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Banks screwing the consumer


Help.Me.

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To whom did this happened too?? I applied for a bond and used property with no financial intrests as security ,even took insurance out on this property because the bank said so. The bond was regsitered for the full amount we wanted(R700k less than the value of the property which the banks determined etc etc.) With the recesion starting the excess part of my bond was taken away by the bank. I was building a house and used the bond to cover the costs ,fortunately we did not need all the money so everything was ok. I am applying now for the "remainder excess" that was taken away.... and guess what i will have to pay for it again !!!! Althoug the initial costs was for the bond amount which the bank reduced??

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It is quite correct that a cost needs to be incurred for registering the additional amount (push for a 3-way split - you, attorney, bank)

 

If you disagreed with the "registered loan amount" you should have queried this at the Attorney's before signing.

 

sorry.

 

p.s. the person doing the financial screwing is the attorney - the funds are paid to them.  the person doing the lack of educating of options and implications is at the bank/originator
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p.s. the person doing the financial screwing is the attorney - the funds are paid to them.  the person doing the lack of educating of options and implications is at the bank/originator

 

Yip, cause the bank/originator gets a cut for sending business to the attorney.

 

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Sorry maybe i am not expressing myself well (actually afrikaans). When doing the maths it looks like this.... Apply for bond R 1 000 000.00 get it and paid all the costs. When the recession hits, the bond was reduced(the excess available) to about R 600 000.00. Now i want the R 400 000.00 excess to show in my account again which i all ready paid for in the beginning and this is where the problem lies

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I agree, you have been screwed over.

Unfortunately the banks have played all these games before and I'll say with 99% certainty there will be a clause in the loan agreement somewhere which allows them to do this when they feel the need - along with a good number of other things that are borderline unethical.

 

My only suggestion is you speak to your bank manager and see if you might get him to be sympathic to your cause (don't waste your time with a call centre - they are not allowed to make such decisions). The attorneys should not be an issue, since all the legal docs were registered at the higher level anyway
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I bought a place 3 years ago. I was approved for a certain amount, but never took up the entire bond. Now 3 years down the line, I'm buying a second place, and now that I want to take up the rest of the bond, they wanted to charge me prime minus 0.2 instead of prime minus 1.7, I was approved at.  Because I had to increase the bond for the second property, now they're going to charge me the initial rate on 1 portion, and the other portion at the second rate. 

 

I've already started sharpening my machete for the first time they screw up on the calculations.

 

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We registered an "access" bond with ABSA. When we wanted to

access the extra savings we'd put in, we were told that we couldn't

since we didn't have an access bond. We showed them the docs

we had signed and their response was "So what? We made a mistake,

but If you want the money you'll have to re-register the bond."

 

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I'm in the process of changing our bond to a flexi/access bond. It is a mission. Had to fill in forms, give proof of residence, id, salary slips, letter from insurance company to state that the building is insured. Will see if that is enough. Arg.

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lpeens - normal FICA stuff, not any bank or Attorney trying to screw you.


Help.Me - you need to read what you signed for.

 

Cyclenut - When a property is bought the bank and the bond is approved, the bank gives the Attorney the guarrantees. Upon registration the bank pays the amount into the Attorney's Trust Account and then the attorney pays the money to the Seller or whoever needs to be paid.

 

The Attorneys are simply agents of Bank.
The banks have Attorney firms that they send work to. The Attorneys are happy because they get the fees from the work. The banks get their own fees.
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lpeens - normal FICA stuff' date=' not any bank or Attorney trying to screw you.


 
[/quote']

 

I know, it is just annoying to go through all of that again.
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Because you are honest it is annoying. Say a big thank you to the crooks who make you have to go through all that. It is a pain but it is understandable.

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To whom did this happened too?? I applied for a bond and used property with no financial intrests as security ' date='even took insurance out on this property because the bank said so. The bond was regsitered for the full amount we wanted(R700k less than the value of the property which the banks determined etc etc.) With the recesion starting the excess part of my bond was taken away by the bank. I was building a house and used the bond to cover the costs ,fortunately we did not need all the money so everything was ok. I am applying now for the "remainder excess" that was taken away.... and guess what i will have to pay for it again !!!! Althoug the initial costs was for the bond amount which the bank reduced??[/quote']

Exactly what you describe above happened to me... after countless complaints to the bank, with no help from anyone, I went to www.hellopeter.com to register a complaint. Within 48 hours, my problem was resolved.

 

The bank in question had capitalised the outstanding amount when the building loan was converted to a home loan. I don't know which bank you're with, but going through HelloPeter was the only way I could get it resolved.

 

I now have my flexi-reserve reinstated and everything's hunky-dory.

 

 

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We registered an "access" bond with ABSA. When we wanted to access the extra savings we'd put in' date=' we were told that we couldn't since we didn't have an access bond. We showed them the docs we had signed and their response was "So what? We made a mistake, but If you want the money you'll have to re-register the bond."

[/quote']

If you haven't had your "access" bond resolved let me know, and I'll send you contact details at the Kempton Park offices (central offices for home loans).

 

edit - chances are you don't have to re-register, they probably made a mistake and you're speaking to someone who can't do anything (or doesn't know how to).

Frosty2009-11-30 09:16:51

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Try your branchmanager (not sure if he will help you, but you have to have gone through him before...) and then contact the Banking Ombudsman...they'll jump after that....

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Just make sure what you signed for, it's easy to blame banks, insurers, medical aids etc but we often are the cause of our own misery because we sign without reading

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