GA
Glen A

1 reviews | Active since Aug 2018

20 Aug 2018, 20:47

Bond approval then terminated without reason

We are a young family who recently app**** for a housing bond through NEDBANK, we were thrilled when we got the call from the bank to say that our bond had been approved on the 23rd of July. We then went through a process of negotiations to settle on a rate. We signed all documents, went through the process with the transfer attorney, and again signed all necessary documentation. We even moved our personal as well as our business banking over to NEDBANK. However, things started looking a little sketchy when the registration attorney had not received any notification from the bank. After many inquiries from our agent, the registration attorney, as well as our bond originator, nobody could give us feedback as to why the process was taking so long to get to the registration attorney. Eventually after two weeks we took matters into our own hands and contacted as many people as we could in NEDBANK - absolutely nobody could give us clarity on the situation. Our banker ignored our phone calls as he too was kept in the dark and had no luck in finding answers. Eventually we recieved an email from head office last Thursday to say that our bond had been terminated. There were no reasons stated in the email. We called the number provided on the email to lodge a complaint. The person my husband reached said he could find no record of our application and that we should consult our bond originator - which we did - she had received no notification of the sort. We spent the weekend not knowing why our bond was terminated after being approved. During the weeks after approval, we made plans to cancel our alarm contract, move our Telkom account, change insurance etc. We found tenants to take over our lease, and we even started packing! Today we demanded answers from the bank - we tried every channel we could and still - NO answers. We insisted on a meeting with our banker this afternoon. The only feedback he had was that our bond had definitely been terminated, that there were some issues at verification that they were unwilling to discuss with him or us! He was just as frustrated as we were! I find this absolutely unacceptable! This not only effects us - there are massive ramifications for all involved (what happens in this case to the owners who's house we were purchasing? They too had bought a new house!) How can one approve a bond only to terminate with no given reason? The service we have received from NEDBANK has been nothing short of terrible! To think that we have also just opened an account with them for a new thriving business - makes us second guess our decision! Why also did NEDBANK not advise us that approval of the bond did not mean that there was still a chance of termination. This truly is very upsetting, devastating for us and all involved, as well as completely immoral in my opinion to withhold information that I feel we are entitled to know! Is there anyone out there who can possibly assist us in our situation or do we need to get legal advice??

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Replies (3)
Nedbank
Nedbank's reply21 Aug 2018, 08:22
Official

Dear Glen

We have noted your concerns regarding your home loan application. Kindly note that a Resolution Manager will contact you to discuss the matter.

Regards

Client Service Support

GA
Glen A's update21 Aug 2018, 08:34
Reviewer Update
Many thanks, however this seems like an automated response as we have received similar responses from numerous individuals in so called "high positions". Let's see how long it takes to hear from a "Resolution Manager"???....
GA
Glen A's update21 Aug 2018, 16:38
Reviewer Update
We have waited 6 days for a personal response from NEDBANK! We have been promised a response by close of business on MANY days. Another whole a business day has gone by and STILL no response - how absolutely unacceptable!