Every account must be analysed individually according to the individual situation e.g. the severity of the arrears on the account will determine the action to be taken. A 'promise to pay' is an arrangement for payment of the repayment in a lump sum. In the absence of full payment then a lump sum with monthly repayments to clear the arrears over a period of time will be determined between the FNB consultant and the customer. A promise to pay will be for a specific date each month and a debit order is a requirement as the repayment will adjust as the rate fluctuates.
Customers are encouraged to make arrangements to repay the arrears amount - from a single lump-sum payment to payment over a period not exceeding 12 months. The arrangement will include the normal monthly repayment plus a percentage of the arrears.
Call 087 730 11 00 or send an email to collarr@fnb.co.za to make your payment arrangement.
*Terms, conditions and rules apply
Where customers have no income or vastly decreased income and it is clear that they will be unable to rehabilitate, Quick Sell has been designed to assist and support customers in a dignified way to sell their properties through reputable estate agents in the open market.
Benefits exist for the seller including
This option is far more beneficial to the customer than the alternative which is sale in execution, a legal process where a customers property is attached and sold by the Sheriff of the Court to the highest bidder. In the case of a sale in execution, the property will fetch a far lower price than in a Quick Sell transaction, there will be no concessions and the customer's dignity is rarely left intact.
On Quick Sell private sale properties you get 50% discount on transfer-of-bond attorney fees & 50% off bond registration fees. No transfer duties payable on Quick Sell repossessed properties. Find out more about FNB's Quick Sell Plan.
*Terms, conditions and rules apply
In certain instances where it is obvious that the expenses far exceed income due to over-indebtedness, the customer may be referred for debt counselling. The benefit to the customer in debt counselling is that the payment proposal will be structured to allow for the upfront settlement of unsecured debt. The home loan payment may be reduced to a minimum of 80% of repayment for this period, followed by increased payment to the home loan so that it repays within the contract period. The debt review process restricts a customers spending habits and builds self discipline.
Any party/ies to a credit agreement that are natural persons can apply for debt counselling. Where a credit provider has already taken steps to enforce their rights under a credit agreement (the sending of a letter in terms of Section 129 of the National Credit Act 34 of 2005); that particular credit agreement will be excluded from debt counselling and arrangements outside of debt counselling need to be confirmed.
To find out more about debt counselling please call 087 730 11 00 or email collarr@fnb.co.za
Where a customer is unable to meet even the normal monthly repayment or requires an arrangement over a minimum period of 3 months, he/she can be referred to Quick Fix (the special arrangements area) where he/she will be requested to provide:
A new valuation of the property will be requested in need to assess the condition and market value of the property and the team will consider the most appropriate arrangement for that particular customer. Credit checks will also be performed to check the accuracy of his disclosure.
Arrangements could be considered from:
*Terms, conditions and rules apply
This repayment method allows you to pay the minimum monthly repayment required.
If you have adequate funds available, no matter what happens to the interest rates, you can opt to pay a set, additional amount every month.
Add-on repayment choice
This amount is a set amount that you would pay over and above your standard repayment option. For example, if your repayment is R6000.00, you can 'add on' an amount of R500.00, thus making the repayment R6500.00.
If your rate fluctuates, and the repayment increases or decreases, the additional amount of R500.00 will remain regardless of the change in the basic repayment, and your total repayment will adjust. Your total repayment will therefore increase or decrease with fluctuations.
This amount is an offered amount that is greater than the minimum repayment amount required. For example, if your repayment is R6 000 you can 'offer' to pay an amount of R6 500.
If your rate fluctuates, the repayment amount will remain constant until such time as the minimum repayment amount exceeds R6 500. In this instance, the minimum repayment amount will override the R6 500 repayment, and the R6 500 offered amount will no longer exist on the account.
This is the standard interest rate option; the interest rate varies in line with movements of the market interest rate.
Variable interest rates may be used in conjunction with:
FNB understands the importance of saving and budgeting, so you have the option to get a fixed interest rate. In this way, you can be assured that your repayments won't go up or down irrespective of interest charges.
This option allows you to fix an interest rate available at a specific point in time. When interest rates are on an upward trend, this option offers stability, as the rates will be fixed for a particular period. A fixed interest rate is an agreement between FNB and the bondholder/s for the outstanding balance at a specific point in time, at an agreed interest rate, for an agreed term. Fixed rates are valid for 24 hours upon quote and if you choose to accept the quoted rate you will need to sign and return the Fixed Rate Variation Agreement before close of business the following day.
How long can I fix my rate for?
12,18,24,36,48 and 60 months.
Benefits of a fixed rate
Having the peace of mind knowing exactly what your monthly bond repayment will be over a set period. Allow more stability to budget more effectively, irrespective of future interest rate hikes and protect your return on investment from interest rate increases.
Qualifying criteria
Who is this for?
Exclusions
