COVID finance problems- DO NOT waste your time with FNB!

As with many people in South Africa (and the World!!!) we are battling with finances due to COVID-19. My husband and I have sat down and meticulously worked out ways of getting through this tough time. We have established that the best way to get through this time was to apply to access money on our bond and clear all immediate debt- i.e. consolidate our debt which significantly reduces our monthly expenses- where we will actually come out of the COVID pandemic ok. We can afford to access the money as it costs less than the individual debt we currently owe. We would preferably not like to end up in debt rescue as I’m sure a lot of people will, having lost incomes etc.

FNB has declined our request, stating that our income is a problem, that there isn’t sufficient value in our property and that they don’t have appetite for this type of loan?

Oh and the best part was that we should be able to afford our debt if we want this loan?! Come again!?!? We need the loan to pay the debt- hello!!! This IS HOW we afford the debt!! We are being responsible people here!!

I have been a loyal FNB client (AND Private Banking Client) for over 20 years! We have never defaulted on our bond payments- and we went with an FNB bond when we purchased our current property over an ABSA bond because I ‘thought’ that FNB was a really decent bank who look after their clients. I am extremely disappointed with FNB and their meaningless responses and will now be making sure I choose another banking partner to assist me going forward.