Absa
Interest rate charge 17.88%

I bought my vehicle in 2008 and the interest rate was 17.88%. I took it out at a fixed rate with Absa Limited.
In 2010 the interest rate dropped and I applied for re financing. Absa didnt want to help me as they can make big profit out of me at an interest rate of 17.88% where the current interest rate is 9.5%. When I bought my vehicle I asked Absa for credit life cover. And they gave me regent. I lost my job because of illness and put in a claim with regent already in November month. Regent just tell me they waiting for the doctors report. Absa told me that after a month even though I told them I have a claim with Regent and they follow it up by them selves they still told me if I dont pay my arrears before the end of the month they will took my vehicle. My vehicle has only 23 months left then his finished. The amount still owning is R41000 and that is less than the amount profit there making out of 17.88% less 9.5% interest rate. Absa is a crual and incompotent bank.

Company: Absa
Country: South Africa
City: Vereeniging

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