1 reviews | Active since Jan 2017

14 Nov 2023, 07:08

Misrepresentation on an ABSA personal loan

I app**** online on 18 October 2023 for a R50 000 top up on my existing personal loan no. *** of balance R 86 589 and received an ABSA email indicating that: "Congratulations your personal loan is provisionally approved: Amount: R50 000 Term: 72 Interest: 28.5% Monthly instalment: R3 691.20 I subsequently received an ABSA quote email and accepted as the instalment, interest and term was the same as per below: Term: 72 Interest: 28.5% Monthly instalment: R3 691.20 Surprisingly the amount received was R33 934 after settling the original loan amount for R86 589. There was no communication from ABSA on the reduction of the loan amount and it is not clear why the monthly instalment remained the same while the loan amount is reduced. I find myself to have been misled by the misrepresentation and conflicting communications from ABSA and request clarity on this as I am unable to justify the calculations.

On enquiry, I received from ABSA case ref ***8; ***5 and ***9 with no response from my bank of over 25 years. Kindly assist as this is unacceptable customer service.

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Replies (1)
Absa
Absa's reply14 Nov 2023, 09:05
Official
Dear Mesese Thank you for bringing this unfortunate matter/incident to my attention and please accept my sincere apology. I will review and provide you with my specific contact details as well as the expected timeframe for further feedback/resolution via email or by making contact with you telephonically.   The reference number to your complaint is  C-***4. Kind regards, Group Customer Care Rezona Louw