Overpaid, Under-Served: My Old Mutual Experience

I recently had a consolidation loan with Old Mutual that was financially suffocating. After much struggle, I finally settled the loan—paying the full R254,000. Only when I called to confirm that they had received the payment did I learn, to my surprise, that I was actually owed a refund.

It seems that during the “settlement” process, my original debt of R251,000 somehow magically increased to R254,000. Apparently, this is one of the many clever ways financial institutions—sometimes with the government’s help—make sure you pay more while trying to pay less.

After discovering the overpayment, I was bounced around the Old Mutual system like a pinball: general department → legal department → debt review department → told I must speak to someone named Bridgette. The first three calls were cut off mid-ring. On the fourth attempt, I was told to leave my number and wait for Bridgette to call back. It’s now almost a week later, and I’m still waiting—R140 in airtime gone, and my refund apparently trapped somewhere in corporate limbo.

Old Mutual seems to have perfected the art of making customers overpay, then testing patience through endless phone transfers and broken promises. While I appreciate their dedication to keeping me on hold, I would have preferred they simply refund what is owed.