MELUSI Dladla and his wife will now sleep soundly. Nedbank will cancel the bond on their house, have it transferred to their names and write off any balance they owe.
Two weeks ago the Dladlas had accused the bank of trying to repossess their house on the grounds that they owed home loan insurance.
Dladla said Nedbank was keeping him in "perpetual bondage" by voluntarily paying his home insurance without his their consent. He said this had delayed the transfer process since he had to pay a home loan insurance that he had verbally cancelled.
The Dladlas' problem began in December 2007 after they had paid off their mortgage. They said Nedbank personnel told them to wait for their conveyancer's phone call, but nothing happened until October 2008.
Dladla said instead of cancelling his home loan insurance Nedbank had levied R6000 towards his insurance and withheld this information from him.
Dladla said he only got know about this through their attorneys 10 months later. He agreed to repay this debt, but a year later another R6000 was levied towards his home loan insurance though he tried to cancel it once again. Dladla said both the bank and their attorneys were sending him up and down like a yo-yo.
He said when he tried to cancel the insurance the bank told him his file was closed and was transferred back to their attorneys.
Nedbank said the Dladlas had delayed the transfer process by failing to pay the cancellation fees. But their attorneys say Dladla failed to arrange with them or the bank regarding the cancellation of the insurance.
Pramod Mohanlal of Nedbank Home Loans division said Dladla only applied for a bond cancellation in August 2008.
But the process was delayed due to the client failing to pay the cancellation fees owed to the attorneys, which have since been settled by the client.
Mohanlal said further delays in the process were due to a debit balance on the account as a result of the homeowner's cover and life protection assurance.
"The outstanding amount on the account was partially settled by the client and the bank will undertake to write off the balance," Mohanlal said.
The bank will write off an outstanding R2889,89 as token of goodwill. Mohanlal said they were proceeding with the bond cancellation, adding that it has not prejudiced Dladla with any undue delays.
"Nedbank will endeavour to engage with Dladla and the relevant attorney in order to resolve this matter," he said.
On the other hand attorneys Louw & Heyl said Dladla was forwarded correspondence detailing that the bond was to be cancelled and that he had to arrange with their office or the bank regarding the cancellation of his insurance as well as the payment of the outstanding balance then applicable on his account.
Carl van Bruggen of Louw & Heyl said Dladla only came to their office eight months later, at which time a detailed explanation was given of the requirements regarding the cancellation of the bond as well as the costs involved.
He said in terms of the provision of the Mortgage Bond, insurance is levied annually until the bond is cancelled, to protect the mortgaged property and the banks interest in respect of any amount due.
But Dladla said he owed the bank nothing by December 2007. "So why did they hold me in perpetual bondage when they are to blame for the delay. They should write off the balance of R2889 and must refund my R11000 as well," he said.
While the attorneys said he had to pay the outstanding balance of R1000, the bank was willing to write it off.