1 reviews | Active since Jan 2012
Loan Amortization - During Covid
LOAN AMORTIZATION - Covid Holiday Break
I have 2 vehicles financed with Absa Bank, both vehicles have a 72 month contract covid happened and Absa called me to put my installments on a holiday break for 3 months as per instruction from the President. I was under the impression that the 3 months are missed with be added to my contract taking it to 75 months no problem start reviewing my statements both my cars contracts have being increased from 72 months to 78/79 months I called to enquired and got told by the banks clerks that they add the additional months to accomodate for the missed payments they restruction your interest rates plus add more months onto your payment/contract from 72 months on 1 vehicle I will ba paying extra 6 months in Installments, interest and admin fee which is equal to R21K on my other vehicle I will be paying an additonal 7 months in installments, bear in my I was only offered 3 months during the First Lockdown Covid, April to June.
Ive request in September to get proper feedback from the bank and to date no feedback, Im reading all reviews about Absa Bank and I can understand why people are calling them *******, this is **************** in total both my vehicles holiday payments were R34500 Im expected to pay back R50500 for the additional months added this excluded the acutal 3 months of the holiday payment,
Can someone with brains please explain this to me as the missed interested for the 3 months doesnt even amount to 1 months missed installments. But Absa loaded my contract with 6 additional months for 1 vehicle and 7 months on my other vehicle , *** Absa is this how you ***** the consumer.
Best regards,
Best regards,
