Nedbank
Left out cold

Applied for a building loan on existing home loan. Loan approved, but a 2nd bond had to be registered. All paperwork signed and requested documents handed in and Nedbank gave go-ahead to start on 18 March providing bond registration. First portion from the current access bond was released and building started on 19 March 2013.Requesting a further drawing 7 days later but learned that the process of registering the second bond hasn't even started. The attorneys were given instruction 28 March, but incorrect documents were provided - no registration. In the interim the builder, roof Trusses Company and amenities suppliers had to be paid, but no funds yet. All nest eggs called up to pay suppliers threatening to stop and remove. April month-end, all current funds used for suppliers, requested bridging capital in lieu of 2nd bond registration. Expensive overdraft granted, however all debit orders returned and diss fees charged for every transaction. Bond got registered, some funds released but further payment requested. On 30/4@ 16H00 learned that no funds will release as stamped documents are required. Another month all debit orders returned, and diss fees charged. No resolve, no money, half build house!

Company: Nedbank
Country: South Africa
City: Home loans

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