Failure to Pay-out on my Kids' Educational Investment Policies

In 2008 I invested in 3 educational policies for my 3 children. The purpose for this investment was to ensure that after 10 years I will be in a position to pay for my kids' tertiary education. In December last year I received a letter advising me that my policy has reached its end and that I can disinvest. I went to an Old Mutual office in Kempton Park, only to be told that this policy has a restriction, which I was never aware of. I was advised that I will have to wait an entire year in order for this to be paid in full.

My daughter of 24 is in her final year of Bachelor of Psychology. On the 20th December 2017, I forwarded to complain to Old Mutual via their website and received a response after 2 weeks. I have been in contact with Lynette Guyler, however she is not in a position to make the final decision and has referred this matter to the Ombudsman who is still deciding what to do. In the meantime, my daughter is unable to continue with her studies. Monies which is rightfully mine, cannot be withheld because of a restriction that was never communicated to me.

It is with much disappointment and regret that I have to resort to this means to complain as I believe that Old Mutual is simply dragging their feet in finalising this issue. I find this unacceptable as the whole purpose of investing was for my kids' education. I have 2 further policies, one ending in March this year and the other in January 2019.

I am writing to Hellopeter with the intention that this matter is resolved as a matter of urgency and that the full value of my investment be paid out within 7 seven days of receipt of this complaint. Further that the restriction be uplifted on the other 2 policies and come March 2018, I will be able to disinvest on that policy and the third policy in January 2019.