Good dayMy husband and I made a loan wit...

Asked by Mrs Samuels on 01-07-2024 17:11:53
Question posted in the National Credit Act Law category relating to Western Cape

Good day

My husband and I made a loan with a loan shark of R3500 a few months ago which the loan shark asks 50% interest adding up to R5250 in total repayment. We unfortunately ran into a financial problem and could not pay him the end of that month. He the came to me saying I should pay him R8800 back as I skipped a month. He then divided the R8800 in two to the amount of R4400 I then paid him R4400 but my husband says he refuse to pay another R4400 on a R3500 loan. This loan shark is now coming to our house every day almost for his money. He now only wants R800 but my husband says he already got more than the regulated interest on his loan so he does not want to pay the loan shark any further. Howeverr this man is now calling and harassing us for his money and it's getting to a point where I don't know what to do anymore. We are already in financial ruin due to this R4400 I already paid. We are trying to get back on our feet but it's difficult with someone always hounding us for money which we believe is already paid up. Is there anything we can do legally to make him stop. 

Kind regards

Mrs Samuels

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