Sanlam - not fair with Credit Life Premiums charged

Item: Sanlam
Rating: 1
Author: OMHKAR H

Very concerned about Sanlam's Credit life Premium policy. I have brought the matter before the Credit Ombudsman. This what Sanlam says: "It is a requirement to maintain credit Life insurance to cover your outstanding obligations under the Agreement at any time as stated in clause 4 of the Pre Agreements Statement. The monthly premium is calculated on the loan amount borrowed, in this instance at 3.25 per R1000.00 borrowed, therefore the premium is fixed for the remainder of the loan term. Based on this the monthly credit life premium does not decrease as it is applicable to the amount borrowed."

Surely, for a consumer, this is totally wrong.

Helpful (0)

Replies (2)

Sanlam's replyOfficial

02 Nov 2020, 06:50

Desr Omhkar

We acknowledge receipt of your complaint and will refer it to the relevant department to investigate.

Kind regards
Sanlam Client Relations

Sanlam's reply02 Nov 2020, 06:50

Official

Desr Omhkar

We acknowledge receipt of your complaint and will refer it to the relevant department to investigate.

Kind regards
Sanlam Client Relations

Sanlam's replyOfficial

06 Nov 2020, 10:20

Dear Omhkar

We have been informed that the Credit Ombudsman is investigating the matter. We have provided our findings to the said Regulator. You may contact them directly for feedback.

Kind regards,
Sanlam Client Relations

Sanlam's reply06 Nov 2020, 10:20

Official