1 reviews | Active since Dec 2020
Credit life cover offers from finance providers (ABSA)
This is a warning to anyone currently financing a vehicle through ABSA vehicle financing.
Anywhere form 6 months 3 years into your lease agreement, you will be contacted by an authorised ABSA representative. This person will offer a credit life policy and may claim that no such policy currently exists.
Only accept this offer if you want such cover and are 100% sure that you have not taken this type of insurance when you initially purchased/leased the vehicle. If you are unsure DO NOT accept that the person contacting you has any more information on your policies than you do. Go check your agreements and call them back if you’re in need of the product.
If you do accept the cover ABSA will add the premium to your current monthly debit order and it will remain hidden until your initial finance lease term ends and you are told that you still owe at least one one more instalment. You will not receive and updated copy of your lease as you are now shot paying your monthly lease premium by the credit cover amount.
Or in the worst case a claim arrises and both insurers claim that contribution (duplication of cover on a single asset) exists and both refuse settlement. Which is a double whammy as you paid double for zero cover.
This is probably not ******* in the strictest sense but, does raise some interesting ethical questions.
Basani Hlungwane
Group Customer Care
Absa Bank Ltd
Basani Hlungwane
Group Customer Care
Absa Bank Ltd
Closing the case is exactly what ABSA did after a full review of detailed information was provided and a request made to rectify the undue charges, but with an accompanying comment that they would not comply.
I did not make this post in an effort to have ABSA go through the same process and arrive at the same unsatisfactory conclusion a second time, this post was (as the opening line states) "a warning" to other consumers.
Closing the case is exactly what ABSA did after a full review of detailed information was provided and a request made to rectify the undue charges, but with an accompanying comment that they would not comply.
I did not make this post in an effort to have ABSA go through the same process and arrive at the same unsatisfactory conclusion a second time, this post was (as the opening line states) "a warning" to other consumers.