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nokwanda D

1 reviews | Active since Jun 2016

06 Jun 2016, 15:06

OLD MUTUAL REFUSES TO PAYOUT MY DISINVESTMENT IN TIME

<p>I made a disinvestment on my investment policy on the 13/05/16 at the Old Mutual Ga-Rankuwa branch (Pretoria). The claim was processed and I was told by the consultant the pay out will be between 5-7 working days. 7 days later I had not been paid. I visited the branch again and I was told the waiting period is actually 5-15 working days, the consultant had given me wrong information. I accepted this and waited out the 15 days. On day 15 I was forced to visit the branch again because I still hadn't been paid. At the branch they did a follow up and discovered the proof of residence was not submitted hence the delay. I ask them why wasn't I told the very day I made the claim that this document was required, how can a trained consultant submit a claim without all the needed documents. They did not have an answer for me, they tell me two smses were sent to my number on the 14 and 21 May 2016 to notify me I have to submit the proof of residence. Yet I had never once received any sms from Old Mutual. I then submitted the document 03/06/16 and I was told that it take another 15 working days for them to process the document and pay me. So how is this fair to me as a client that I have to wait so many days again, after I've been given wrong information so many times and misled by the very same people who are suppose tobe trained professionals. I phoned head office 06/06/16 and a consultant named Thabiso promised to take my matter up and I will be communicated with, still this hasn't happened. They couldnt give me proof that they sent me smses to make me aware what was delaying the claim. I demand I get my money back by Wednesday 08/06/16 and I will have all my policies with Old Mutual cancelled.</p>

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Replies (3)
Old Mutual
Old Mutual's reply06 Jun 2016, 15:45
Official

Hi Nokwanda,

I am sorry to hear about the service you have experienced. We will investigate and contact you directly to resolve.

Kind regards

Belinda Hunt

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nokwanda D's update07 Jun 2016, 14:28
Reviewer Update

It's been a full day and I haven't been contacted by anyone. How long does it take to look up a claim and pay my money?!

Old Mutual
Old Mutual's reply07 Jun 2016, 15:15
Official

Dear Nokwanda

I realise that the service you experienced is not the standard that Old Mutual strives to provide and I assure you that the feedback will be given to the consultant and their manager to ensure that the necessary steps are taken to prevent this from happening again.

Your disinvestment was processed yesterday and is awaiting pricing. It does mean that the funds will not reflect in your account by tomorrow. This takes approximately 5-7 days and then the system will pay the money to your account, which takes an additional 2-3 days.

I will be checking on your case daily and I will keep you informed.

I sincerely apologise on behalf of Old Mutual for any inconvenience and frustration you have experienced.

Kind regards

Belinda Hunt