Absa Loans - Not interested just pay!

A combination of large personal loans (roughly 29.29% interest rate) taken around July 2023. Up till today (26 August 2024) not a single repayment has been missed.

Unfortunately life sometimes happens (James 3:2) and things may go flat for a (certain) time period. Am we trying to take corrective action and rebuild? Yes. Will we be able to pay better ONLY IF I CAN GET A CHANCE TO REBUILD? YES! Does Absa Loans even try to understand this? A big fat NO!

Loan repayments were in the R9k level per month initially. Over a time of TEMPORARY difficulty we had no choice but to opt to do a reduced payment of around R7.5k per month which is still well over our affordability. Unfortunately this is still too high and it would need to come down to R5k per month just so that we can continue to service the loan, pay for medicine and just barely put food in our mouths.

Tons of calls, fighting & crying later we are still stuck at having to pay around R7.5k per month of which I have to sc**** together mostly from the principal loan!! How does a large regulated institution hold a proverbial gun to the consumers head like this? Where do they expect people to magically materialize money they just don't have at the present time?

We certainly can manage up to R5000 a month which is roughly 53% of the original installment. Is R5000 per month that unreasonable Absa Loans? What more do you want?

Because we simply can't afford the installment they expect, credit records may have to be thrown under the bus (NIGHTMARE!) and our food plates filled with sand if it gets handed over to an attorney. Am we not trying to meet you halfway Absa Loans? R5000 is not R7500 but it's at least not R300 per month! What more do you expect Absa Loans?

Please try and be just a little more accommodating & helpful to your customers and perhaps you wouldn't be losing so much market share to your competitors (Net profits down -12%, do you ever wonder why Absa loans?).

Bringing down an installment by about 22% even though the customer can CLEARLY still NOT afford it doesn't count as trying to help Absa loans.

All that we are asking, is for Absa Loans to bring the installment down just a tad more to R5000 or so, so that it can fall within our affordability bracket without causing unnecessary stress and pain FOR NOTHING. They can get their money and we can still eat. Over a period of time if things improve then a higher installment can certainly be reinstated. Why would an arrangement like the above be so so difficult to implement?

Wendy Knowler please read this and help!!

(*review done on behalf of actual customer*)