Formal Complaint: Home Loan Account Balance, Bond Term and Refusal to Provide Full Transaction History

Dear Nedbank Home Loans Complaints Department,

I hereby lodge a formal complaint regarding my Nedbank home loan.

I have been paying this home loan since approximately 2008. Over the years, I have not only paid the required monthly instalment, but at certain stages I paid approximately R2 000 extra per month. I have also gradually increased my monthly payments, and I am currently paying more than R5 000 above the original or required amount per month.

Despite these additional payments, I am deeply concerned that the outstanding balance does not appear to be reducing in a reasonable and transparent manner, and the duration of the bond does not appear to be reducing as expected. In ordinary circumstances, consistent additional payments should have a clear impact on the capital balance and/or the remaining term of the loan, unless there are charges, interest adjustments, arrears allocations or other account movements that explain the position.

To make matters worse, I have requested a full transaction history of all payments and allocations made on my home loan since inception, but Nedbank has not provided me with all the transactions I have made over the years. This prevents me from properly verifying how my payments were allocated, how interest was charged, whether extra payments were app**** to capital, and why the bond term has not reduced.

I therefore request Nedbank to urgently provide me with the following:

1. A full transaction history from 2008 to date, showing every debit, credit, fee, interest charge, insurance charge, legal/admin charge, reversal and adjustment on the account.

2. A breakdown of how every additional payment I made was allocated, specifically whether it was app**** to capital, interest, arrears, fees, insurance or any other charge.

3. A full amortisation schedule showing the original loan amount, original term, interest rate history, monthly instalments, capital balance, interest charged and projected settlement date.

4. A written explanation as to why my additional monthly payments have not resulted in a visible reduction of the bond term and/or outstanding capital balance.

5. Confirmation of whether my account was ever in arrears, restructured, capitalised, placed under legal/admin status, or affected by any interest-rate or repayment arrangement that may have impacted the balance.

6. A current settlement quotation and a separate statement showing the current capital balance excluding any fees or charges.

I request a written response within 05 business days. Should Nedbank fail to provide a satisfactory explanation and the requested documents, I reserve my right to escalate this matter to the relevant banking complaints body, the National Credit Regulator, and any other appropriate authority.

I have made payments in good faith for many years and have consistently paid more than what was required. It is therefore only fair and reasonable that Nedbank provides a transparent, complete and understandable account of how my money has been app****.

Please treat this matter as urgent.

Yours faithfully, Irish Lephoto ***