Formal Complaint Regarding Home Loan Account Settlement – Property Sale & Transfer on 17 October 2024

Customer Complaints Department : Absa Bank Limited

Dear Sir/Madam,

I am writing to formally raise a complaint regarding the settlement of my Home Loan account in connection with the sale and transfer of my property on **17 October 2024** under Absa Bank’s **Help-U-Sell** program. The transaction was overseen by Ms. Cynthia Motale, a legal representative of Absa.

On **1 October 2024**, the outstanding balance on my Home Loan account was below **R857,000**, with approximately **R23,000** paid in advance. However, without any prior notification or explanation, a **journal debit of R50,000** was imposed on the account.

The property was sold for **R990,900**, an amount that was more than sufficient to cover the anticipated settlement balance, which we estimated to be a maximum of **R865,000** (considering accrued interest between **2 October and 17 October**). However, the final settlement amount requested by Absa exceeded **R946,000**, a figure significantly higher than expected.

To date, we have not received any formal communication, account statements, or justification for this discrepancy. Furthermore, the Home Loan account was disabled from the banking app, leaving us with no means to review the final transaction details. We have attempted multiple times to contact the transferring attorneys, the Help-U-Sell sales agent, and Ms. Motale to seek clarification, but we have received no response. This lack of transparency and communication is unacceptable and raises concerns about the fairness and integrity of the process.

The failure to provide statements, the unexplained deductions, and the lack of final communication regarding the net payout constitute **a breach of fair customer treatment standards**. As a longstanding client of Absa, I find this experience deeply concerning, and it has led to **serious doubts about the accuracy and fairness of the settlement process**.

I request an urgent and detailed response addressing the following concerns: 1. A full and itemized breakdown of the final settlement amount, including the justification for the **R50,000 journal debit**. 2. A final settlement statement reflecting all debits, credits, and applicable fees. 3. A formal explanation for the lack of communication and failure to provide statements post-settlement. 4. Immediate escalation of this matter to the appropriate senior management for review and resolution.

Should I not receive a satisfactory response within **14 days**, I will escalate this matter to the **Banking Ombudsman of South Africa** and any other relevant regulatory bodies.

I expect prompt attention to this matter and look forward to your immediate response.

Sincerely,