1 reviews | Active since Jan 2018
ABSA Appointed liquidator Colvan Trust benefited unfairly and are abusing their power
We signed OTP during May 2017 and the OTP had a clause that 10% deposit was to be paid to Conveyancer. The liquidators COLVAN Trust were privy to the OTP and we moved with same understanding that the money paid on 06 June 2017 was DEPOSIT towards house purchase. It is common public understanding that interest earned on DEPOSIT up to date of transfer of property accrues to buyer ( since there is no exchange of commodity up to date of transfer. On 02 June 2017 COLVAN TRUST confirmed account to which we were to make a deposit in. By scrutiny against information available on Investec website, we confirmed that the account provided was an interest bearing account with Investec Bank Limited bearing interest at some 7% per annum. There was no need to inform the Conveyancer that the deposit needs to be kept in an interest bearing account as the nature of account was made clear from onset. The banking details provided to us were neither belonging to COLVAN or AVAB but were CCM investment account in the name of sellers (thus a seperate interest bearing Trust Account). Throughout the whole process of purchase of property up to transfer date on 14 November, the deposit was treated accordingly and prudently with us being consulted on each and every transactioning. i.e
i.e On 01/08/2017 and 07/09/2017 AVAB (Conveyancing firm) requested permision from us to utilise some monies towards sellers outstanding costs. This was agreed upon and we emphasised that interest should accrue from whole deposit amount in the email circulated to both Colvan Trust and Conveyancers
AVAB and Colvan changed their stance on interest accrual after the property was transfered to our name. AVAB and Colvan Trust are refusing to disclose interest earned on our deposit and to pay it over to us as the legit receipients, this despite noting to them the emphasis on interest accrual when they requested PERMISSION TO UTILISE it for sellers benefit prior to property transfer. Colvan Trust benefited unfairly and unjustly from OUR MONEY from 06 June 2017 to date without any provision of service or exchange of benefit to us, this is grossly unfair, unjust, not proffessional and equates to indirect *****ing. Colvan Trust is of the view that failure to stipulate interest accrual in OTP automatically entitles them to interest earned on OUR MONEY DEPOSITED 06 June 2017 and which only became due to seller on 14 November 2017. I equate this to bullying since they have total control of the finances from their side and they know for a fact that we cannot do anything except to accept our deposit as is ( we obtained 100% loan). ABSA has unknowingly exposed us to a terrible financial transaction where we are financially compromised. It is unfair for Colvan Trust to earn interest on our money. We noted to ABSA in November 2017 an instance of abuse of power and are still awaiting your responce.
Dear Kholofelo
Thank you for bringing this matter to our attention.
We sincerely apologise on any inconvenience caused.
Kindly provide our office with a id number or account number to ensure effective investigation and feedback
Regards
Daphne Le Grange
Dear Kholofelo
Thank you for bringing this matter to our attention.
We sincerely apologise on any inconvenience caused.
Kindly provide our office with a id number or account number to ensure effective investigation and feedback
Regards
Daphne Le Grange
