Tips for bond holders

Aug 27 2012 13:51
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

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property  |  home loan



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