My friend and I applied for a re-advance on our joint bonds with Nedbank and Standard Bank to consolidate our debt. Having received brilliant service from Nedbank and leaving Standard Banks service with something to be desired, we were approved by Nedbank but declined by Standard Bank for a lesser amount due to lack of surplus funds!
Confused and frustrated by this bank now I would like to know the following:
o Why would Nedbank feel we had enough surplus funds but Standard Bank not? Given that we applied for even more at Nedbank and the figures given were the same!
o Why did they not take our variable portion of our salaries into account when:
1) They did at the application phase both originally at the inception of the bond and also during the sales call for the re-advance
2) They actually ask for it on their income and expenses form?
o Why were we approved at sales at the start of the application?
o Why is their service ALWAYS terrible especially in this day and age of competition?
I will await their response which I am confident will be lacking in service and full of nonsense again to which I have decided to take this to the Banking Ombudsman.
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