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Daily Nation : February 13th 2014
DAILY NATION Thursday February 13, 2014 capital letters MONEY FIGHTS FOR YOUR RIGHTS» WITH YVONNE KAWIRA Market rate forced us to revise your loan contract: Postbank I took Sh35,500 loan from Postbank in 2011. The bank began deducting the payment in June the same year. But according to the agreement, I was to pay the money in 24 months. However, to my utter surprise, when I received my customer statement I noted that I was to pay the loan for 29 months. The loan repayment percentage also went up from two per cent to three per cent — an additional one per cent was to be recovered from the loan as well. In a nutshell, the total loan interest is Sh28,858.05, the quotation value is Sh62,909.65, access fee is Sh1,065 and assurance fee is Sh383.40. I request for your assistance to under- stand how the bank arrived at the figures above. Thank you in advance. — Peter Oliki Hello Oliki, We appreciate your taking time to reach us in an attempt to help clear the air on how Postbank went ahead in recovering the loan it advanced you. In its response, the firm, Post- POSTBANK MAINTAINED THE MONTHLY REPAYMENT AMOUNT BUT INCREASED THE NUMBER OF INSTALMENTS Yvonne Kawira nank, noted that from October 2010 to March 2012 the interest rate was two per cent per month. But between April and November 2012, the interest rate increased to three per cent per month. From December 2012 to date, the interest has been 2.5 per cent, Postbank noted. Owing to changes arising from the market interest rates, the loan repayments were adjusted from two per cent to three per cent per month in March 2012 as per the terms and conditions set out in the loan agreement forms. In addition, Postbank added that it maintained the monthly repayment amounts but increased the number of instalments of all outstanding loans as of that date. As a result, the bank added that the repayment amount remained the same but the number of months increased marginally. Capital Letters hopes that this explanation has helped you realise why you had to pay slightly higher monthly instalments to clear the loan than you had anticipated. I write to you, Yvonne, asking for assist- ance in getting back my laptop. In November 2012, I bought a Dell Looking for answers? Send your queries and daytime telephone numbers to Yvonne Kawira: Email: capitalletters @ke.nationme dia.com N5050 laptop from Bright Technologies Limited located at Old Mutual building, Kimathi Street, Nairobi. As fate would have it, on September 28, last year, its speakers became faulty. Given that its warranty was still run- ning, I took it back to the computer shop for repairs. Since then, I have been going to the dealer to collect my gadget in vain. My patience has been stretched to the limits. I do not believe that it takes almost five months to repair faulty speakers. The laptop was being used by my daughter who is in college and she has suffered very much for the time it has been away. Kindly assist me. — Reuben Masai. Thank you, Masai, for reach- ing out to us with this query. It is unfortunate that you and particularly your daughter have had to go through this unending wait. We got in touch with Bright Tech- nologies who responded promptly assuring us that its staff are working round-the-clock to ensure that the problem is fixed. The firm has apologised for the inconveniences caused by the delay noting that this has been because of unavailability of spares from its suppliers. It is, however, glad to let you know that the spares have been procured. It would fix your gadget and ask you to fetch it as soon as possible, it said. The firm also noted that it has been in communication with you regarding this matter and that you both agreed to pick your laptop by close of business on Thursday last week. We hope our intervention helped ease your pain. Hallo, My name is Murithi Mutwiri, a second- year law student at Kisii University. As I write to you, I am suffering because I have not received financial assistance from the Higher Education Loans Board (HELB) for two semesters yet I have always applied for the cash boost. money 3 PHOTO | FILE Postbank said the number of months to make instalments increased marginally. The situation has impacted negatively on my studies. Please, get in touch with HELB on my behalf to establish why I have not got the money. Hi Murithi, We are sorry for what you have been going through. When we contacted the student financier, HELB, with respect to your query, the institution informed us that you were awarded Sh40,000 loan for the current academic year, 2013/2014. In its statement to us, HELB said that your loan for the first-semester of the present academic year was wired to your account on November 26, last year. Your second-semester funds are already in your account having been released by end of January, this year, HELB added. Further, the financier informed us that its officials have been in communication with you with a view to know whether the bank account you provided it is active. It is our hope that you are now in a position to access the money and consequently study with piece of mind, at least, without worrying a lot on how to sustain yourself in school. Let us take this early chance to wish you success in your law studies.
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