Non-refund and ********* conduct by Standard Bank

Background Information: I have a Home Loan with Standard Bank (SB) whereupon I was even compelled to take a Home loan credit life policy from Standard Bank. As time progresses, I encountered financial difficulties and then subjected myself to a process of Debt Review with Vantage Debt Management so as to sought relief since it was psychologically overwhelming. Such a process started in August 2023. In 28-02 2024 after I took a cheaper credit life policy with Brightrock Insurers I proceeded to cede such a policy in replacement of the one that was offered by Standard Bank since it was expensive. I communicated with Standard Bank and followed every step outlined in finalizing the cession process (see email_2 attachment). The complaint: ******ding of policy, Readjustment of Home Loan and Refund Request: In 10-04-2024, I realized that my Home Loan installment has not changed nor been reduced since the amount deducted was still the same installment was inclusive of the Insurance premiums as initially structured. I since contacted Standard Bank and was duly refunded for month March and April. As time progresses I still noticed the same trend where the insurance premiums were still deducted. I then raised the issue with Standard Bank but no solution was offered thereto. I then lodged a complaint as per Ref No.***0 for the insurance premiums to be stopped and also engaged Vantage Debt Management after I was advised by SB it has to be done through them. Vantage Debt Management then further also communicated with Standard Bank in that regard. Little help came forth and as and when I would call Standard Bank, I was tossed between their Departments with Insurance Section indicating that from their side, the policy is cancelled and that it’s up to Home Loan Section to resolve and referred but they could not help me and again further referred to Debt Review at Standard Bank, who further engaged Vantage Debt Managers where it was indicated that such a policy was never cancelled (I found this truly misleading since I had a confirmation letter of cancellation). The back and forth and ignorance continued until in 28-08-2024 when I decided to consult the National Financial Ombud Scheme (NFSO) for assistance per NFSO Ref No. ***. After not hearing anything from NFSO, On 10-12-2024, I contacted NFSO where a Complaint Form was provided and completed for further handling. Standard Bank (SB) was instructed to respond on or before 24/12/2024, no response until I followed up through NFSO. SB – rep**** that the such a policy has been cancelled on 04-07-2024 and that the last debit was on 05-07-2024 (misleading information since Vantage was told prior that the policy was never cancelled). Since December 2024, it was quiet from both the NFSO and Standard Bank where I decided to contact NFSO on 03-03-2025. NFSO then contacted SB to respond no later than 17-03-2025 of which there was no response, I took it upon me and notified NFSO of non-response where SB was forwarded my email hence on the same day they responded indicating that the ‘client should consult Home Loan Section for adjustment since no premiums were debited since the policy was cancelled’. The process that proved futile. Seeing no response from NFSO as of 21-05-2025 I requested Home Loan payment structure letter from Vantage Debt Managers to ascertain the claims by SB, a letter of all insurance premiums for the period in question was provided together with tangible evidence in the form of a ‘docket’ of premiums proving that indeed, premiums are still deducted. Both the letter and the docket of Home Loan Instalments inclusive of premiums were submitted to NFSO. Standard Bank was then instructed to refund me however, Mr Mtimkulu pulled a payment structure letter dated 13-09-2023 trying to prove that I agreed to the Home Loan repayment. Such letter is misleading and does not reflect a true version of events since the said letter was issued before the cession occurred. I then called Mr Sihlali from NFSO and explained the situation where he promised to re-review my case and that if everything i am explaining makes sense he will have to give Standard Bank a ruling to refund me. Mr Sihlali did as promised and instructed Standard Bank to refund me on or before 2025-06-17. To this date no refund has been made by Standard Bank.

This situation leaves me skeptical because currently and most importantly, I am not sure if my house has a Credit Life Policy and that living in dread that should I die, my kids may remain without a place to stay because of games played by SB, their inconsideration and disregard of such an important issue is alarming. I am a single parent of children whose father is deceased if which one is a university self-paying student funded by me. Due to this, since her registration, no single payment has been made towards her tuition. I am running a household of 05 members all dependent of me and currently cannot make ends meet. I currently have anxiety because of worrying due to the ignorance from Standard Bank hence my financial situation has since been made worse. This has added a financial burden since I am currently paying R596.83 and R1948.18 for the Brightrock and Standard Bank policies respectively. Calculating from April 2024 to date, SB owe me R23 378.16 the amount Which could have at least covered my daughter’s tuition fees and made life somehow not as difficult as it is.

First and foremost I would like Standard Bank (SB) to ensure that the policy I have ceded is truly and indeed in place as a Credit Life Policy. SB must replace their policy with Brightrock one and ensure that they adjust the Home Loan installment. Lastly SB must refund all premiums deducted to the tune of R23 378.16

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