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Vehicle Settlement & 90 Days Interest

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l0umar
Occasional Contributor

Dear Standard Bank,

I've received a settlement quote on my vehicle and on the letter, it reads "the settlement amount includes a 90 days’ interest and assumes that all payments made on or before today will be met in full by your bank".

I've settled the amount and want to know the following:-

 

  1. How do I calculate the 90 days' interest?
  2. What is the 90 days' interest amount? (the interest was not calculated / stipulated on the settlement agreement letter)
  3. Will I be refunded for the 90 days' interest that has been charged?


The settlement quote was generated and received 23/03/2021 and I've paid/settled it on 23/03/2021, therefore, I'm of the opinion that the 90 days' interest, whatever the amount is, is reimbursed to me.

Kindly advise, thank you.

Louise Cowling

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