******** Forced Insurance Loading

iMasFinance attempting to force ******** insurance cover despite valid comprehensive policy in place

REF: IEMAS MEMBERSHIP NO. ***5 02

I am a vehicle finance client of iMasFinance. I have a valid comprehensive insurance policy with Discovery Insurance, which I have already submitted to iMasFinance along with all required tracking information.

Despite this, iMasFinance sent me a notice stating they have "not received" my updated proof of insurance and intend to load limited insurance cover costs onto my monthly instalment. This is ******** for the following reasons:

1. Violation of Section 106(2) of the National Credit Act, No. 34 of 2005 (NCA)

The NCA explicitly prohibits a credit provider from requiring a consumer to purchase or maintain insurance that is:

(a) not reasonable; or (b) not reasonable in relation to the actual risks and the consumer's obligations under the credit agreement.

I already have comprehensive cover in place. Loading duplicate insurance is unreasonable and a direct contravention of the NCA.

2. Force-placed insurance is internationally recognised as ********

This practice, known as "force-placed" or "lender-placed" insurance, occurs when a lender imposes unnecessary duplicate coverage on a consumer who is already adequately insured. Financial institutions globally have been obliged to refund policyholders for this practice.

3. Failure to acknowledge submitted documentation

Despite my proof of insurance being sent, iMasFinance claims not to have received it. This is either gross negligence or a deliberate tactic to force me into purchasing unnecessary cover through their brokers.

My Demands:

· Immediately cease and desist from loading any limited insurance cover · Provide written confirmation that my Discovery Insurance has been accepted · Refund any charges already debited

I have given iMasFinance until 31 August 2026 to resolve this. If not, I will lodge formal complaints with the National Credit Regulator (NCR), the Credit Ombud, and pursue legal action.

iMasFinance claims to be a "caring partner in financial wellness" – forcing ******** insurance on customers who are already covered is the opposite of care. This is exploitation, plain and simple.

Unhappy customer

Nimmi Membership No: ***5 02