Nedbank Personal Loan Insurance ONLY VALID FOR 12 MONTHS ON RETRENCHMENT BENEFIT AND DOES NOT COVER THE FULL TERM OF THE LOAN NOR THE LOAN AMOUNT

My name is BD Shopane.

Nedbank Personal Loan Insurance is ripping people off and taking advantage of poor black people. I took out a loan with the on 10 April 2018, and paid it for 12 months as I was retrenched as of May 2019. My personal loan had a Nedbank Insurance which cover death and retrenchment. I submitted my retrenchment documents to Nedbank Personal Insurance to claim insurance in May 2019. They paid the insurance until 30 April 2020.

To my surprise the Nedbank Personal Loan insurance cover for retrenchments, Nedbank Personal Loans Credit Protection Master Policy Document Page 3 and 4 states that: "As long as you were not aware of and/or did not receive notice of Retrenchment during the three months preceding the date on which cover under this credit life policy commenced you will be protected under the Retrenchment benefit. Nedgroup Life will pay the monthly installment under the credit agreement for a maximum of 12 months (6 months where the term of the loan is 6 months) OR UNTIL THE FIRST OF THE FOLLOWING OCCURS: 1. THE LOAN EXPIRES (OR IS REPAID); OR 2. THE INSURED LIFE REACHES THE AGE OF 65 YEARS; OR 3. THE INSURED LIFE DIES; OR 4. THE INSURED LIFE RETURNS TO FULLTIME EMPLOYMENT"

However, on 20 August 2020, their claim assessor Pearl Bilham informed me that their insurance ONLY PAYS THE LOAN FOR 12 MONTHS ON THEIR RETRENCHMENT COVER AND DOES NOT COVER THE LOAN TERM OR THE LOAN AMOUNT. This is shocking news to me, because the contract which i signed and is in my position and information regarding their personal loan insurance does not state this. I would like to warn anybody who is considering to take a personal loan with Nedbank, in this uncertain economic circumstances please be aware that they will try to take advantage of your situation should you be retrenched. I have escalated this matter to the Nedbank Dispute Resolution Service Team, I received the reference number and I will be reporting them to the Ombudsman.

I am warning you with Nedbank Personal Loan insurance, and need any legal assistance I can get regarding this matter. I do have my contract, with the date on which I took the loan and would appreciate any kind of advice as I am currently unemployed.