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Kriyen P

1 reviews | Active since Mar 2016

15 Jun 2020, 14:37

Don't waste your time investing

I started an endowment with Old Mutual in 2017.

Since inception, I have NEVER once been in a positive state and have continually bled money. Their site has dead links that are supposed to give me more details on the investment and beyond that they don't even keep a history on my premiums beyond 6 months. WHAT? Why don't I have access to see my OWN history?

I'm in 2 minds about pulling my money out of the investment because they charge ME for cancelling the contract even though they're costing me money and knowing my luck, their product actually ONLY makes money after it being invested for a decade when they decide to do something with it.

I can't believe I get shafted if I do and shafted if I don't. It's really not worth the monthly money I'm contracted to put in. It's better spent on buying cheap cigarettes and reselling them on the black market, I'll make more money doing that.

0
Replies (2)
Old Mutual
Old Mutual's reply17 Jun 2020, 13:34
Official
Dear Kriyen

I acknowledge receipt of your complaint. This matter will be investigated and I will be in contact with you.

Regards

Brent Sellidon
Old Mutual Complaints Management

KP
Kriyen P's update19 Jun 2020, 14:45
Reviewer Update
I had a chat with an agent about a day or two after posting this. As it turns out, the agent who signed my contract did not make me aware of the commission that would be paid out to her over the course of my investment. (Old mutual paid her a lump sum and then recouped it from me). This explains the disparity in my funds invested and current investment value. To add to this, the fund is market related hence daily fluctuations, and also, in Lehmann's terms, there is a buffer added to the price to accommodate for market fluctuations and as a result, this results in my termination value being less than currently visible values in the fund itself. All my questions were answered, however, the original agent did not make me aware of any of this, nor did she provide me with my contract. Nor did Old Mutual send me my contract either. Nothing at all in my emails. I still wait for my response back on the 4% increase per annum that I didn't agree to either. Due to this, my rating stays at 2 stars, but thank you to those who assisted and answered my questions. 5 stars to you.