**************** 2-1 Theft plan

<p>I took a education policy out with OLD Mutual GS in October 2015 for my daughter. The woman who sold the policy to me had a nice chart with her that explained that by the time my daughter is 18 and matriculates the plan will pay out a lump sum of R60000.00 to the university or college of our choice and what made the plan even more attractive to me was that she said that i could add my baby as soon as I give birth as I was still pregnant at that time. My baby she said would have the same benefits as my eldest child and she was very helpful. That was more than a year ago. Last week i called the OMG call centre to try and add my baby who is now 1 year old to this education plan. i was told by the call centre agent that they dont have any education policy like the one I was describing and that the policy I actually have is called a 2-in-1 savings plan and can be used for anything. The call centre agent told me that the plan I had would only pay out what i had in fact put in and that if I cancelled the plan before the 10 year period had lappsed i would be penalized. They were very arrogant in telling me that I cant cancell a policy with Old mutual and expect not to pay a cancellation fee, but they cant tell me how much as I would only be able to see the how much I get back once the money is in my bank account. Today the money reflected in my bank account and they only repaid me a measly R1310.00 of the R2553.00 that i have already paid into this so called savings account. The woman I spoke to; Melissa told me that they charge a admin fee of R98.00 for every month that I had the policy and that this investment plan had no interest at all. So that mean i paid R185.50 a month and they took a R98.00 of this money for admin fees for 13 months. So now i get back 40% of the money that I have paid into a savings account!!!!!! what the hell do you people think of me or any other hard working South African who is stupid enough to fall for the sales pitch that these consultants spins us. I am not leaving the matter like this. Who would sign up for a savings plan where you get out less money than you have put in??????????? What ***** would do that? If I had been explained exactly how this 'education' plan works do you think that I would have taken it out? You people are a bunch of *******!!!!!! You should be ashamed!!!!!!!!! </p>