Shocking customer service
I approached FNB on 9 Oct 23, wanting to consolidate some debt and borrow money on our home loan for an extension. Our bond is R2.5m and our house was recently valued at R4.6m. We have roughly R2.1m in equity sitting there.
On 7 Nov 23 my banker arranged a meeting. He explained due to my husband's credit status, we couldn't get money for an extension, but that we could apply for a D7 application to consolidate some of the debt to make things more manageable. Great, we don't need the extension, but definitely need some debt consolidation.
On 12 Nov 23 we submitted the necessary paperwork, including a detailed income and expense report. We sat the whole Sunday looking back at months worth of bank statements to ensure we put the correct amounts down.
On 17 Nov 23 I followed up to hear whether we qualified to apply for the D7.
On 23 Nov 23 I submitted a proof of income letter for my husband.
On 11 Dec 23 I followed up, as there was no communication.
On 14 Dec 23 I followed up again and was told based on calculations we do not qualify as apparently there is a huge surplus (wow!! wish I knew about this!). When I looked at the calculations, I spotted multiple errors. According to whoever took zero time to look at our application we apparently had tens of thousand in surplus every month...why would I put myself through this scrutiny if I didn't have to?! This after we supp**** access to all our accounts as well as an in-depth income/expenditure form. I again sent my own calculations through, backed up by our accounts.
On 11 Jan 24 I still had heard nothing back. I followed up once again.
On 12 Jan 24 I heard that the person accessing this application is only back on 18 Jan.
On 31 Jan 24 I was asked to share my latest payslip, which I did immediately.
On 12 Feb 24 I followed up, nothing.
On 15 Feb 24 I followed up again.
On 16 Feb 24 I was told we do not qualify, as consolidating won't make a difference. Firstly our monthly expenses were calculated to be R70000 a month...they now (very briefly!) analysed our December spending. Firstly, December we were both on leave, my husband got a bonus (this was now included as his monthly salary going forward...I wish!), it was Christmas, my birthday and my father-in-law's birthday. So obviously spending, petrol etc had gone up, more than in a "normal" month. Payments we made quarterly was put down as monthly...had whoever "reviewed" this looked back a month or two, it would've been clear as day. My rates were doubled, my monthly petrol spend was doubled, my electricity spend was doubled. There were numerous errors. According to this person, our expenses were R70k, where as in fact it is R50k...I have the bank statements and accounts to back this up. So based on this...apparently the consolidation wouldn't make sense. Accordingly to my calculations, backed up by statements etc, this makes a HUGE difference.
Also, the amount we looked to consolidate into our home loan was estimated at R1.2m according to whoever analysed this, when in fact it should be well under R****.
How can you offer someone this option, let them fill out multiple forms etc and then put in zero effort and the client has to not once, but TWICE, picked up on errors made?! Why not include me in this process and question things with me?!
And then I was told to stop paying my retirement annuities and cut my phone and internet bills to save money. Wow! Sound financial advice, thanks FNB. I work from home, I use my phone and internet for work, so I cut those and I lose my monthly salary. My son has a phone as a medical device, a life saving medical device at that. Thanks FNB...super advice.
I pay premium rate monthly for my account and I get ZERO value for it. Whilst I am looking for another bank, I'll be sure to downgrade my account, because why I am paying R460 odd a month?! What a WASTE. Rather suggest I cut on that.
I have been with FNB since 2010 and it is shocking how customer service has declined. Even just reading other reviews on Hellopeter I can see I am not alone. You were once rated the best, what happened?!
I am done! I am moving EVERYTHING I have with FNB to another bank. Surely out there, someone must be willing to put in a bit more effort for their customers.
I reached out for help so that I don't forfeit on payments. So much for "How can we help?". YOU DON'T HELP!!
There was me always recommending FNB to anyone and everyone. What a fool I was.
This process would help me AFFORD the monthly repayments, leaving me with disposable income. You are telling me you can't offer me this, you'd rather I fall behind on payments.
I am reaching out for assistance. You'll happily lend me the money to start with, but when I come for assistance, now all of a sudden you can't offer me help.
I am not asking for more money, I am asking to consolidate this EXISTING debt into my home loan, to make the monthly repayments more AFFORDABLE. I've already shared the calculations multiple times to show how this option will assist me.
I want to repay my debt, not fall behind, hence why I approached the bank.
I am beyond frustrated, I don't know in how many more ways or how many more times I must say this to get the message across!?
This process would help me AFFORD the monthly repayments, leaving me with disposable income. You are telling me you can't offer me this, you'd rather I fall behind on payments.
I am reaching out for assistance. You'll happily lend me the money to start with, but when I come for assistance, now all of a sudden you can't offer me help.
I am not asking for more money, I am asking to consolidate this EXISTING debt into my home loan, to make the monthly repayments more AFFORDABLE. I've already shared the calculations multiple times to show how this option will assist me.
I want to repay my debt, not fall behind, hence why I approached the bank.
I am beyond frustrated, I don't know in how many more ways or how many more times I must say this to get the message across!?