We are using other platforms

Complaint:

Nedbank Home Loans Department please explain why do you not provide your Home Loan Clients with regular statements whenever Interest Rate Hikes are announced? Clients are only informed after several months of arrears on their home loans. Your bank also has the audacity to send via registered mail Demanding Letters of arrears to be paid immediately or threaten clients with legal action. Why do some other banks provide these statements to their clients on time? Your service in this regard is pathetic.



Response:

Riaan Keulder, Head: Nedbank Home Loans writes:

Thank you for your feedback, we apologize for the inconvenience.

The Bank of Namibia (as the regulator of all banks in the country) is normally the first to announce interest rate hikes the moment they are implemented. This announcement is usually published in the different newspapers and announced on radio stations for the public.

After the BON announcement, we at Nedbank then adjust our interest rates on the 1st day of the following month, after which we then inform our clients publicly in newspapers and on social media platforms.

With regards to Home Loans, this is the process we follow to communicate to clients:

When a Home Loan payment has been due for seven days, the bank normally calls the client to remind them of the due payment. If after the first call no payment is received, the bank sends the client the first Letter of Demand, giving them 30 days to settle the payment. If after the 30 days the payment is still outstanding, the 2nd Letter of Demand is sent to the client, giving them an additional 14 days to settle the payment. If after three months the payment is still outstanding, the bank then hands the case over to our lawyers for legal action.