Loading...
See More

Tips for bond holders

Aug 27 2012 13:51

Related Articles

Would you buy a house with your friend?

Young women trump men on home loans

First-time homebuyers on the rise

Most in SA don't qualify for home loans

More single women snap up houses

New home buyers paying more

 
MyFin24 is a user-generated section of Fin24.com. The stories here come from users.

Fin24 user Dave Wailer posted on Fin24’s Facebook:

IF YOU have a mortgage, get out of it as soon as you can.

The less you owe to the bank the better; keep it open with a small balance, so you do not get charged for closing it earlier.

Make sure that the extra payments you make come off the capital.

Insure your risk properly. If you are retrenched, temporarily disabled, permanently disabled, or die the bank will proceed against you or your heirs.

If you and your significant other both work to pay the bond, both of you should be insured. Have all documents ready to submit the claims.

If one of you is unable to proceed with claims, the other should be proactive; the banks have a mercenary attitude – the National Credit Regulator's National Credit Act of 2005 and the banks have the upside, even if you are insured.

Insurance does not protect you if you are retrenched, die, become disabled permanently or otherwise. So one can be a good client and fall upon bad times, or just buy a house and fall upon bad times and lose your most valuable asset.

Primary mortgage holders need to be protected from eviction.

The debt and the dwelling need to be secured from the inefficiencies and abuses that the banks have undertaken in their approach to clients in conjunction with their debt insurers, the process in which they have on sold their debts bought debt (another name for securitisation).

Use of legal names on negotiable documents and trading entities, misrepresentation of who you are trading with failing to comply with customers requirements in their best interests.

Providing customers with abusive agreements, failure to provide customers' basic legal rights, while saying that they comply with the statutes of South Africa, while considering them, they have used their undue financial muscle and unlimited resources to obtain exparte judgments, and use untruth to lie to judges to get these default judgments.

On investigation the banks ignore the King Commission on corporate governance and even the ECT Act of Southern Africa. It does however give light to the fact that there is no smoke without fire and there is enough prima facie evidence to investigate civilly and criminally how the banks operate.

Justice must be seen to be done in a balanced and fair light when a judgment is taken and the two parties are not present and the facts are obfuscated and the plaintiff and his attorney have lied under oath.

It is time for those who hold the law and moral injustice in high regard to protect our law and people from degrading it further.

 - Fin24

* Get published! Send your money woes and joys to Editor@Fin24.

Disclaimer
: All articles and letters published on MyFin24 have been independently written by members of the Fin24 community. The views of users published on Fin24 are therefore their own and do not necessarily represent the views of Fin24.

Fin24 reserves the right to obtain service providers' comments before publishing any articles or letters. Fin24 editors also reserve the right to edit or delete any and all user comments received.

* Follow Fin24 on Facebook, Twitter and Google+.

 
property  |  home loan
NEXT ON FIN24X

Why I ditched medical aid

2014-10-28 11:07

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...