Absa
PROTECTION OF DEPOSIT INSURANCE DISPUTE

In december 2008 i purchased a toyota quantum which was financed by absa. On my purchase, i was offered a protection of deposit insurance which was administered by hollard. It meant that in the event that my toyota quantum gets involved in an accident and goes beyond repairs or written off, then hollard will pay me the deposit that i paid which in ths case was R90 000. The deductions for started in January 2009, and in December 2011, my toyota quantum was involved in a tragic accident and was beyong repairs. When i went to absa for a claim, and i was reffered to hollard. When i called hollard, they told me that the protection of deposit was only for 2 years. I was so surprised because it was never explained to me when i took the policy and moreover they wete still deducting the protection of deposit premiums. Hollard told me that they dont have anything to say to me, i must go to Absa and get my money because they dont have my money.

Company: Absa
Country: South Africa
City: East london

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