I have a personal loan with ABSA and last year in march i lost my job and my account was in arrears, since i had insurance with them i approached them and the declined my application reason being i was on contract with my previous employer i failed to understand because they sold me that insurance while i was employed on contract that mean that our contract was invalid but the refused to pay all the money that i paid on that insurance. then i got a job in September and that is when i started paying my instalment in advance expecting to decrease the my interest but what they are doing is putting the money on the side, when i ask them to transfer it on my loan they tell me to go to the Branch, the last time i went in to there branch i spent 2 hours just to deposit money (wonder if i wanted to see the consultant). these bank is putting my money aside and I'm not earning any interest on it where Else they are making money with it, but if i miss only one instalment they charge me interest on that. absa should learn from FNB. i hate this bank... :( shame on them.
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