Absa
ABSA Retrenchment Insurance useless

I was retrenched and have a personal loan with ABSA. I went into the bank and gave in all the required documentation the lady I spoke to ensured me that the 6 months insurance will be activated from the end of May. Today I received a call from Absa asking why the installment has not yet been paid I responded that I have activated my insurance as I am now unemployed. This woman than proceeded to tell me that the Absa insurance is outsourced and we cannot contact the outsourced company. I took the insurance from Absa bank in case of the risk of retrenchment which unfortunately happened to me a year and a few months into the loan. Now Absa claims it takes 3-4 months for the insurance to kick in? What is the point of that when I have no income now? Absa sells insurance that means nothing!!! I would like this matter resolved by Absa ASAP as the agreement says that upon retrenchment you can use the insurance. If this matter is not resolved I am more than happy to go to the news papers and warn people that insurance from Absa is worthless when you need it.

Company: Absa
Country: South Africa
City: Flora Centre

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