Home loan denied

J

Jabberwocky

Expert Member
Joined
Aug 8, 2008
Messages
3,615
Reaction score
11
Location
Kapsteel
Don`t know whether to laugh, cry, or bang my head through the wall.

Absa denied my home loan application...
Apparently i`m in arrears with a woolworths account.
Which I settled 5 years ago
The amount apparently now owed is R20
 
Have a very loud word with Woolworths...

And also have a nice chat with ABSA...
 
The irony is that I opened the woolworths account 7 years ago to build a credit record.
 
B.O.F.H. said:
Have a very loud word with Woolworths...

And also have a nice chat with ABSA...
Click to expand...

No point in getting upset with ABSA, as it ain't going to get you the loan. Rather try and understand why you got declined and then fix it.

If Woollies is the issue, then take them to task (cordially) and see what can be done to sort out your credit record.

Consider also an approach to FNB, as I hear (from attorneys I recently dealt with) they are one of the best at the moment when it come to home loans. I have also been extremely happy with the service I have received from them.

I recently dumped Nedbank (their service to me stank and they were totally disinterested in me as an existing client, despite my credit record with them being exemplary). It cost me to move my loan, but FNB were extremely accommodating and their service has been superb thus far.
 
I'm a happy FNB bond holder, via OOBA. Did Woolies never send you statements?
 
+1 for going with FNB. Using both ABSA and FNB atm and FNB is just better.

But ABSA cant do anything about the woolies bill, the NCA prevents them from giving the loan. Its ridiculous indeed, my dad has R15m+ in real estate and coudnt get a credit card because vodacom made the same kind of error 5 years ago. Even though we currently have 4 vodacom contracts under his name, the R120 or so still prevented him from being aproved for credit untill it was cleared.

Ask woolies for proof of registered letter they had to send you before giving you up to credit control. That should get them moving quickly.
 
I've been hearing about more and more people going over to FNB or praising their service..

ABSA seems to have taken a huge nose dive in terms of reputation and service.

But good luck, ya start at the source.. Sort woolies out asap
 
+1 on the FNB recommendation. Just to let you know, banks tend to listen pretty closely to the radar. Just drop a mention of FNB's "offer" with your next attempt with ABSA, and see the guy scurry to get the boss to approve your loan. Esp if you mention moving banks altogether. They do need to know that you have options for them to treat you more seriously.
 
Ouch.
I had a screaming match with Woolies once too. About a R14,70 outstanding on a credit card I closed 3 years prior.
I won :)

And as for Nedbank, the only good thing I can say about them is when a giant meteor slams into Earth and ushers in a new Ice Age from the orbital shift created by the energy of said impact, it's Nedbank who'll take the direct hit. Assuming there's any justice in the world.
I've never been more put off a bank than that one.
 
I moved to different places 5 times, and got a new cellphone number twice since I closed that account. Don`t know if woolies knows where to look for me.
Using a bondage broker, but I`m currently leaning towards FNB, had some issues with wesbank in the past.... but nothing compared to this level of fail.
 
nakedpeanut said:
I've been hearing about more and more people going over to FNB or praising their service..

ABSA seems to have taken a huge nose dive in terms of reputation and service.

But good luck, ya start at the source.. Sort woolies out asap
Click to expand...
Jip. I moved to FNB from Absa. Best move ever.
Their service is miles ahead and more affordable too.
 
I won't deal with ABSA... they're dodgy...

But I've had the completely opposite experience to everyone else.
Nedbank have been MUCH better than FNB for me...
 
I also had a home loan denied recently by ABSA. I asked for a review and wrote them the motivation of justice and awesomeness. I also used a bond originator. Needless to say it turns out some clown at BLAPSA captured my one expense twice and thus it seemed I could not afford the loan.

Fix your issues with Woolies and then write a motivation and attach a letter from Woolies that says they messed up. Hope it helps.

And btw its the worst feeling in the world to be tpld that you are not getting a loan for a place that you really, really want.
 
I'm very happy with FNB on the cheque account and credit card.

Home Loan was royals pain. The attorneys they use in Bedfordview are incompetent, losing forms and having us sign form on 3 different occassions due to this. Eventually had to ask the bond originator to intervene. And the fact that they almost force you to go with OutSurance for you insurance infuriated me endlessly. It seems that no other insurance company complies with their rules governing insurance.
 
Don't use Absa, they only offered me 70% of the loan I needed to purchase a place, Nedbank came back with 90%, FNB was 95% and Standard actually came and said here is 100% and they had the best rates across the other 4 banks.
 
PhreakBoy said:
I'm very happy with FNB on the cheque account and credit card.

Home Loan was royals pain. The attorneys they use in Bedfordview are incompetent, losing forms and having us sign form on 3 different occassions due to this. Eventually had to ask the bond originator to intervene. And the fact that they almost force you to go with OutSurance for you insurance infuriated me endlessly. It seems that no other insurance company complies with their rules governing insurance.
Click to expand...

The attorney isn't really FNB's service. You should have logged a complaint with FNB, enough and they will remove the attorney from their panel.
My bond attorney was Eversheds in Sandton, and everything went smoothly and was sorted out quickly and efficiently.
 
Lupus said:
Don't use Absa, they only offered me 70% of the loan I needed to purchase a place, Nedbank came back with 90%, FNB was 95% and Standard actually came and said here is 100% and they had the best rates across the other 4 banks.
Click to expand...
If i am not mistaken the % of the loan the bank is offering is normally tied to the value of the property as well. They will not give you a 100% loan if the property you are buying is being sold above market value. That being said they never valuated my property, I guess they took the average of similar places in the same area.
 
I have lost faith that it is humans were dealing with, when going to banks. Thinking its more messed up policies and systems, and drones that can get you a home loan denied because of R20.

If the ASA can tell ISPs to remove "broadband" from their advertising, they should also tell banks to remove "service", and pictures of mythical "bank managers"
 
broken1 said:
The attorney isn't really FNB's service. You should have logged a complaint with FNB, enough and they will remove the attorney from their panel.
My bond attorney was Eversheds in Sandton, and everything went smoothly and was sorted out quickly and efficiently.
Click to expand...

FNB referred me to the attorney. I referred the matter to the head of legal at FNB and got turned a blind eye.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X