Asked by Martin on 20-12-2023 12:05:44
Question posted in the Consumer Protection Law category relating to Western Cape
I went to ABSA bank to take a bond on a property I wanted. The bank only approved me for 70% of the capital needed and the consultant suggested I settle external debt to free up some funds and take a credit card to cover the remainder. I was not asked if the personal loan I was taking needed to be fixed or variable interest rate. However being in a hurry since I was already sitting at the abnk for so long and I had to get back to work I signed the documents and went on my way. Fast forward I year later I left my previous employer and I am now struggling to make ends meet with a smaller income, however I made arrangments with the bank, but they still handed me over to the debt collectors. To make matters worse I am now forced to sell the property which currently yields a rental income so I can cover the debt arrangements and personal expenses.
I have complained to no avail and even contacting the OMBUD yielded no result.I am not sure what mi rights are and If I can sue them, at this point I am just so fed up with how they do things. (This bank specifically)
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