Home Loan Statements

[blunomore]

I am a member of a CC, with 3 other members. We purchased a property and applied to ABSA for a home loan about 2/3 years ago.

According to them, we all signed surety, but none of us have signing powers on the home loan account. I requested a statement and it was refused because according to the bank - like the other 3 members of the CC - I do not have signing powers.

Is this possible? Surely someone should have been given signing powers? It makes no sense to me. This in effect means we all pay the bond, but none of us are entitled to information about that very same bond account ....

The problem is also that, when you talk to the home loan call centre agents, they are generally not well-informed and are only allowed to follow the 'script' given to them.

 

[xrapidx]

Doesn't sound right - Hellopeter?

 

[Frankie]

My accounts with ABSA, and I recall that all parties need to appear together to setup the signing rights etc.
In my case my wife had to sign a power of attorney in my favour for me to conduct the account on my own.

 

[blunomore]

My accounts with ABSA, and I recall that all parties need to appear together to setup the signing rights etc.
In my case my wife had to sign a power of attorney in my favour for me to conduct the account on my own.

So my point is that when the loan was approved 2/3 years ago, they should have set up signing powers as a matter of course, non?

 

[DJ...]

You merely signing surety does not give you signing powers on the account afaik...

 

[blunomore]

You merely signing surety does not give you signing powers on the account afaik...

I agree, but would you not say that on every bank account of whatever type, the bank should ensure that SOMEONE has signing powers?

 

[DJ...]

I agree, but would you not say that on every bank account of whatever type, the bank should ensure that SOMEONE has signing powers?

Most certainly. In fact i cannot fathom how it could be processed without anyone ultimately signing for responsibility as a member of the CC...

And why would you sign surety for a CC and thereby negate the limited liability it provides you? Does the CC have no assets?

 

[blunomore]

Most certainly. In fact i cannot fathom how it could be processed without anyone ultimately signing for responsibility as a member of the CC...

And why would you sign surety for a CC and thereby negate the limited liability it provides you? Does the CC have no assets?

All members signed surety for the loan. The CC only owns the property for which the bond was registered and nothing else.

 

[andres101]

AFAIK, if the CC owns the property, then whoever has signing rights for the CC should automatically have signing rights for the account.

I think you might be confusing the call center agents when you bring up "surety". rather tell the agent that you are phoning from YourCcName and you would like a statement.

 

[blunomore]

I think you might be confusing the call center agents when you bring up "surety". rather tell the agent that you are phoning from YourCcName and you would like a statement.

I did not bring up the issue of surety, they did. They insisted that I signed surety, but I am not entitled to statements because I do not have signing powers.

 

[Frankie]

Right now the protections in place to ensure that all members of the CC participate in any account activity, and until they sign power of attorney to one or more member, ABSA will require all three present for any transaction.

 

[blunomore]

Right now the protections in place to ensure that all members of the CC participate in any account activity, and until they sign power of attorney to one or more member, ABSA will require all three present for any transaction.

The CC does not have 3 members, it has 4.

Also, if there is no-one who has signing power, one would imagine it would cause problems for ABSA.

 

[Frankie]

The CC does not have 3 members, it has 4.

Also, if there is no-one who has signing power, one would imagine it would cause problems for ABSA.

I guess that ABSA don't see it as a problem, because they will just insist that all 4 are present for any transaction, until such time as all 4 have presented themselves to arrange signing authority - I recall in my case it was in the form of my wife signing a power of attorney to me to enable me to perform transactions on my own.

 

[blunomore]

I guess that ABSA don't see it as a problem, because they will just insist that all 4 are present for any transaction, until such time as all 4 have presented themselves to arrange signing authority - I recall in my case it was in the form of my wife signing a power of attorney to me to enable me to perform transactions on my own.

I guess so. Anyway, our payment goes through on debit order, so I guess I can live without the statements. If ABSA takes more than what is owing to them, we just haul their asses in front of the Ombudsman.