Absa bond are ****mers and *****sters

I am extremely disappointed with Absa. After my bond fell into arrears for 3 months in 2023 (an amount of R14 787), Absa unilaterally extended my bond term by 18 months, resulting in them charging me an additional R86 000 in interest. They claim this adjustment is a “system-based process,” but to me it feels unfair and exploitative.

Despite my many requests over the years for Absa to review my interest rate, they never acted until last week when I raised the issue again. Since 2014, I have been charged prime + 4 to 5.10%, based purely on my affordability at that time. This has cost me significantly more than necessary.

What I am asking for is simple and reasonable: reverse the additional months added to my bond term and leave the account in arrears, which I will settle when I receive bonuses. Forcing customers to carry unnecessary debt instead of giving them a fair chance to catch up is unacceptable.

On top of this, I am paying for a bond life policy that will lapse once the bond is fully paid, leaving me with no benefit whatsoever. This feels like yet another way Absa takes advantage of its clients.

At this stage, I can confidently say I will never recommend Absa to anyone. Their practices are misleading, and their lack of willingness to assist customers shows they value profit over people.