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  • Jacqui Richards posted an update in the group Group logo of ABSA ABSA 11 years ago

    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.

    • Hi Jacqui, really sorry you have to go through this. Other banks are not much better. You hit the nail on the head “HEATLESS” is what most of these banks are.