Old Mutual fails to process instructions from clients

At the beginning of May, I called Old Mutual to stop a debit order that goes off from my account on the 15th of every month for a Tax-Free Savings Account for my daughter because it was the first month that my wife was unemployed.

The first call just cut off after about 13 minutes. I called again and after spending 21 minutes listening to computer prompts, I finally reached a call center consultant (who I could barely hear over the phone). The consultant told me that I should mail through a cancellation instruction that was signed by me. I mailed through the instruction on 6 May. Nine days before the May debit order was to go off. I received a reply on 7 May informing me that the request has been forwarded to the relevant department and that I must allow 5 to 7 days for it to be processed.

On 15 May the debit order went off putting us in a very bad financial position. The request was therefore not processed in time. This is what I wanted to avoid in the first place. I mailed Old Mutual on 16 May to enquire why the instruction was not processed and that I want a refund. I also called them again that day using my last available airtime for the month to wait another 20 minutes listening to computer prompters and finally reaching a consultant who told me that they don’t deal with refunds and that I will be patched through to the correct department that will handle my refund. When she patched me through the call was cut off.

On 18 May I sent another mail asking them for a reply to my mail and to provide me with paperwork so that I can start the process of canceling all my Old Mutual contracts and savings plans. No Reply.

On 19 May I sent another mail asking for a reply and an explanation as to why my instruction was not processed and that I want a refund.

Finally, on 20 May I got an email from the MD: Personal Finance to inform me that I have made a request to cancel all contributions. (I know I did) They then tell me that there is a minimum admin charge of R23.50 per month and that I should rather speak to an adviser.

I rep**** to this mail to ask AGAIN that the debit order be canceled and that the money be refunded to my account because I desperately need the money. I also asked AGAIN for the paperwork so that I can start the process of moving my investments to another company.

To this I got an automated reply asking me to provide the policy and ID number of the relevant contract. Which I sent through TWICE already.

On 28 May I got another mail from Old Mutual telling me that I must send through a signed instruction if I want the contract canceled. But this time they tell me that my daughter must sign the instruction too. WHAT??? She is 8 years old. How is this a requirement?

I left it there. Under the impression that the debit order cancellation would be processed as per the mail by the MD: Personal Finance.

But in June. Yet another debit order went off. And here we go again. More calls, emails, waiting for replies. And the instruction that I gave on 6 May will probably still not be processed in August.

People… It's clear that this company makes it absolutely impossible for someone to cancel a debit order or a contract. It is as if they put up as many barriers to their customers as possible when the customers want to withdraw or cancel debit orders or contracts. From the long waits on calls and the various people that mail you back all with different stories to the mountains of paperwork that must be completed before you can cancel anything. This is truly unacceptable and unfair to me as a customer. And now I am sitting with financial problems because Old Mutual can’t process a simple instruction to stop a debit order. Stay away, people. Stay far away. I’m done.