My partner who is a joint bond holder in a house recently passed away. I requested a substitution to be the sole bond holder with bank but they told me I have to apply for a new bond. I did so and it was approved.
Now I have to go through a process of transfer and register a new bond at great expense just to remove one debtor’s name. They have also increased the rate on the new bond. Can I insist on a substitution of debtor without cancelling the existing bond and applying for a new one?

Category:  Banking & Finance, Credit Bureaus and Debt

Region: South Africa, Western Cape