DD
Deborah D

1 reviews | Active since Aug 2014

10 May 2019, 12:13

Momentum in breach of contract by not releasing funds

I entered into a Guaranteed Endowment with Momentum on May 2014. As per my policy the end date was 1 May 2019. Notice to withdraw the funds was sent to Momentum weeks ago. According to Momentum staff it takes 5 - 7 working days to dis invest the funds after 1 May. In terms of the policy there is no fine print that says that on due date Momentum will still have to dis invest the funds, it is very clear that the end date is 1 May 2019 and should be paid out on the 1st May, like any other Financial Institution that pays out term investments. If this is their normal course of business this should be clearly sated in their policy wording which it is NOT, they are therefore in breach of contract as they did not advise me that they will hold onto the funds after the contract has expired. Momentum knows when the end date of the contract is and should ensure that funds are dis invested by the due date. Momentum is now robbing me of the interest I am losing with every day that passes after the 1st May. As of 10th May I have still not received my guaranteed funds. These funds had been carefully invested in order to be available when I retired and is intended to be used to purchase an annuity. Momentum is preventing me from doing this as they have not released my funds and the longer they hold onto them the more money they make for their own benefit. As i mentioned earlier it is a guaranteed investment so I will only receive the guaranteed amount and have had the interest earned on this money ****** from me by a corporation for their own benefit. I want Momentum to reimburse me for the interest earned on my funds since 1st May.

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Replies (3)
Momentum (SA)
Momentum (SA)'s reply10 May 2019, 12:18
Official
Thank you for bringing this matter to our attention. We have referred your concerns raised to the relevant department, and they will communicate with you further on this matter.
Kind Regards
Qhakazile

Momentum (SA)
Momentum (SA)'s reply10 May 2019, 15:11
Official
Dear Deborah

I am trying to arrange for the payment to you as we speak.

I will provide confirmation of the payment to you .

Regards

EdB 
Momentum (SA)
Momentum (SA)'s reply10 May 2019, 15:31
Official
Dear Deborah

Your payment proceeds have been approved and will reflect in your bank account by the latest tomorrow.

Our sincere apologies for the frustration you experienced.

Kind regards

EdB