BS
Boingotlo S

1 reviews | Active since Jan 2021

09 Jan 2021, 17:28

Old Mutual not willing to pay out my lumpsum benefit

I received an email from Old Mutual September 2020. They were giving me the option to withdraw the lump sum value of one of my investment products. The basis of them giving me the option was based on the fact that the value of my investment was below R50000. I opted to withdraw the lump sum benefit, however the strangest thing was that while they were processing my application, they kept on sending me sms's that I can not withdraw from the funeral product. I contacted a consultant and was just told to ignore it. I then received the same sms twice after that call. I then received an email from an Old Mutual representative, saying that my application to withdraw has been declined due to the fact that my INITIAL INVESTMENT amount exceeded R50000.

This confuses me, as the option to withdraw was given to me by Old Mutual based on the CURRENT VALUE of my investment. I do not understand the basis on why my application declined.

I then went to the Kolonnade Old Mutual branch to resolve this matter, however they were in such a hurry to lock up the branch, the consultant assigned to help me was placed under immense pressure to wrap up I got no help at all.

I have exhausted all my options, and would appreciate it if Old Mutual payed out my lump sum.

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