MB
Mischa B

1 reviews | Active since May 2012

18 Aug 2015, 09:50

Premium escalation in first month

We were quoted a certain amount for a Bond Protection Policy. We accepted the quote based on a written quotation with a fixed monthly amount. When the first debit order was deducted the amount was more than the amount quoted. I have now phoned the home loans department twice. The first person could not help me as she had to ask that the quote be pulled and the second person advised me that the price has gone up and that if I am unhappy I should cancel. <br> <br> How is it possible that the premium could go up before the first instalment and that we were never notified? We accepted the quoted based on a certain amount. Is it not then highly ********* for Standard Bank Insurance to then debit a different amount?<br> <br> I sent the insurance broker as well as the client service department a mail regarding this. They were super fast to sell us the policy but now there is no word from anyone and we are paying a different premium from the amount quoted.<br> <br> After trying various times to sort this out, this is now my last resort before cancelling this policy completely and hopefully letting other people know NOT to go with Standard Banks insurance. This is surely a breach of contract.<br> <br>

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Replies (1)
Standard Bank
Standard Bank's reply20 Aug 2015, 14:13
Official
Hello MischaB,

Thank you for your posting and allowing us an opportunity to investigate your complaint.

This matter will be assigned to a resolution specialist who will contact you to resolve your complaint.

Kind regards

Complaint Resolution Centre
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