I took out a small personal loan from Absa. It was for R3000 and it was in June last year. After paying two or three installments, I lost my job. I let this be known to Absa because I was under the impression that my loan had insurance on it. They advised that they can not help me and I would just have to pay them back somehow, which is fine. But, I got myself a new job, my salary was still being payed into my absa account and they decided not to take their money. That's when I thought maybe my insurance had kicked in. I got the surorise of my life when I went into an Absa branch to enquire about why they were not taking thier direct debits and was told that I had been handed over to their lawyers. And my debt had gone from R1400 to R3500!! I am disappointed in absa and am definitely switching my bank AND consulting the Ombudsman.
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