I have just put the phone down on an FNB manager who has given me 72hrs to decide what part of the remaining facility on my Flexibond I wish to draw down. I have a flexibond which expires in 61 months and the facility is R925K with the bond currently at R645K ie R280K available.
I have been a high value customer of FNB ever since I came to South Africa in 1974. I have always paid my bond on time and my financial planning has incorporated the use of the flexi facility.
I am incensed that FNB think they can do this. I believe it is breach of contract. They cite clause 4.1.8 "We reserve the right to review this facility from time to time. Such a review could include a re-assessment of the property and property assessment fees will be charged to your Home Loan at rates prescribed in terms of the usury act."
My points to them are:-
1) I do not accept 72hrs notice by phone of such a change. (is this legal?)
2) My track record is exemplary and I demand a special case situation.
3) I do not believe that 4.1.8 was intended to change the basis of the flexibond but rather protect FNB from a sudden drop in property value.
ALL FNB BOND HOLDERS BEWARE CHANGES MAY BE 72hrs AWAY
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