Fed up with waiting for Absa to pay

A Tshwane man claims that Absa has unfairly withheld his money for eight years.

A Tshwane man claims that Absa has unfairly withheld his money for eight years.

Daniel Mogorosi said he borrowed R6000 from Trust Bank in 1996 and used his Old Mutual policy as security.

In the meantime, Trust Bank amalgamated with Absa.

Mogorosi said he repaid the loan, but Absa did not return the policy. In 1999 Absa cancelled his policy and Old Mutual gave his R14747 to Absa.

"Maybe I am also to blame because I did not tell Old Mutual that the loan had been paid. But that does not give the bank any right to keep my money," said Mogorosi.

He went to see an attorney, but it did not help, he said.

Mogorosi said Absa denied receiving the money, even after Old Mutual sent them proof.

Old Mutual confirmed that the money was paid to Absa in 1999.

Deon Oosthuizen of Absa said the bank was dealing with the matter.

"It involves tracing old documents and records and this could take some time," he said.

Mogorosi said the bank had eight years to investigate.

"How many more years is it going to take them?" he asked.

X