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JT
Jana T

1 reviews | Active since Nov 2012

09 Sept 2024, 13:52

Never trust Nedbank!!!!

I requested a settlement loan from Nedbank for my ABSA personal loan. I did everything via email. I asked the consultant if i they needed anything besides the settlement letter from absa as I could not retrieve this from my app and had to call them. The nedbank consultant advised me that i do not have to get the settlement letter from ABSA, "we will get the settlement from absa" I received the documentation from nedbank to sign, which i did and i sent it back. Nedbank made the settlement payment to ABSA, but i noticed that there was still an amount outstanding on my absa personal loan. I queried this with absa, they advised that nedbank settled according to the amount outstanding on the credit bureau, and not according to the actual settlement amount (the amount that i told the nedbank consultant i wanted to request from absa, but they advised me not to, they will do it from their side) I **** a complaint with nedbank, did not hear from them. I had to follow up myself more than once. After I waited for almost a month to get feedback from nedbank, I'm being told i signed the documents which states that they pay according to the credit bureau amount. This document however also states, "or to calculate the outstanding balance(s) based on credit bureau data to DETERMINE THE OUTSTANDING BALANCE(S) ON THE CREDIT AGREEMENTS AS PER THE DETAILS LISTED BELOW" - so nedbank says they pay according to the credit bureau amount, i say why didn't they calculate it to determine the actual amount outstanding? Now I'm sitting with a loan with absa, and a loan with nedbank. I tried making arrangements with the banks, either with absa to allow me to freeze the account and not accumulate interest and credit fees so that i can settle the account sooner, or nedbank to allow me to make a lesser payment at the end of the month towards my new loan so that i can use the balance of the installment to settle the absa loan. Neither of them are willing to make arrangements with me and in the meantime interest just gets added to the loan that nedbank was supposed to settle. I am honestly so disappointment in this whole experience - I moved to absa in this year because nedbank, after so many years of being a client, did not offer me what absa offered. Now i'm actually so disappointed that i moved my loan back to Nedbank!!!

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Replies (1)
JT
Jana T's update12 Sept 2024, 09:44
Reviewer Update
Update on my previous post...
I received a response from Jason at Nedbank, sending me another computer generated response like the previous consultant when i complained. Explaining that i signed the documentation that says they obtain the info from the credit bureau. I had to follow up 2 days later as I did not get a response the following day.
See email trail below... PLEASE AVOID doing business with this bank. The consultants are not trained to give the correct information and they get you to sign documentation (which i highly recommend you read because the info is contradicting on the documentation that you sign, and afterwards they turn it around to count in their favour)
I have screenshots of the email and the document, should someone wish to view it.

Email from nedbank:
Dear Jana,
When calculating the settlement amount for your personal loan, our team relies on the outstanding balance reported by the credit bureau(s). Please note that this balance does not include any uncapitalised interest, which remains due and payable on your loan account. The credit bureau(s) update the outstanding balance on a monthly basis.
The consultant’s advice that a settlement letter was unnecessary was based on this information. This is why we have included a clause in the SPOA, informing clients that they are responsible for settling any shortfalls.
We regret that you signed the document without fully reading the terms and conditions, and only later became aware of this clause and that there may be a shortfall.

My feedback:
Hi Jason,

Thank you for your reply.

I unfortunately do not agree and still don't understand. I still want to know what gets calculated?
If info is obtained from the bureau and the bureau only, why does the documentation that Nedbank requests their clients to sign, say that they will CALCULATE the outstanding balances? Again, you say you obtain the info from the credit bureau, I say you were supposed to calculate the outstanding balances based on the credit bureau data to DETERMINE THE OUTSTANDING BALANCES on the account, which in my opinion means interest as well. THAT is what I signed for. Getting the info from the bureau only is not calculating anything, and it's not determining outstanding balances, it's literally just taking the info from the bureau and working according to that. Your documentation gives false information to the clients and I will make this known. It's honestly sly and I will make people aware of this.

I also want to correct you here - "The consultant’s advice that a settlement letter was unnecessary was based on this information"
Please read the attached email again. The consultant did not only inform me it's not necessary to get the settlement, the consultant informed me the SETTLEMENT will be obtained from ABSA - not the credit bureau!!!! There is a major difference, as per all the emails that I received from Nedbank, between a settlement agreement and the amount obtained from the credit bureau.

Your consultant, who provided me with false information, has resulted in me having to fork up a few thousand rand and of course, made me realise why I left Nedbank in the first place.
I will NEVER do business with Nedbank again and I will make it known to clients that the staff is *********** and not to be trusted, and that the bank makes you sign documentation and flips it around to count in their favour, as they see fit.

***** ***** *****!!