Absolutely shocking Personal Loan service

I am appalled by Nedbank’s Personal Loan department. I have had the absolute worst time in dealing with them, both in terms of applying for the Personal Loan which took so long to payout that I actually just made an alternative plan, and then in returning these funds to them (which I am still struggling to do and incurring interest charges daily).

Applying for the Personal Loan After applying Online, I had to go to the branch twice to find out what was happening and was informed only after sitting at the branch for an hour (on day 5 or so) that there was a missing page in the contract (the funny thing was that page 5 was missing from a four page contract, the consultant was just as confused as I was).

After spending about R300 on phone calls and going to the branch, the loan finally paid out a week later, which was unexpected because I did not magically find the imaginary 5th page of the contract and send it through. I had already withdrawn an investment to pay for what I needed to (I wanted to avoid doing this because of the fees and the loss of interest income, given the fact that I planned to settle the Personal Loan within a month or two – however, I did not have much of a choice).

Reversing the Personal Loan/returning the funds I spent another 30 minutes on the phone last week Monday (the 25th) trying to find out what the reversal process is, and after all of that waiting, the consultant told me that they can help me reverse the loan, but I am liable for the initiation fee. I thought this was absolutely absurd – how can I be expected to pay R1 207.50 for a loan that I obtained ZERO benefit from?

Anyway, I decided to just settle the Personal Loan and resolve the initiation fee issue at a later stage because I did not want this to drag on to the point of an instalment actually going off my account. I received the settlement letter and to my surprise (not really at this point), the letter did not have the necessary information required to settle the Personal Loan; the account number to pay into is missing and the number that I received is not accepted by my Bank as a valid account number. Furthermore, the settlement quote is calculated for a week from when I received it, so that’s an extra week’s worth of interest that Nedbank is requesting me to pay. I queried this with Scelo, the resolution manager, and I have not received a response as yet and the first instalment is due tomorrow. I have never experienced such poor service in my entire life – Nedbank, please assist me in resolving this mess.