Standard Bank Demand Additional Documents

Standard Bank Delay in Restructuring Debt?

In correspondence with DCs this week Standard Bank has announced they have changed the way the put restructuring of a consumers account in effect.

Standard Bank have announced that they will send out a provisional acceptance of the original  proposal but will not then issue a final acceptance of the proposal until they receive another proposal (referred to as the final proposal or final acceptance letter in their correspondence).

They are then happy to respond with a final acceptance letter and to implement the changes on the consumers account.

Delay means more money for Standard Bank

Standard Bank have cited the need for a lot of reworks on their system under the previous way of doing things. They are now making changes to streamline their workload. This new process will take a few extra days and will thus allow Standard Bank to add interest and fees during this time resulting in larger end balance differences which the consumer under debt review will have to pay for down the line.

Lash Back

The correspondence has already caused a big stir in the Debt Counsellor community who are not interested in extra work. There are complaints that this new improved process – which no doubt relates to Standard Banks new computer systems which were put in place this past weekend- is not in line with the NCA or the NDAMA rules (which std signed) or the NCR Task Team Guidelines process.

Queries about this new process can be sent directly to Standard Bank:  DebtReviewServices@standardbank.co.za