The article referred to above has prompted me to share a VERY recent experience.
I applied for a new home loan from one of our leading banks in South Africa. I have been banking with them for over 30 years. I have rarely used my overdraft facility, my credit card is always in a cash positive state. I have three Money Market accounts with them. I have THREE registered bonds, all paid up (all had been paid off in about 3-4 years) with them.
My only "debt" is my cell phone account, which automatically goes off my credit card. Everything else is paid CASH. I work abroad as an expatriate and receive a above average remuneration package.
I submitted all documents, copies of ID's, Employment Contract, bank stratements (which they have direct access to in any case), etc. The ONLY thing I could not give them was a PAYSLIP.....because I don't get a pay slip!! For the last 28.5 years I received payslips, but this last job...we don't get payslips.....
Whoever the person is that handled my home loan application, he/she just declined my application. I argued, wrote numerous letters, tried phoning (from abroad), etc etc....to no avail.
I eventually managed to get hold of a senior person from the bank (he was not even working for the home loan division), who managed to inform a senior manager in the home loan department of my plight.
I have all my eggs in this bank's basket. I pay my monthly banking costs with a smile. I am one of their best clients, with an excellent credit rating. But I am being treated like a DOG!!!
After more than 3 months of to'ing and fro'ing, my home loan was eventually approved....wow, thanks! I'm being sarcastic! But it left a very bitter taste in my mouth. So much so that I am seriously reconsidering my continued LOYALTY to my bank of over 30 years.
I wonder how they treat people with a poor credit rating, or new clients, or poor clinets....must be pretty shit hey?!
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