My husband and I applied and was granted a homeloan in 2010 - the homeloan is in both Mrs Charissa Smith and Mr Dylan Smith. We managed to secure a rate at prime -, 5%. I happened to accept a position in Nedbank in 2012 and the homeloan was amended to prime - 2, 5%. I left the employment of Nedbank at the end of July 2013 and to our deterement the interest rate was increased to prime. Apparently this is part of the so called off-boarding process of staff.
Surely my husband should not be affected by my employment as the homeloan is in both our names - the legal restructure agreement we signed did not mention that they rate my be unilaterally change! If it is company policy then this addendum should have been included in the restructure agreement. We refuse to accept the arrangement which was only done telephonicaly by a banker without any written confirmation to my husband and I - we are not married in community of property and are technically separate individuals that signed the agreement.
Surely this in contravention of the consumer protection act?
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