Lesson Learnt

Lesson learnt. Always record your calls from any financial institutes. My wife took out a personal loan from Nedbank. Few months later she lost her job. We then made payment arrangements with a Nedbank consultant. Nedbank’s consultant ****, was untruthful, behaved *********ly about the terms and conditions with a smile.

The crux is that Nedbank made us believe that the payment arrangement will decrease the loan amount by cutting of the interest portion. For 17 months of paying, I believed and took Nedbank’s word for granted that they will keep up to our tele agreement, thus me setting up a debit order.

Beginning of 2019 I followed up for a balance and to my shock “the initially loan was R 32k, then brought down to R 26k and now 10/2019 R 51k.

I followed up numerous times to their credit department but all I hear is we do not reduce client’s interests. But then I ask, why was I misinformed that caused me a loss of +R 20k

So I decided to go to the Banking Ombudsman for investigations. Nedbank then provided with tele recordings of me giving my banking details for the debit arrangements. They only provided what they needed to cover themselves. No questions like “why would the client set up a debit order” and so forth. Case Closed by the Ombudsman.

All I wanted was some honesty from Nedbank from the first call that could have prevented us from further and deeper into debt with them but this is the bank/people that we deal and trust.

My View: Don’t trust the banking Ombudsman as they are in favour of banks. Don’t trust Nedbank as they don’t have any business ethics.

I am in the process of having the full debt settled but, Nedbank and the Ombudsman must be crazy enough to think this is going to be over. Nobody has the rights to mislead another human being to a financial loss and get away with it. It is not a threat but a fact.