Old Mutual Investment Policies a *******

I started a savings plan in March 2013 starting with a premium of R250. The plan was for 10 years in a focussed investment. All the business was concluded over the phone. In December 2013 I received a call from an advisor encouraging me to increase her premium which did from R250 to R500. This advisor encouraged me to increase my premium for the purpose of protecting my savings from inflation.

In December 2014 I received another call from an advisor again encouraging her to increase my premium, which l did to the amount of R700 from R500. The interesting matter on these phonecalls was that l wasnt given time to decide but was told l have to decide that moment, thereafter there will be no chance to increase it.

These increases were in addition to the yearly increases of 10%.T Later I took a zero interest loan and disinvestments from this policy which l requested telephonically and completed the documentation online.

Recently when enquiring at an OMF branch if I could disinvest from my I was informed that I cannot access my money till February 2021.

I just feel that from the beginning Old Mutual advisor did not explain adequately the restrictions on the policy and in addition to that l was offered the wrong policy completely.

I am foreign citizen and feel that a product with more liquidity would have better suited my needs. If I knew of all the restrictions I would never have agreed to the terms and conditions set out in the policy wording. Maybe if it was clarified to me when l took the loans from my policy, l would have maybe taken all my money and move it to a flexible product. As a customer l am entitled to express my discontent when necessary.

I have a financial crisis which requires funds and l am now stuck as l cannot access my money which Ihave been saving for all these years whilst Old Mutual is spinning it around and making money with money whilst l suffer and draw me into debt. NO NO!!!! To make matters worse, l am a foreign residence and do not qualify for loans at all as per South Africa's regulations. Where do you expect me to get money when you are pocketing my money.

Now l'm told about restriction period - what the hell is that??? Does it mean if l relocate to my home country, Old Mutual would just keep my money - Seriously!!!!!

I am now forced to discourage every foreign citizen in this country not to even consider investing with Old Mutual at all. It doesn't save its purpose. There should be other companies offering us better products that suites our status as foreigners.

I want my money please. Thank you.