Misleading Retrenchment Cover

I took out a online loan with Capitec bank in 2014 which has never been paid late or been in arrears. When taking out the loan I enquired if it comes with insurance, for which the consultant helping me (Gerswine Petersen) told me all loan older than six months have a automatic cover for which the "OUTSTANDING BALANCE" will be settled in full. I enquired this as I wanted to take out my own insurance, but i was put as easy by their offer. I was recently retrenched due to our company closing down. I went to Capitec to submit all relevant documents, only to be told it will take up to 3 months for an assessment to be made if I qualify or not ( WHY 3 MONTHS ). I had no choice but to make an arrangement with them ( which i affect my credit ratings negatively and prevent me from getting a new job). Firstly WHY does it take up to 3 months for the assessment to be made ? doesn't Capitec have an SLA when it comes to such issues ? Secondly I was mislead that my loan which is way over 6 months will be settled should I be retrenched, I mean I wanted to take out my own insurance to cover myself from this and have peace of mind. I wonder if I will be protected by the Ombudsman ? I AM DISAPPOINTED IN YOU CAPITEC BANK.