Standard Bank Updates

The update after the meeting with Standard Bank on June 19, 2023.

1. They have identified two primary concerns and have requested us to relay these concerns to the DCs to guarantee adherence to the procedure. When Standard Bank sends a counter offer that is accepted by a debt counsellor, it is necessary for the debt counsellor to confirm the acceptance. If the final acceptance is not received by Standard Bank, they will be unable to restructure the account and the original interest will continue to be charged, until they receive a magistrates/NCT order.
2. Standard Bank acknowledges the existence of older accounts that were placed under debt review from the outset and is committed to collaborating with debt counsellors to address these legacy issues. Therefore, please review your older accounts and notify Standard Bank accordingly so that they can provide assistance.

DCASA has raised concerns about the significant increase in insurance premiums for bonds over the past 4-5 years, with some cases experiencing a rise of over 150. Consequently, the installment payments are insufficient to cover the interest as they are being utilized for insurance instead.

1. 1. Standard Bank has proposed the following. The DC is informed of the increase and adjusts payment accordingly;
   2. if it becomes unaffordable, the Consumer needs to consider replacing the insurance with a broker. Despite this, Standard Bank will hold a meeting with the insurance department to explore options and will provide an update as they would rather not lose their insurance.

For un Updated escalation list ( June 2023):

Good day,

Thank you for contacting Standard Bank Debt Review.

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