We having an ongoing battle with Absa to release Life Insurance policies that was lying with them for guarantee purposes. The obligations towards the guarantee's has been met and we requested Absa for the last 4 months to release two Life Insurance policies. Since we request Absa to release the sessions they do have all kind of excuses they would not release the session on both policies and as the last excuse, is because our home loan account is in arrears. Elna Cornelius an employee of Absa Collector Home Loans has admitted firstly that no Life Insurance policy is connected to the bond account as guarantee and secondly Absa Homeloans do not have the mandate to transfer guarantees from one product to another. All that we need is for Life Insurance policies to be released so that it could pay-out and we can meet obligations towards our home loan.
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