1 reviews | Active since Jan 2014
Policy number: ***
LETTER OF COMPLAINT – POLICY *** I Alfred Pesha invested my funds with your business for the duration of 5 years with an agreement to loan twice from my investment. I did withdraw the first withdrawal successfully, I then went to the branch yesterday to withdraw for the second time from my own investment and not loaning from Metropolitan and my request was declined due to my ITC credit profile which has nothing to do with my personal investments. Metropolitan Life has never informed me as a customer that If I need to withdraw on my savings there will be an ITC check. Its not even on my contract Unfortunately I am unemployed and have no income and currently depending on this withdrawal to pay for school fees and school stationery this week, hence went to withdraw from my own money. I am not happy and not satisfied with how I have been treated and on how this account has been handled by Metropolitan. I appeal that you take further action to release the funds requested with emmediate effect, failing to do this will result in me taking this matter forward. Please kindly consider my request to release the loan from my investment or close my investment and pay me in full as soon as possible I DO NOT deserve to be treated like this on my own investment. I am not requesting a loan from your funds but mine. As I have mentioned I am unemployed so I cannot even get money elsewhere, hence my kids education is a priority to me Kind Regards Alfred Pesha
We acknowledge receipt of your complaint on HelloPeter.
Kindly note in terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its existence to allow only one loan and one surrender, be it full or partial surrender. The same restriction rules apply when one increases one's policy premiums by more than 20% of the average of the previous two years premiums. When one apply for a policy loan, at application stage pre-loan qualifying questions are asked to determine if one should be granted the Loan in terms of the prevention of reckless credit and affordability requirements of the National Credit Act. A policy loan may be declined if one’s credit profile is under:
- Debt Review
- Judgements (administration/sequestration/liquidation etc.)
Regards
Client Care Team
We acknowledge receipt of your complaint on HelloPeter.
Kindly note in terms of Regulation 4.2 of the Long Term Insurance Act, a policy is automatically restricted for the first 5 years of its existence to allow only one loan and one surrender, be it full or partial surrender. The same restriction rules apply when one increases one's policy premiums by more than 20% of the average of the previous two years premiums. When one apply for a policy loan, at application stage pre-loan qualifying questions are asked to determine if one should be granted the Loan in terms of the prevention of reckless credit and affordability requirements of the National Credit Act. A policy loan may be declined if one’s credit profile is under:
- Debt Review
- Judgements (administration/sequestration/liquidation etc.)
Regards
Client Care Team
Thank you once again for your additional comments. One of our Client Care Assessors has been in contact with you.
Regards
Client Care
Thank you once again for your additional comments. One of our Client Care Assessors has been in contact with you.
Regards
Client Care