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How Does the in Duplum Rule Affect a Second Default

Questions & AnswersCategory: Credit ProvidersHow Does the in Duplum Rule Affect a Second Default
Anonymous asked 3 years ago

How does the in duplum rule work in the following scenario:

I have a loan which I have been paying. In month 4 I default, with a capital outstanding amount of R2 816.09 (Interest ect. is added on the last day of the month, but my debit orders are supposed to go off on the 25th).

An arrangement was made where I was making additional payments, and by month 6 the capital amount was down to R141.57, when my last payment was made. Does the in duplum rule run from the original point of default at R2 816.09, or from the second, where the amount was R 141.57?

Thank you.