Complaint / review text:
In 2008 ABSA bank sent my Debt Counsellor a COB for my Debt Review whereby the interest rate was 13.75% on my home loan. Due to the Declaratory Order my court matter was re-enrolled in court in 2010. ABSA received the court application and failed to inform my Debt Counsellor or the court that the interest rate had drastically dropped and that the interest rate was 7.75%. My court order was granted at 13.75%. ABSA then changed my rate to 13.75% however applicable case law SA Taxi Securitsation (Pty) Ltd v Lennard (CA 166/2010) [CA166/2010} ZAECGHC 131; 2012 (2) SA (ECG) (21 October 2010) states that the Magistrate can only reduce instalments and extend the term however cannot change interest rates. Seyferrt Supreme Court also stated that the restructure must be economical. How can ABSA just ignore these cases? Are they above the law?
ABSA also capitalises your capital amount by more than 100% the moment you go under Debt Review. I have the statements to prove this and will show the Tribunal as well as the media as the statements were received by ABSA. The moment my court order was granted they placed over 100% interest and costs to my account from the onset and not added/month.