1 reviews | Active since Oct 2016
Dispute over recent changes to Flexi Reserve Terms and Missing funds
I have held an ABSa Home Loan since 2007. Recently, the terms and conditions of the Flexi Reserve facility was revised. A letter was sent to customers on 17 March 2025 regarding these canges, however, the information concerning additional funds in the Flexi Reserve is unclear. The letter mentions arreas, but I have consistently made my monthly instalments without fail. Despite this, my Flexi Reserve funds have been deducted. My current monthly instalment is R4,612.86, but I have been paying R5,700 each month, typicallyleaving around R1,000 in the Flexi Reserve. After my recent payment, ths amount was missing. On the evening of 8 April 2025, I deposited R7,000 as a buffer for the month. Upon checking the Flexi Reserve, only R2,115 is available. ABSA agents have informed me that the +- R6000 have been amortised towards the monthly instalment they determined. I find this unacceptable and request a refund asap.
This situation is extremely frustrating and disconcerting. There seems to be a lack of consistency in the information provided by ABSA consultants—one refers to NCA regulations, while another attributes it to system errors and claims ABSA is compelled to amend Home Loan Conditions. How can I be expected to understand the situation when even your consultants provide conflicting explanations?
The letter I received should have clearly outlined all bond details, including amounts paid and outstanding. Instead, I was issued a generic document, which does not provide the necessary transparency.
I am fully aware that I owe the bank money. The instalment amount was determined by the bank—not arbitrarily by me. It is disappointing to receive an email from your Home Loan consultant, Sam Shabangu, assuring customers of “the best quality service” when this experience reflects the opposite. That assurance feels hollow and lacks substance given the poor communication and confusion I’ve encountered.
This situation is extremely frustrating and disconcerting. There seems to be a lack of consistency in the information provided by ABSA consultants—one refers to NCA regulations, while another attributes it to system errors and claims ABSA is compelled to amend Home Loan Conditions. How can I be expected to understand the situation when even your consultants provide conflicting explanations?
The letter I received should have clearly outlined all bond details, including amounts paid and outstanding. Instead, I was issued a generic document, which does not provide the necessary transparency.
I am fully aware that I owe the bank money. The instalment amount was determined by the bank—not arbitrarily by me. It is disappointing to receive an email from your Home Loan consultant, Sam Shabangu, assuring customers of “the best quality service” when this experience reflects the opposite. That assurance feels hollow and lacks substance given the poor communication and confusion I’ve encountered.