PPI on loans....money for nothing
<p>I took out a R100K personal loan with Nedbank, which I have about R23K left to pay, I am still paying the PPI on it for the full value of the loan. So far it equates to R17 500 paid for PPI I didn't need. But I was told that I cannot get the loan without the insurance? In a way yuor forced to take it... </p> <p>Please explain why I cannot remove this PPI or have the my premiums paid back against the loan balance for being a good payer. Every other insurance company seems to do this now, rewarding customers? It's like watching money go down the drain? Nedbank is making money for nothing and penalising customers that manage their finances well? Shouldn't the insurance premium atleast drop as the loan amount reduces? I would have paid my loan back in full now if I had not had the PPI from Nedbank?</p> <p>Where does that leave me now, paying for something I actually did not need?</p> <p>This PPI business is a scandal! Banks in England had to pay back bucket loads of money to customers for this shady product.</p> <p>Not a happy customer</p>
We at Nedbank value you and take your concerns to heart. An investigation will be conducted soon and a resolution manager will be in touch.
Kind regards
Client Experience Team
We at Nedbank value you and take your concerns to heart. An investigation will be conducted soon and a resolution manager will be in touch.
Kind regards
Client Experience Team
Sure, I tried to speak to the customer service department and I was told there is nothing to be done, Its the premium I signed up for and must be paid. I think otherwise, it would be nice of the resolution manager to review my loan account and see if we can come to an agreement if it is possible. Reducing the insurance premium is not accetable.
I took this loan out for my maternity leave as I was not being assisted by the company I worked for, Unfortuantley it has taken me two years to pay this loan back as quickly as possible. Having this loan settled asap would be a blessing as living in these times are hard. I've done my part to pay the loan off and I think it would be only right that my premiums are paid back to reduce the loan further and premiums only paid on the balance not on the full loan amount.
I think Nedbank is a good bank but may need to review this premium in future. Not everyone understands how these things work and the impact it makes to the loan itself. I for one didn't!
Thank you foryour response .. I look forward to speaking with the manager
Sure, I tried to speak to the customer service department and I was told there is nothing to be done, Its the premium I signed up for and must be paid. I think otherwise, it would be nice of the resolution manager to review my loan account and see if we can come to an agreement if it is possible. Reducing the insurance premium is not accetable.
I took this loan out for my maternity leave as I was not being assisted by the company I worked for, Unfortuantley it has taken me two years to pay this loan back as quickly as possible. Having this loan settled asap would be a blessing as living in these times are hard. I've done my part to pay the loan off and I think it would be only right that my premiums are paid back to reduce the loan further and premiums only paid on the balance not on the full loan amount.
I think Nedbank is a good bank but may need to review this premium in future. Not everyone understands how these things work and the impact it makes to the loan itself. I for one didn't!
Thank you foryour response .. I look forward to speaking with the manager