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Dikeledi Molokomme and her son now depend on hand-outs from neighbours and relatives while Absa withholds her pension fund pending the lifting of an insolvency order.

Molokomme's son had to drop out of school in March because she could not afford his bus fare.

The semi-literate shack dweller said she wanted to buy bricks and build a proper house for her family.

"So that my kids should have a place to call home," Molokomme said.

She said building a house on the piece of land she occupies would cost her less than R20000 as she only wanted to build a brick wall with windows and subdivide it into rooms with fibre board.

She worked as a supervisor at a laundry department for one of the state hospitals until retirement.

After receiving her pension payout she invested it with Capitec for a few months and withdrew it when she discovered that she would earn more interest at Absa.

Molokomme invested R100000 with Absa in July last year and by April this year when she wanted to withdraw it, it had accrued R3000 interest, she said.

Absa has refused to release her money because she was declared insolvent in 2003. She does not owe anyone, all her debts are paid in full, and even though she may still be indebted to Absa her insolvency matter has been filed off.

She said the filing notice was issued on July 23 2005. This means any claims that Absa might have against Molokomme before April 2003 will have to be written off, as the court order for sequestration was issued on April 22 2003, reads an e-mail previously sent to Absa by Tersia van der Bergh of Kaap Vaal Trust.

Molokomme claims that Absa referred her to her attorneys to have her rehabilitated before she could get her money.

The cost for rehabilitation is estimated at R12000, which she does not have. She said she regrets ever investing with Absa. "The only time the bank said anything was when I demanded my money back," she said.

"I cannot even qualify for a government grant because their investigation shows that I have recently received a pension and it's at Absa."

She said Absa should have advised her better about her investment. Absa's Errol Smith confirmed that there is a court order insolvency hold on her account portfolio. The bank is reconsidering her matter. "Our legal team will respond as soon as possible," Smith said.

FACTS ON INSOLVENCY

• INSOLVENCY comes to an end when a consumer is rehabilitated. Insolvents are automatically rehabilitated within 10 years from the date of sequestration.
• Insolvents can apply to court within 10 years of sequestration. They may apply immediately if there has been a composition of not less than 50c in the rand.
• In all other instances, they can apply for rehabilitation of their estates. If sequestrated before, three years from the date of confirmation of the first account must elapse before they can apply for rehabilitation .
• If convicted of fraud, five years must elapse from the date of conviction.
• They can obtain an order of rehabilitation within four years provided the Master recommends rehabilitation .
• If no claims are proved, they may apply for rehabili-tation after six months, provided they have not been convicted of any fraud in relation to insolvency and the estate has not been sequestrated before.
• They must give six weeks' notice of their intention to apply by advertisement in the government Gazette and by written notice to the Master and his trustee.
• Security of R500 for costs of any opposition insolvents may be ordered to pay.

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Mon May 20 20:53:26 SAST 2013 ::

Jun 29, 2011

AK1234

Whats wrong with banks these days??

First it was FNB that also wanted to rob and old man from what i have seen on TV now is the bank i am using!!!

I am also investing with ABSA i think is time i do the check up to see which bank is the best.

Its time we invest our money & get it by the time we need without any difficulties.
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Jun 29, 2011

shanns

these days it worth saving money in the banks....
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Jun 29, 2011

shanns

what about their bank charges.....insane
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Jun 29, 2011

KHOROMMBI

Ndi vho guluva. Nne yanga ndi do tou vhea fhasi a mmbete sa magula. The bank must pay... millions
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Jun 29, 2011

lilies

shame mama, all will be okay!
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Jun 29, 2011

candilious

Wow i better check mine tooooooo as too invested at ABSA.But i have a little egg nest at Capitec aswell.Better move all my investments to them.

Mamma i hope you get back whats due to you
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Jun 29, 2011

kolobe

magogo call "speak out"
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Jun 29, 2011

HottyTotty

@AK1234
it was not FNB but Std bank

when u invest ur money they keep mum, but when u wana withdraw, yho, all hell break loose even those who could not speak can now open their mouth, nxa, Granny, ul be fine ok.
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Jun 29, 2011

Memme

I agree with Kolobe, this need to be thouroughly investigated and i think Speak out is the only solution for now.
These banks are so full of s.hit.
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Jun 29, 2011

Pabi

Yooh mama, nko go se dupe, nkabe o sa isa chelete ya gago ko ABSA, i think speak out will make this matter to move fast.
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