MC
Mark C

1 reviews | Active since Jan 2014

31 Mar 2021, 18:39

Old Mutual - Shocking Service!

My mother has been receiving a guaranteed retirement annuity from Old Mutual since November 2015. Every month she receives R8516.44 and this month she received R6844.12, which is a shortfall of R1672.32. She has a debit order which goes off tonight at the frailcare facility in which she resides. She is nearly 84 years old and totally blind. This has caused huge psychological problems upon her, as she risks the possibility of being evicted. I shall have to pay the shortfall in the meantime, which has severe negative financial implications on me. Old Mutual say that they will need 3 to 5 days to sort the problem out, this is totally unsatisfactory. I myself have had many problems with the Old Mutual down the years. Their performance expectations never live up to expectation. I would strongly suggest that anyone with money invested in Old Mutual, have a consultation with an adviser or broker from another financial institution, example Sanlam or Momentum amongst many others. I definitely would not recommend Old Mutual in any regard. They have been a bitter disappointment and cannot remedy any problems in a reasonable time frame. On a scale from 1 to 10, I would be extremely generous and give them a 1 out of 10 rating. It's time that these firms stop taking the public for a ride and raised their game. We are all living under extreme financial conditions due to Covid-19 and this is only exasperated by the likes of Old Mutual. Regards Mark Chadwick.

0
Replies (2)
Old Mutual
Old Mutual's reply31 Mar 2021, 19:06
Official
Dear Mark

Thank you for your review. We are sorry about the inconvenience caused. We will investigate and contact you directly to assist.
 
 Regards
 Thabiet Mintin 
 Complaints Management 
Old Mutual
Old Mutual's reply01 Apr 2021, 20:48
Official
Good evening Mark

Trust you are well.

I have just received confirmation that the reimbur*****t has been submitted to the bank for processing.

Kind regards


Shannon Wentzel 

OML Customer Complaints
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