I have been struggling for 3, 5 months now with the Standard Bank Homeloans department in getting assistance on the progress payments.
The have absolutely no interest in helping the client and places the client under immense financial risk.
I have been sending emails, working through my private banker, making phone calls and even 2 or 3 escalations has resulted in nothing.
In essence, we have a standard building contract with a shortfall amount and a retention amount within the total building cost. Granted we are over budget, which means the value of the property is increasing, we have already spent more than 6 times that amount from our own pocket.
Our request is simple, please help us by means of more progress payments than the allowed 12 and/or help with revising the calculation of progress percentage payout.
The result of them not interested in helping has resulted in:
-at least 2 month delay in completion of the building
-around R300k extra costs due to salaries, wages and interest
-the building almost stopping on a couple of occasions due to cash flow issues
-in big financial risk of not finishing the house, leaving us with interest to be paid on the loan and many overdrafts
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