Standard Bank
Standard Bank wanting to from CC

I hereby lodge a complaint against Standard Bank Home Loans for obstructing XXX CC from paying off its bond leading to unnecessary financial losses in the form of interest, insurance and bank costs.

XXX CC purchased Erf ZZZ, during 2001. During 2005 XXX CC obtained a bond from Standard Bank for more than what the property was worth at the time. One of the 2 members signed surety and who is now jointly liable together with the CC for the repayment of the bond.

FACTS

During 2012 our family trust purchased 100% of the members interest in XXX cc. One of the conditions of the Sale of Membership agreement is that should XXX cc not be able to settle the bond payments then the new member will be responsible for the bond payments. Immediately after the purchase of the members interest XXX paid RQQQ 000 off on the bond reducing it to -R430 000. Standard Bank was aware of the new Member of the CC and accepted the payment without asking any questions. Standard Bank is now of the opinion that the previous member is the OWNER of the property and will hand her the title deed should XXX cc decide to settle the outstanding debt.

Running out of space. Point is do not bank with Standard Bank

Company: Standard Bank
Country: South Africa
City: George/Home Loans

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