Absa refusing to remove ex-wife’s bond from my Platinum Account

<p>My Problem in short:</p> <p> </p> <p>I have been an ABSA Private Bank Client for many years:</p> <p> </p> <p>I had two bonds in my ABSA Platinum Account aka Quinto Lotz my “Private Banker” sold my ex-wife and me the product by telling us that we could reduce bank costs, getting a lower interest rate if we consolidate these two bonds into my one Platinum Account. My ex- wife signed security for me visa verse. We got divorced five years ago, and I’m still sitting with my ex-wife’s bond in my Platinum Account.</p> <p> </p> <p>My issue is that I cannot do anything with her and my bond in my account. I cannot sell my property I cannot buy a new property. I am financially high jacked. I am still paying her bond. I cannot sell my house basicly I cannot afford both houses. My ex-wife does not want to sell her house either is she paying her part fo the deal into my Platinum Account. While I am paying these two houses, ABSA and MY ex-wife have no interest in solving this problem. ABSA has enough security in both properties to remove my ex-wife’s property from my Account, but still, ABSA and my ex-wife decided to go radio silence on me.</p> <p> </p> <p>ABSA is forcing me into foreclosure or selling my house, which will not help because I will still be responsible for my ex-wife’s bond.</p> <p> </p> <p>Down below is some correspondence with ABSA refusing to give me information on my account. Asking ABSA what is the status on my ex-wife’s bond application.</p> <p> </p> <p>ABSA: I cannot give you that information due to confidentiality.</p> <p> </p> <p>My Response: Everything related to this matter is inextricably interwoven with MY bank account with ABSA... how on earth can you tell me -- with a straight face -- that in effect, information regarding my ex-wife actions (on in this case, steadfast inactions) pertaining to and impacting on my account is not able to be shared with me due to 'confidentiality'. This whole matter has been dragging on now for far too long, with me seeming to be the only player involved who wants to, and who has a beneficial interest in, getting the matter resolved. I'm beginning to see quite clearly that it is neither by my ex - wife nor in ABSA's best interest to get this 'Gordian Knot' unwound so that ex - wife and I can finally go our very separate ways.</p> <p> </p> <p>ABSA: What I can tell you is that the standard process for Absa to submit a transaction for finance. We require an application as well all the supporting documentation to verify the financial information. Should any of this be outstanding, a transaction cannot be submitted. The credit act requires the bank to proof affordability and needs all the above information to do this.</p> <p> </p> <p>MY Response: What you have described is precisely the crux of the problem at hand... My ex-wife has no intention of cooperating on this. She will not provide the information you have outlined. This is not irrational on her part, for it is clearly in her financial best interest to be as obstructionist as possible in this whole matter. This does not, however, absolve ABSA of responsibility for unwinding this mess. You / ABSA signed us up for this joint bond without ever disclosing to us how seemingly impossible it would be if ever either one of us found ourselves to be in a position (as I am now) of wanting to discontinue our participation in this joint home mortgage product.</p> <p> </p> <p>ABSA: The terms and conditions require that the bond is serviced on a monthly basis. Stopping payments will result in bond going in excess and will reflect negatively on the credit record of yourself and all sureties. Note Absa requires the full installment to be paid on a monthly basis. The split payments and amounts that have been negotiated between yourself and your ex-wife is determined by your divorce order. The Bank has mandate over this.</p> <p> </p> <p>My Response: ABSA has 'mandate' over some or any aspect of our divorce settlement?.. on what possible basis can you make such a statement? You previously made very clear to me that, as a matter of company policy, ABSA distances itself from any findings and arrangements associated with client divorce settlements. It seems to me that you / ABSA are intentionally making my extrication from this matter as complicated as possible to preserve ABSA's own financially beneficial position in this whole affair, BUT to the contrary - ABSA will not benefit from this. ABSA will lose money in the way they perceive this issue. Making this whole issue just more intolerable and wholly unacceptable.</p> <p> </p> <p> ABSA: I understand where you are coming from and I am only informing you of the Bank’s view policy and process for this situation. Correspondence in response to your attorney letter in this regard will also follow shortly. I know we have discussed this on numerous occasions. The easiest and quickest way to resolve this is for your ex-wife to apply for the bond in order to effectively buy herself out of the facility.</p> <p> </p> <p>My Response: Why has my attorney's letter to ABSA not yet been responded to? It was weeks ago that you / ABSA received this letter. Again, it certainly seems that there is no sense of urgency on any of this from ABSA's perspective. Again... MY EX-WIFE will not apply for a separate bond because it is not in her financial interest to do so. Thus, if she cannot be compelled to do so, I will wish for... or rather, I will INSIST on ABSA's providing me with an effective procedural framework as to facilitate my complete extrication from this 'joint bond' mess. Further delay tactics on your / ABSA's part regarding any further intentional 'slow-rolling' of resolution-focused processes will result in my legal pursuit of the remedy for any and all financial damages incurred as a result.</p> <p> </p> <p>ABSA: As mentioned non-payment will lead to the account going into excess, if the excess continues Absa’s pre legal and legal process will follow.</p> <p> </p> <p>Our last valuation on your property was April 2016. I am going to call for a new valuation. The last valuation was for R2.6m , if we can get R2.7m Plus we should have enough security to cover the outstanding balance less R**** from ex - wife bond Finance. On our current valuation we are only R15k short. Stopping payments will work against the above scenario.</p> <p> </p> <p>My Response: How is it that you have come to establish this figure of R****? On what is this based?</p> <p> </p> <p>PLEASE NOTE – MY PROPERTY WAS THEN DEVALUATED TO R2.2m. The only property in the Garden Route who lost value. ABSA devaluate my property reason for doing this – so that there is NOT enough security for my ex-wife and ABSA to remove her property from my Platinum Account. </p> <p> </p> <p> </p> <p>ABSA: The above will imply ex - wife to push forward with her application as the scenario would be that your property can now stand alone as security for a facility of outstanding balance less R660k payment from your ex-wife .</p> <p> </p> <p> My Response: Have you made clear to my ex - wife what the impact of her further inaction will be to herself? Or has none of this been emphatically communicated to her by ABSA, on the hope that if she chooses to take NO further action regarding her bond application, that things will continue as they are, status quo, and thus in ABSA's own financial best interest?</p> <p> </p> <p>Quinton, it is now clear to me that ABSA is indeed preferring to have this matter be perceived as being unresolvable. We continue to be in a 'continuous loop' in terms of a solution to the matter being systematically unattainable. If ABSA continues to go down this path of obstruction and obfuscation, I will be left with no option but to allow the property to go into foreclosure.</p> <p> </p> <p>It is indeed unfortunate that you / ABSA do seem to prefer to focus on taking an approach of threatening me with 'pre-legal and legal' action in the event of my non-payment, rather than making a sincere and concerted effort to focus on helping me to extricate myself from this highly flawed ABSA joint bond product. This product which you were all too happy to sell to me, but for which you now seemingly want no part of in terms of taking responsibility for ensuring my ability to be fully and comprehensively extricated therefrom, as is my objective and intent as a long-time ABSA client.</p>