Absa HelpUSell helps a homeowner who can no longer afford a bonded property to sell it through Absa appointed agents rather than lose it to a forced sale. It sits alongside two other options on the same Absa page, and the seller still carries the transfer costs, which is the part most people miss.
Official provider route
- Home loan repayment difficulty, local: 0861 222 272
- International callers: 011 221 0200
- Home loan arrears email: [email protected]
- Submit an offer on a HelpUSell property: [email protected]
Product or service support
Absa offers three routes to a customer struggling with a home loan. A short-term payment plan and a term extension are both available on home loans older than nine months, with the term extendable up to 360 months to reduce the monthly instalment. HelpUSell is the third: Absa appoints professional estate agents to market and sell the property at a market related price. Absa states that the programme offers up to 50 percent off the home loan shortfall, meaning the amount still owed if the sale price does not cover the loan, subject to its terms and conditions.
Eligibility, account or policy requirements
To start, you sign a HelpUSell mandate authorising Absa to appoint agents. The agents visit the property for a valuation and then list it, and you must keep maintaining the property while it is on the market so that it attracts buyers. When you receive or accept an offer, email it to [email protected] together with proof of the buyer finance. Note carefully what remains yours to pay: Absa states you will be liable for the sales and transfer fees, including outstanding rates, taxes, levies where applicable, the agent commission, bond cancellation and any legal costs. Note too that if you extend your term instead, any arrears owing are added to your outstanding balance rather than written off.
Escalation route
The repayment difficulty line operates Monday to Friday from 08:00 to 16:30 and Saturday from 08:00 to 13:00, and Absa asks that you contact it as soon as possible rather than waiting, since the options available narrow as arrears grow. A home loan is a credit agreement, so the National Credit Regulator on 0860 627 627 regulates it, and a consumer who is over-indebted has a separate statutory route through debt counselling under the National Credit Act. If Absa does not resolve a complaint, its Complaint Resolution Suite is on 0800 41 41 41, and beyond that the National Financial Ombud on 0860 800 900. Take independent advice before signing a mandate, because selling under a bank programme has different consequences from a normal sale.
Sources
- Absa help with home loan repayments and HelpUSell: absa.co.za/personal/loans/for-a-home/trouble-with-repayments/
- Absa HelpUSell process and offer submission details on the same page: absa.co.za/personal/loans/for-a-home/help-u-sell/
Related: Absa Home Loans Contact Details · Absa Home Loans Legal Department Contact Details · Absa Innovation Group Contact Details