WS
Willie S
1 reviews | Active since Apr 2015
21 Jan 2021, 10:55
Old Mutual cannot be trusted with your hard-earned money
I took out a policy with Old Mutual in 1989. Never spectacular, in the recent past returns have been shockingly poor - and Covid cannot be blamed. Although I have faithfully paid my premium, this policy has lost value since July 2020 - I specifically choose this date, as it was AFTER the markets have rebounded after the Covid-19 slump. Since then, the JSE has gained more than 20% (!) and all my other investments have appreciated in value, some very significantly. Here's the big rub - I do not even contribute a monthly premium to these investments. In the same time period, Old Mutual has lost not only some of the capital, butl also ALL the premiums I paid in. I can obvioulsy no longer just sink premiums into this black hole and want answers on what alternatives I have and how I can redeem this policy. Old Mutual put me in touch with one of their finacial advisers, who said she cannot give me any information on the policy, I have to go to Client Services. After waiting in the queue for an exceedingly long time (I am used to far better service even from th Municipality) I finally decidedto use the digital system they kept on advising me to rather use. I sent them an e-mail on 13 January (more than a week ago) and got an enquiry number GSENQ***. The questions I asked are really difficult: When does the policy expire? How can I surrender this policy? What will happen if I continue to pay the premium? They apparently cannot even answer these basic questions. Some good advice - do not entrust Old Mutual with your hard-earned money - and if you have and can get it out, do so.
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Willie S's updateReviewer Update
02 Feb 2021, 13:39Almost two weeks ago a representative from Old Mutual phoned me regarding my complaint. She promised to send me a form the very same day by e-mail and to provide me with further information as soon as possible. That is the last I have heard from her and Old Mutual. Let's state what we know now. The final premium on the policy was due on 1 March 2019 - Old Mutual has disregarded this completely and have deducted premiums automatically since then every month, the last one on 1 February 2021. All excess premiums paid must therefore be repaid (with interest). The policy also states that I will get regular vesting bonuses which may never be reduced or removed. On top of that, there is also claim bonuses, which may be reduced or removed but only if sufficiently adverse economic circumstances warrant this. The Old Mutual representative was to provide me with this information. When Covid-19 struck in 2020, Old Mutual reversed a massive amount from the value of the policy, which I strongly suspect was regardless of whether it was vested or claim bonuses. The old Mutual representative confirmed that this being an old policy, their systems no longer cater for the accurate administration thereof. Some of this was written back before June 2020. Since June 2020 (i.e. AFTER all the effects of Covid was taken care of), they have continued to monthly reduce the value, despite the fact that a monthly premium was paid, every time BY MUCH MORE than the premium. In the same period, the JSE has seen a historic gain of more than 20% - there can therefore be NO possibility of claiming adverse economic circumstances. (I have other investments with a number of other financial institutions, all of which have shown significant increases in value, despite no additional capital being added from my side. I also have Old Mutual unit trusts, which also increased but whose performance are lagging by a country mile). Old Mutual has therefore *******ly deducted monies from my bank account, misappropriated every cent of these ******* deductions and to add salt to the injury, reduced the total value of the policy unilaterally and without any justifiable right as per the terms and conditions of the policy. I need: A surrender form to be sent to me as soon as possible, the excess premiums repaid to me (plus interest) and the policy to be valued correctly and justly before final pay-out. I also need Old Mutual to stop ignoring this matter, and to give it attention.
WS
Willie S's update02 Feb 2021, 13:39
Reviewer Update
Almost two weeks ago a representative from Old Mutual phoned me regarding my complaint. She promised to send me a form the very same day by e-mail and to provide me with further information as soon as possible. That is the last I have heard from her and Old Mutual. Let's state what we know now. The final premium on the policy was due on 1 March 2019 - Old Mutual has disregarded this completely and have deducted premiums automatically since then every month, the last one on 1 February 2021. All excess premiums paid must therefore be repaid (with interest). The policy also states that I will get regular vesting bonuses which may never be reduced or removed. On top of that, there is also claim bonuses, which may be reduced or removed but only if sufficiently adverse economic circumstances warrant this. The Old Mutual representative was to provide me with this information. When Covid-19 struck in 2020, Old Mutual reversed a massive amount from the value of the policy, which I strongly suspect was regardless of whether it was vested or claim bonuses. The old Mutual representative confirmed that this being an old policy, their systems no longer cater for the accurate administration thereof. Some of this was written back before June 2020. Since June 2020 (i.e. AFTER all the effects of Covid was taken care of), they have continued to monthly reduce the value, despite the fact that a monthly premium was paid, every time BY MUCH MORE than the premium. In the same period, the JSE has seen a historic gain of more than 20% - there can therefore be NO possibility of claiming adverse economic circumstances. (I have other investments with a number of other financial institutions, all of which have shown significant increases in value, despite no additional capital being added from my side. I also have Old Mutual unit trusts, which also increased but whose performance are lagging by a country mile). Old Mutual has therefore *******ly deducted monies from my bank account, misappropriated every cent of these ******* deductions and to add salt to the injury, reduced the total value of the policy unilaterally and without any justifiable right as per the terms and conditions of the policy. I need: A surrender form to be sent to me as soon as possible, the excess premiums repaid to me (plus interest) and the policy to be valued correctly and justly before final pay-out. I also need Old Mutual to stop ignoring this matter, and to give it attention.
WS
Willie S's updateReviewer Update
17 Feb 2021, 10:18Another two weeks have passed and no response whatsoever from Old Mutual. Nothing, nada. With the passing of time, it is clear that they have no answer for me and is hoping that if they ignore me, this matter will disappear. Unfortunately it will not. Their inability to provide me with any response strengthens my belief that they have acted *********ly (at the very minimum) but probably much worse than that. I repeat: I need a surrender form to be sent to me as soon as possible (how difficult can that be? - but probably a huge ask from a company which is severely client-service challenged), the excess premiums repaid to me (plus interest) and the policy to be valued correctly and justly before final pay-out. I also need Old Mutual to stop ignoring this matter, and to give it attention. This matter is going to the ombudsman and, if need be, further than that. The sooner they respond the easier to settle this matter and the better for everybody concerned.
WS
Willie S's update17 Feb 2021, 10:18
Reviewer Update
Another two weeks have passed and no response whatsoever from Old Mutual. Nothing, nada. With the passing of time, it is clear that they have no answer for me and is hoping that if they ignore me, this matter will disappear. Unfortunately it will not. Their inability to provide me with any response strengthens my belief that they have acted *********ly (at the very minimum) but probably much worse than that. I repeat: I need a surrender form to be sent to me as soon as possible (how difficult can that be? - but probably a huge ask from a company which is severely client-service challenged), the excess premiums repaid to me (plus interest) and the policy to be valued correctly and justly before final pay-out. I also need Old Mutual to stop ignoring this matter, and to give it attention. This matter is going to the ombudsman and, if need be, further than that. The sooner they respond the easier to settle this matter and the better for everybody concerned.