Awarding bonds, high risk debt and Absa taking no responsibility
We are currently in this situation with our property due to severe flooding:
1. The property is uninsurable (our insurance have been cancelled by two major insurance companies, including Absa and others are not willing to ensure this property)
2. The property is un-sellable (no insurance, no bond)
3. The property is inhabitable – serious risk to health, security and safety due to constant flooding (water enters the property at least 1m high)
I have approached Absa at the highest level to ask for assistance or possible solutions to our issue, the response – “you remain liable for the full amount on your bond”. Thus we will be paying for a worthless property for the next 20 years and Absa have no possible solutions or ideas on how we can relieve ourselves from this burden.
I find it extremely disappointing that Absa cannot give us one piece of information relating to a possible solution.
The irony of this whole situation is:
– Absa never evaluated or reviewed the property to assess the true value or the risk of the property – if this was done the expert valuators could have picked up past flooding issues, previous insurance claims for flooding and the issues with the property (under the flood line etcetera).
– Absa has been listed as owners of the properties twice before on the Deeds Office registration papers and I cannot help to think that maybe previous owners were also ravished by flooding and Absa had to repossess the properties from these owners – unfortunately Absa is not willing to disclose why they were listed as owners….
Well the big heartless corporate machine at work, for some reason I always hoped that somewhere someone would have a heart and assist us in this dire situation….I guess I was wrong to have faith in humanity.
I am just another number on a big revenue sheet.