I settled my home loan in 2007 with ABSA bank where I specifically asked is it settled and are all moneys paid. Which was confirmed with ABSA that I had no obligation on my home loan anymore. Recently February 2013, ABSA contacted me stating that I owe R40 000.00 on my home loan, when I explained that my home loan was settled, they explain that its for Insurance and life Policy?? How on earth can I owe that much on Insurance or Life Policy shouldn't it cancel itself if no payments are made??? and why after 7 years do they tell me this now? So after much talk and explaining I got a Lawyer to help me settle this. To my Surprise R1100 was transferred from my account on the 28th March to their account, without my knowledge or consent? I went to ABSA to query this and their reply was that it was for the insurance and policy, which are at my lawyer, they didn't even send my lawyer all the documents but they are quick to take my money. When I asked if they can revert the transaction they said no and that it will be deducted next month again. Now isn't this just taking money from my account? Not even explaining to me for what or without my permission?
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