ABSA *****ing!!!!!!!! Useless

Should be a ZERO!!! I am writing to lodge a formal and urgent complaint regarding the handling of my vehicle finance account with ABSA Bank. It has come to my attention that an exorbitantly disproportionate portion of my monthly instalments—approximately 90% of each payment over the past 11 months—has been allocated to interest rather than to the capital amount. This has resulted in an unreasonably stagnant capital balance despite regular, timely payments.

This financial structure is not only unjustifiable, it borders on predatory lending and may constitute a violation of the National Credit Act

I have attempted to resolve this matter via online representatives and customer service channels. I was met with dismissive explanations, stating "This is how it works with ABSA," which is unacceptable and evasive. The bank’s failure to provide a transparent and fair breakdown of payment allocation and its insistence on this structure, despite reasonable inquiry, reflects a complete disregard for consumer rights.

I am therefore preparing to escalate this matter to the Ombudsman for Banking Services (OBS) and the National Credit Regulator (NCR) for immediate investigation and redress. The terms and amortisation structure of this agreement require urgent review and adjustment to align with fair and legal credit practices in South Africa.