We purchased a property in 1988 for R120, 000.00 and were given a 100% loan by Trust Bank. In 1991 we moved the bond to Good Hope Bank as we wanted to make some alterations and they gave us an access bond, allowing us to spend R230, 000.00. We started using the access bond in 1999 when we built a garage and fence for security, the bond was just under R200, 000.00. Good Hope Bank closed and our bond was moved to Nedbank WITHOUT our involvement/permission. Our bond was suddenly fixed (?) We have been paying R5, 000.00pm for years. The bond is only down to R109, 000.00 of which R77.00 is interest and the rest is capital. Last year was a crippler in our business and we asked to have our bond extended as it's paid up in April 2014 and we are only 54 years old, but we are dealing with call centres. Where are the bank managers!? For 22 years we have never skipped an installment, we have been customers of NEDBANK since we first started working in 1981 and now we get emails daily with demands and threats of foreclosure. Our property is worth over R1, 000 000.00, but I can assure you, we have paid a lot more than that! Banks are supposed to help people... not destroy them, shame on you NEDBANK!
0 comments