DS
Derell S

1 reviews | Active since May 2015

21 Sept 2018, 12:46

ABSA Debt Review Is *****ing From Me!

In December 2014 I app**** for a Personal Loan with ABSA bank, Randburg branch. Like with everyone else, life happens and things tend to slide in the finances. I was overwhelmed with debt and needed to breath. In November 2015 I app**** for debt review with Debt Rescue, agreements were signed and all was well... or so I thought.

The total capital on the personal loan with ABSA as at 18 December 2014 was R96,368.00 which I needed to pay back to close the account. The court order declared a balance of R88,401.77 on the 19th April 2016 & since then I have been paying faithfully, I even managed to pay more than I agreed over the years, thinking it would help clear my balance faster. To my surprise I received the latest balance from ABSA, now in September 2018 stating that I owe them R84,390.38 in order to settle the account. After having paid R52,714.73 since I started the debt review. How is this possible? where has my R52,714.73 gone? Are you telling me that all this time I have been only paying interest? I have been a loyal client of ABSA since I was 15 years old, having my very first bank account opened with them. I feel ill treated. I e-mailed ABSA & Debt Rescue a million times and no one is able to answer my questions on how I still owe ABSA this much money? they said that I will only pay them up in 2025 (7 years from now with a forecast of over R200,000). I am being ******. I trusted that Debt Rescue was able to do exactly that - rescue me - but its all been a lie. Where is my money going to each month? has R52,714.73 just magically disappeared, are you telling me that I am paying no capital at all? I want answers!!! How has R96,368 opening balance turned into a quarter million rand.

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Replies (3)
Absa
Absa's reply21 Sept 2018, 14:51
Official

Dear Client

Thank you for bringing this matter to our attention. We will investigate the matter and provide feedback once the matter has been resolved.

Regards
Vanessa Crowe
Group Customer Care
Absa Bank Ltd

Absa
Absa's reply21 Sept 2018, 14:51
Official

Dear Client

Thank you for bringing this matter to our attention. We will investigate the matter and provide feedback once the matter has been resolved.

Regards
Vanessa Crowe
Group Customer Care
Absa Bank Ltd

DS
Derell S's update12 Nov 2018, 15:28
Reviewer Update
I received communication from Vanessa regarding my above query. I am not happy with the response I received as still its not clear as to how I still owe ABSA so much money even after I already paid back more than half of what I owed. As a customer who trusted this financial institution to finance my endeavors, I feel ill treated and ******. ABSA has a new logo and a new framework of 'Africancity'. To me this is a lie! It does not embody the values and well treatment of customers. It does not embody customer centricity. As a customer I was lead blindly and still am left in the dark with my account being so high after almost 5 years of being ******.