Extremely High Insurance

<p>Good Afternoon</p> <p> The reason for my complaint is , I went to view my credit record report in January and my outstanding fee was R5000 , was I happy and the decide to call FNB to confirm this by my surprise I still owe the bank more than the amount I’ve seen on my credit report. I then asked FNB for my contact and the breakdown of everything i then discovered that I have a personal protection plan, that I was not aware of, The consultant that sold me the Loan was to tell me that the bank approved me R25000 and that there is an insurance that I must pay, Or any other consultant was suppose to call me and explain me the cover. I think every one needs an Explanation before signing paperwork. The day I’ve signed my contract I was under the impression that I signing for my Loan and the interest of the Loan hence me not reading the paperwork and nobody From FNB Told me that I will have a personal protection plan and how it work.FNB can listen to there Voice recording check the emails between myself and the Consultant, I promise nothing was mentioned. Secondly I worked for a insurance company called TMS for wesbank and all other banks , doing quotes on personal protection plan and short term insurance ens, there was not such a thing of taking out and insurance with interest, I on the other hand had to make sure one of our consultant call the client and explain the cover in full, then I feel a loan and insurance is two different things, as far as insurance on money is concern as soon as the loan is paid they should give the insured money back that is as far as I know.</p> <p> I decided to do research on a loan insurance and the coast is 10% of your Loan that will be R2500 to R3000 on a R25000 Loan . I have been awaiting for feedback from FNB since the 18/ 28/04/2016 with no response. I have sat down re- done my calculation this still beats me hands down. I have borrowed R25000 on 28/08/2012 with the interest of 18.50% that give me= R4625 +R25000 =R29625 +initiation fee of R1026 +admin fee=R1641.60 = R32292.6 + my insurance that actually equals almost half my Loan R11,400 = R43692.6. If I already Paid FNB R44,467.16 and my outstanding balance is R5803.67 = R50,270.83. Then I Feel your interest charge is R100% and not R18.50%. Please can you confirm if you feel that this is common and fair practice?</p> <p> In conclusion I feel that I paid FNB the R25000 with the interest of 18.50% and all the fees including The insurance of ,R11 400, According to me There is nothing to ensure any further then I asking that FNB Should then Cancel the insurance as I know the only think that FNB Has leg to stand on is the mere fact that I signed for something I was not aware of.</p> <p> Promptly awaiting you response</p>