to buy off the loan for me but cfc want to charge 12% early repayment fee against KBA directive thats where i want to go to court for even if i loose thousands of people will learn about my predicament and shun these thugs


go for it premio.go to the newspapers and tv stations.you will have done a great service to all borrowers and to your country.People suffer in silence because they dont speak up
2012
#16 Posted : Monday, February 13, 2012 9:50:58 AM
Rank: Elder


Joined: 12/9/2009
Posts: 6,431
Location: Nairobi
You think that's bad? Try CBA. Those company negotiated loans don't apply anymore. People are paying at over 25% from 16%. Utado?
But I hear you can tell your employer not to increase your remittance as their first allegiance is to you and not the bank. Try it.

Stand for something or you will fall for anything. Today's mighty oak is yesterday's nut that held its ground. Rosa Parks
kollabo
#17 Posted : Monday, February 13, 2012 11:41:41 AM
Rank: Veteran


Joined: 2/3/2012
Posts: 1,317
QW25091985 wrote:
hehhe. ati sue a bank !!!! ehhh. you better have some good money for a lawyer !


Some people are so limited in their thinking. Doesnt the bank also require good money for a lawyer? Many have sued banks and won. @Premio fight for your rights.
CorporateBoy
#18 Posted : Monday, February 13, 2012 11:57:20 AM
Rank: Hello


Joined: 2/13/2012
Posts: 1
Interest Rates Advisory Centre based in Upperhill is known for loans recalculations.
Incase they detect the bank dint follow due diligence, they ensure you get compensated by the bank.
Read more about them on www.corporateseprofiles.com
bwenyenye
#19 Posted : Monday, February 13, 2012 12:20:10 PM
Rank: Elder


Joined: 5/24/2007
Posts: 1,796
lovely2010 wrote:
QW25091985 wrote:
hehhe. ati sue a bank !!!! ehhh. you better have some good money for a lawyer !


It will be better he prints his story in a newspaper to create awareness than wasting his time and money suing a bank...


Actually most banks lose more cases than you dare think. They often opt not to go to court due to the publicity and they will lose 85% of the time.
Do not think inside the box. Neither think outside the box. You should remove the box and think free!!!! Peter Kenneth
Burning Spear
#20 Posted : Monday, February 13, 2012 12:24:38 PM
Rank: Veteran


Joined: 7/22/2008
Posts: 1,139
premio wrote:
I took out a cfc scheme loan of 1.2m feb 2011 ksh29563pm for 60 months.It was employer negotiated meaning interest was fixed at 15%pa plus a few percentage points the banks adds. Even b4 the CBK altered rates in october last year cfc has changed rates 5 times without informing our employer. Their loan statement shows eg may interest is 21000 principle 8400 yet june interest goes to 16000 principle 12000 yet its supposed to be on reducing balance. Some months like jan 2012 1ntrest shows 28000 meaning principles is less that 1000. Other charges inserted totaling to 19000ksh penalty late payment yet employer pays on time. This they say they will refund but i want to sue them. I have made 11 installments totaling 325,171 yet loan balance is 127,897 meaning i have paid less that 100k. I have taken loans with EB,BBK and their interest reduces every months as total balance goes down(even with rates increases) with statements u can elewa They say rate is now 28% up from 15% yet direct sales guy are telling pple 19%. Paying balance to escape is even hard they say early repayment penalty is now 12% these SOUTH aFRICAn thieves pls avoid like plague use stanchart or barclays.Kenya Bankers Associated in a press release on 14th dec 2011 said no early penalty should be applied on borrowers whos rate have been altered from the original contracted rate.Who knows a good lawyer who can take these guys to sweat.


Let us join hands and shame CFC STANBIC in the media for the thievery. I am also in the same predicarment.I know a few guys also affected. I approached them to clear a loan I had taken in 2010 and was shocked that even after a deduction of 24k for 14 months, my loan has only reduced with a 100k.
I am thinking of using the media where I will get business journalist to make a story. I have 6 guys including me who are willing to share with the media.

The 12% early repayment is pure con and we better shame the bank.
"You're not supposed to be so blind with patriotism that you can't face reality. Wrong is wrong, no matter who says it". Malcolm X
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