I called Std banks call centre in Apr to apply for a 2nd loan on my bond after doing some renovations on my home. I told the person that i paid with an overdraft and cc and wanted to close the accounts because of the high interest rate. The financial advisor then referred me to the customer assist dept. advising me that it is a way of consolidating your debt on your home loan account. I applied and was immediately pre approved after which I had to complete and provide a whole bunch of forms. I was told that the whole process takes about 15 work days to complete. I waited 3 months following up frequently and stating that I haven't received any feedback for which the financial advisor told me that they were under staffed and had too many applications. After asking that a manager phone me so that I could complain and take the matter higher my application was suddenly declined with the only explanation that I had to much external debt. I was under the impression that the whole point of debt consolidation is to consolidate external debt into a account. I was never asked what amount or accounts I want to consolidate. I've requested that a manger phone me but have been totally ignored!!!
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