We have been running our own business for about 10 years now.
We approached Standard bank Customer Assist for a further advance on our bond to consolidate debt which is slowly pulling us backwards.
The application was supposed to take 10 days. Ended up being 2 months.
Went through about 5 different 'managers'.
In the end it was rejected because of an affordability calculation error from the banks side.
When challenged, affordability was OK but then told us they do no consolidate business debt.
Explained we signed personal surety and therefore it was personal debt.
Still refused.
About a month later received a letter from Standard bank Home-Loans informing us that the arrears on our bond was spread over the remainder of the term and my bond payment would be increased by R500 per month.
Now, we still continue to slowly fall behind on our monthly payments and they have gone and made it more difficult for us.
Come On Standard Bank! It is simple math:
An advance would mean R2, 500-00 per month more on our bond payment.
R 9, 000-00 per month less on debt payments.
Net effect: R 6, 500-00 decrease in expenses.
It is a no-brainer but the system is working against us!!
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