COMPLAINT AGAINST MOMENTUM - POOR SERVICE Re: POLICY MATURED and NO PAY-OUT

Item: Momentum (SA)
Rating: 1
Author: lindsay J

My policy matured on the 01 September 2018. Since Mar 22, 2018, I filled in all the necessary papers for FICA and all other documents needed and emailed it to Momentum. I receive a letter in the post 02 June 2018 from momentum. In this letter they also stating, “that your investment will reach the retirement date on the 01 September 2018”. In this letter they also proclaim that “We want to make sure that we pay all due benefits as soon as possible”. signed by Bernadine Nel On 04 June 2018 I received and Application to exercise a retirement option. In this document and wrote that they should pay this money into my bank account when it matures. The reason for this is that it is about 1/8 of the retirement value which does not Justify me appointing a financial adviser. 01 September was on a weekend and I then contacted Momentum on 03 September 2018.10.19 04 September 2018 Alicia Koen response in this email “Still processing _ takes up to 7 working days”. 01 October 2018 at 07:11 23 AM. I sent email to Alicia Koen stating that I did not hear from them since my last correspondence from Momentum 04 September 2018. 01 October 2018 5:21 PM Thabo Khesa responded, “busy with internal processes – taking longer than expected”. 03 October 5:21 PM I responded that the longer they are taking to pay-out interest is lost on my side. They did not respond to my request. 10 October 2018 01:51 PM I send Momentum an email stating that it is 1 month 10 day and still no pay-out. Today it is 1 month and 19-day s and still no pay-out nor an update. This is unacceptable and now I want to know is it because I’m a coloured South African that I’m treated as if this money is not rightfully mine. Momentum is not Faithful to their clients, this poor behaviour of Momentum to Keep Me Hostage Over My Own Money. All I want from Momentum is my Policy money to be paid to me without a fight and trauma.

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Replies (3)

Momentum (SA)'s replyOfficial

22 Oct 2018, 08:15

I would like to thank you for bringing this matter to our attention. It is unfortunate that you have not had a favourable service experience and would like to apologise for that. The matter has been escalated to the relevant department for investigation and they will be in contact with you shortly to assist further.

Kind regards

Michele Coetsee

Momentum (SA)'s reply22 Oct 2018, 08:15

Official

Kind regards

Michele Coetsee

lindsay J's updateReviewer Update

22 Oct 2018, 10:49

This is the same excuse I'm receiving from Momentum on the All the Time > previous emails reads as: 4 September 2018 "Thank you for your e-mail of 3 September 2018. We acknowledge receipt of your request. Please note we are still processing your retirement request. Kindly note a retirement request takes up to seven working days, from date of maturity, to finalise. Please note confirmation will be sent once the retirement request has been finalised". > ShareCall number ***> Telephone number +2 ********** > Fax number +2 ********** > Email address ********** > > Kind regards > > Alicia Koen > Momentum Then on 01 October 2018 "Thank you for your e-mail of 30 September 2018. We are currently busy with internal processes that are taking longer than expected. We will finalise the request and send confirmation thereafter". ShareCall number ***Telephone number +2 ********** Fax number +2 ********** Email address ********** Kind regards Thabo Khesa Momentum and 10 October 2018. "Thank you for your e-mail of 10 October 2018. We have referred the claim to our product house to manually disinvest the policy. We do apologise for the inconvenience caused by the delay and will escalate it so that we can finalise the claim as soon as possible". Please contact us on weekdays from 07:00 to 19:00 for further information. You can also visit us at www.momentum.co.za to update your details, view your contract information and find other useful tools to help you with your financial planning. Web www.momentum.co.za ShareCall number ***Telephone number +2 ********** Fax number +2 ********** Email address ********** Kind regards Tairah Dawood Momentum I believe you need to get your act together: Kind regards Lindsay g Joshua

lindsay J's update22 Oct 2018, 10:49

Reviewer Update

Momentum (SA)'s replyOfficial

22 Oct 2018, 14:17

I have taken the matter up with management, this will be addressed internally.

We have requested the tax directive from SARS and will do an immediate payment once we received the directive back. The payment should be finalised by tomorrow.

Kind regards

Michele Coetsee

Momentum (SA)'s reply22 Oct 2018, 14:17

Official

I have taken the matter up with management, this will be addressed internally.

We have requested the tax directive from SARS and will do an immediate payment once we received the directive back. The payment should be finalised by tomorrow.

Kind regards

Michele Coetsee