MW
Moegamat W

1 reviews | Active since Nov 2021

16 Nov 2021, 08:53

Disappointed in ABSA Home loans dept

I would like to share my disappointment with ABSA bank specifically the Home loans department...I have been a Client for more than 10 years and like any home owner I have had ups and downs w.r.t payment of bond specifically during COVID lockdown and particularly this year as our small private business has suffered. We have tried employment at various places but it also ended up coming to an end due to it being contracts or closing down etc. Whilst I understand that the banking industry is a business and they to have employees that needs to get paid and also this business affects the economy etc but I am just really saddened that now we have to sell our home. We have come to terms with it but it's really disheartening when the banking industry won't even consider waiving a portion of the arrears or even the interest accumulated. We have only been behind with installments less than year but tried to pay whatever we could whether a R1000 or whatever...we have been in correspondence with bank but always have to wait long for a reply and we received one it clearly and immediately stated that no arrangement would be considered. Again we have have decided to sell so that we we are not the loser in the end considering we have been up to date with bond prior to COVID...however the banks approach and lack of concern for people shows there false promise of being there for the people and being approachable and considerate. We will now get out a lesser amount due the full payment of interest and arrears included in the settlement amount when the outstanding amount wasn't that much prior to arrears. I understand that I am liable for the settlement amount but why can they not consider reduction in portion of arrears or cancel interest on the arrears...when settling anything anywhere one usually gets a discount of sorts...why not here...?

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