Standard Bank Bond Drama

Standard Bank, the gift that keeps on giving!!

Last year I app**** for a home loan with Standard Bank. I was approved after the consultant had to recapture my additional income (which she capture incorrectly at the beginning), this was around March - April, which then I signed the acceptance of the offer.

Then later I got an email that said that the interest rate in my initial offer had to be amended as I am no longer Standard Bank staff (i.e my offer was amended and interest increased). I also accepted the new offer. During this period I was constantly in communication with the developers as the property I was buying was off plan.

Around October - November I got an email to come sign a bond agreement with Standard Bank at Tim Du Toit & Co Incorporated Attorneys' offices. The Attorneys also kept constant communication with all of us.

Around June 2020 when Tim Du Toit & Co Incorporated Attorneys went to the Bank for final registrations, they were told by standard bank that my bond was cancelled. And as such they were confused as this was unusual; I wasnt told about this cancellation of my bond. They asked that I find out from them as to what was happening.

The following was their explanation: 1. It was cancelled because of personal issues. This they communicated with my banker. And we had to redo the application. I explained to all of them that they got their facts wrong. I have never called the bank to cancel my bond.

2. I called again and I was told it was cancelled because it wasnt taken up, and I disputed this as I had proof that this was not the case. I was given a reference as they were going to investigate.

3. I called again after 3 days after not hearing anything from them. The lady said my application was cancelled. I explained to her that this was not an application but a bond, she said she was also confused and will send it to one of the department for investigation and/or reinstatement . Still waiting, and I also have a reference number as proof.

Non of them could tell me why and who cancelled the bond, they couldn't tell me when was the bond cancelled. There was no communication or notice given to me when the bond was cancelled.

I explained to them that by law (NCA) you are not allowed cancel a bond without notifying the bond holder and also giving them notice to make an arrangement as I was told.