Settlement Letter

Hi There,

I was unable to pay my ABSA Credit Card Monthly Instalment late last year ( October and November ) which lead to AbSA handing over my account to their collections department, the collections department called me daily and advised that my Credit profile will be negatively affected if my account is not settled.

In January 2019, I requested a settlement letter from ABSA Collections/Credit card Department in order to settle the full amount ( R7531.16) owed on the Credit card and close off the account but their response has been that "there was a R5 transaction on my account which was made on 19th January 2019 which has not been banked by merchant and without this amount being banked, they would not be able to provide me with a settlement letter."

I even requested that they ( the Bank) add additional R50 or R100 to settlement amount to guarantee that the account won't go into debt at closure or even bill my saving account for any shortfall that might arise ( if any) after the account has been closed but the bank insisted that there is nothing they can do unless the merchant bank the pending amount.

Since we don't know when the merchant is going to bank the R5, I am worried that I might end up spending the settlement amount in my possession and as well as continue incurring the additional bank charges on this account and then end up in a situation where am no longer able to settle this account.

I am sure the bank is able to make a plan in providing me with a settlement letter in order for me to settle and close the account opposed to us waiting until such time that the merchant bank R5 am able to settle and close this account.

I will appreciate is this issue can be resolved ASAP

Thanks Chris