I have applied for a substitution of deb...

Asked by the Customer on 04-11-2021 09:14:02
Question posted in the Property Law category relating to Western Cape

I have applied for a substitution of debtor at FNB as I am the sole ownership of the property according to the Divorce decree. The bond is currently a joint bond. My balance at the bond is +-R12k and I have 6 months left to paying it off. Now the bank told me the minimum I can apply for the substitution of debtor is R100k. I find this very strange as I am not applying for additional funds, all I want is to remove my ex and have the bond on my name only as per the decree. Also I am the one responsible for paying this bond ever since we bought the property 2002.

How is this possible.

Message from the Attorney

Posted by Att. Patrick on 05-11-2021 12:05:42

Hi there,

I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment, even if it is R150 or R200.

It does sound a little strange. Why not just leave the bond open for the next 6 months? And then cancel the bond once it is settled in full.

OR, why not take out a personal loan for R12k (for 6 months, or 8 months) and use that to settle the bond in full, then cancel the bond? Then you would just have a personal loan in your name.

Att. Patrick 

Please remember this is a dialog if you have follow-up questions please make the required deposit, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make deposits for their questions - they get serviced first!

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