Unfair practice from Absa VAF

Good day,

Company: Absa Vehicle & Asset Finance

This follows the very poor service I am constantly experiencing with Absa VAF. I regret the day I took-up financing with this Bank.

I have been paying off my vehicle for x5 years now; x12 months remain to completion. I pay my account every month of the 01st.

Query - Normal monthly installment: R 3 800 - Payable: 01st monthly - Absa has now increased my monthly installment to R 7 200 (without any form of communication) - As a result I am getting collection calls stating I am overdue by R 14 000

Without any form of communication my monthly installment has been increased to R 7 200 (from R 3 800; almost double the contracted amount). I have always kept my account up-to-date. Because Absa increase the monthly repayment; the shortfall in my monthly payments has accumulated to a R 14 000 which they now claim is overdue.

This is in contravention of the financing agreement we entered into. I contracted to a monthly repayment of R 3 800 (subject to changes in interest rates). For Absa VAF to now increase this amount and claim the account is overdue is not acceptable.

It seems more like a deliberate attempt to get the account overdue and then repossess the vehicle. Very unfair practice from the Bank as I do not default on monthly repayments and am only left with 11 months to completion.

I have complained to x4 different Consultants on their Call Centre. They all do not know reasons for the increase in monthly repayment. I refuse to pay the increased R 7 200 and have kept to paying the contracted R 3 800. To this day I have not had any good feedback and am receiving collection calls everyday with no solution.

I regret entering into Finance with Absa VAF and will never do business with the Bank again.

Hope this gets the right attention.

Dissatisfied Client Xolani Madwe