13 months ago we applied for a home loan extension to settle a lot of our debts to help our cash flow. 1 month ago the loan was finally registered and we have paid our first instalment. Business banking wont release the funds to us but would rather allocate a large portion of the approved loan towards our overdraft. Our business has picked up things are going better, after a year of struggling and selling of assets waiting for Nedbank to approve our loan, they now try and take the money?? The loan was approved in a personal capacity and nowhere in any contract or document anywhere does the bank agree with us upfront that they will be allocating our funds towards our overdraft. The overdraft is 550k we had received a 100k extension which we had agreed in writing to reduce to 450k on bond registration and pay out. We offered the 100k as agreed and a further overdraft reduction of 25k per month starting end of Feb 2014 as well as security on the overdraft in the form of paid up trucks and trailers to the value of 2500000.00. Loan is 788k Nedbank says accept our terms or we will call in the facility??? I have all supporting documentation and emails available!!!
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