Bank fails to revisit records

2010-05-01 12:55

David Matotse is having his policy document ­returned to him after

fighting with Nedbank for two years.

He had used his Old Mutual insurance policy as collateral when he

applied for a home loan at Nedbank in 2000.

He received a loan to buy a house in

Klerksdorp, which he then sold to another buyer three years later and settled

the account with Nedbank.

After the settlement he instructed Nedbank to hand back the policy

document, which at the time was ­valued at R308?779, but Nedbank failed to do


Matotse realised this in 2008 when he wanted to use the same policy

as collateral in a business venture.

He claims the venture did not materialise,

partly because of Nedbank’s failure to return the document.

Since then, Matotse has tried to solve the issue with little

success. However, his fortunes changed when he approached Hotline.

We contacted Nedbank and the bank moved to ­resolve the


Pat Lamont, Nedbank home loans general manager for sales and

distribution, said a communication breakdown between the parties involved had

led to the bank’s failure to update its records.

He apologised to Matotse and said the matter had since been


Matotse is now awaiting official communication from the bank that will

confirm that the policy is being returned to him.


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