Absa
85 000 owed to ABSA on a capital loan of 15000???

I applied for a loan with ABSA ON 12 Aug 2008.

During 2010 I could not afford all my debt anymore and applied for debt review. ABSA has been sending me monthly statements ranging from R100 000 to almost R250 000 or more that I owe them (on the loan of FIFTEEN thousand rand capital only).

It has been taken up with ABSA by me and my debt counsellors and still today when I checked my credit report on TransUnion, ABSA has listed that I still owe them R85 000 (it ALSO shows that the capital was only R15 000 on the report). This is illegal, immoral, not to mention impossible and negligent (even ABSA's OWN ATTORNEYS when calling me for the so called "outstanding money" said it's impossible that 15 000 became almost 500% more than it was. I think the maximum legal interest rate is 20% per annum according to the NCA)

Since ABSA acknowledged their mistake, (more than a year ago), I still owe them almost enough money to buy a new car if I had actually taken a loan of that amount.

IF ABSA bothers to reply, please just do one thing first. FIX the amount on your system. It is more than 5 years later - STILL absurdly incorrect.
How many people have to suffer under this "little system error"?

Company: Absa
Country: South Africa
City: Montana

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