Check your ABSA statements!!!

Good day,

We registered a home loan in 2017 with the above-mentioned account number with an interest rate concession of Prime minus 1.3%.

We recently app**** for a new bond with Absa and during our discussions with the bond consultant we enquired about the interest rate on our current home loan as we never received statements over the past 4 years. We were very surprised to hear that ABSA charged us prime interest rate, which is not in line with our contractual agreement with ABSA. We requested an investigation into the matter as well as statements for the full period of the loan.

We were initially told that a full investigation will take a week to be finalized. After numerous enquiries and follow ups from our side, continuous shifting of the goal posts by ABSA, we eventually received an interest refund from ABSA in the amount of R10, 758.11 almost 3 weeks after our first enquiry. It is totally unacceptable that ABSA first takes our money, and then takes 3 weeks to finalise an investigation only to refund us a ridiculously small amount without any further explanation. Upon a further query with the homeloan consultant (who was very patient and helpful during this whole process), we were told that ABSA only refunded us interest overcharged for the past 18 months. How is this warranted?? How is it ok for ABSA to ***** our money and decide to keep most of it without any courtesy of a decent explanation or apology.

I have contacted your action line last week with a further enquiry about the matter and was told to wait a further four days for the matter to be investigated. Until date hereof, I have not received a response. I am not waiting a further day for ABSA to rectify this matter. I will warn people about ABSA and ensure that everyone hears my story. How many other innocent ABSA clients are being ********** by ABSA??

We have in the interim accepted another loan offer from ABSA but we are seriously re-considering the offer and consider to close all our ABSA accounts.

I demand full re-payment of the interest overcharged since 2017 plus interest on the amount overcharged. I further request a copy of the calculation – I already did my own calculation and know that the amount refunded is ridiculously small in comparison to the amount owed to us. This is nothing but *****ing the client’s money.