CEB*** *********** Old Mutual Staff

To whom it may concern:

This is my formal complaint about the incompetence of Old Mutual to pay out my own money that I had invested with them. After countless conversations with them, they told me that a Real Time Payment has not been processed. If I were to owe them they would have called me daily.

Firstly I notified Old Mutual of my cancellation of an investment on the 24th May 2018, they received all documentation on the 28th May 2018 which they advised it will take 5 business days for payment to reflect in my account. I called them on 2nd May 2018 to confirm what the progress is and was advised that the money will in my account on 4th May 2018(4th business day).

Upon my call to them at 10:30 4th May 2018, my fiance' spoke to Andrea Du Plessis she requested that a Real Time Payment be processed by 13:00 pm when the batch payment runs. I then received this SMS "Old Mutual: Dear MR TUMELO MOTHALE, we confirm that payment for Old Mutual contract ************** has been processed. The money will be available in your bank account within 3 working days."

We called back at 12:10 pm to make sure that this payment will be processed this was confirmed by Andrea(who confirmed with the team leader who doesn't want to take ownership and come to the call) that this payment will be processed with real time. We then took her word for it cause she has been helpful I also specifically calling you before batch so that you make sure that it is a Real Time payment.

Oh wow wow, Old Mutual you are the best. We called back at 14:00 pm & got through to Liam who my wife advised she doesn't want to speak to cause we have to explain the same thing again both my wife and I was on the call. To cut a long story short we then requested for the manager who finally came to the line to speak to us the notorious Rayfael Libbie who told us after having to explain the whole story again told us that the payment was not processed with as a real-time payment which basically means we now have to wait for another 3 business days in total we have to wait for 8 business days for MY money. On top of that, they charged me an amount R1000 something penalty fee which I understand cause it was a ten-year investment but at this moment I am not prepared to pay any more.

So I want that penalty fee that I was charged back because they are highly ***********, ******** and have no customer experience at all. No clue with how business works. They might as well close their doors.

regards