We have had a home loan with Standard Bank since 1993. Apart from the bond repayment we had a life cover and structure insurance included in our monthly instalments. In 2006 we cancelled the life cover but did not decrease the bond repayment. According to our calculations it would appear that since 2006 we have paid double the instalment towards the bond. However our repayment period still appears to be 20 years. According to our basic calculation it would appear that we have paid more than we owe. After many calls to various people we managed to make contact with Fiona Alvers who undertook to look into our query and revert. Some days later we were contacted by Kareem Abrahams who in our opinion epitomises everything that a customer consultant should not be. He cannot advise what we paid to date, how much we paid to the loan and what was paid for interest. He advised me to calculate it myself. Further I asked Sharmla Naidoo if the bank was bound to the legal principal of interest - in duplum rule. She undertook to look into my email queries and revert but to date I have not heard from her. It is a travesty that Standard Bank no longer has consultants at the branch.
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