I am angry!
I was asked by attorneys to sign documents with regard to a small property I have just sold. I have a single facility with RMB for two bonds. When I first applied for the facility, they recommended I move my smaller property bond to them as well. Of course, I did. (Not a smart move)
Yesterday, with NO prior notice, phone call, email or anything, I arrive at the attorneys and discover that RMB have increased the rate of my lending by more than 25%!! The facility is only decreasing by 10%. Of course, this impacts on my financials by thousands of Rands per year. On top of this, I also have to pay them R2240 for doing this restructure.
I felt completely bullied. This is the final stage of the sale, the Transfer has already been lodged. I called my banker to discuss, he mentioned that he had "fought for the rate I now have" and would call me this morning. I have not heard from him yet.
Can the consumer protection act help me here?
After 10 years of being a client - is this how one should be treated?
I have never felt so powerless. Even the attorney was stunned by how badly this has been handled.
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