Revolting Credit Loan Protection Plan

<p>On the 3 January 2013 I app**** for a RCP Loan and took out the Loan Protection Plan (LPP) knowing that I needed to cover myself in the event of unforeseen circumstances. My request to the consultant at the time was: I need cover in case of death, retrenchment and dreaded decease ... the loan gets paid in full.</p> <p>On the 30th November 2015 I was retrenched. Shortly thereafter I approached the Bank to advise them of the retrenchment. I was advised that retrenchment documents and ID needed to be submitted for the policy pay out. The LPP only paid three months of the loan debit order amount. It did not cover interest, continued payment of LPP or admin charges. I still had to pay the monthly instalments and the latter mentioned three expenses. The payments do not get “frozen”. The Consultant then advised that in three months time I would then need to resubmit the same documents as well as a Police Affidavit stating that I was still unemployed, which I did and the next three months were paid out.</p> <p>In the beginning of June I submitted for the third time (as I still did not and do not have work) and now more than a month later no payment has been received.</p> <p>My concerns with regards to this are as follows:</p> <p>1. Every month I still need to cover the original instalments, plus interest, plus admin fees, plus the policy premium ... even though the policy is supposed to be covering me for this.</p> <p>2. On the document, which I have, under Point 8.6 ... “Any credit life insurance taken out in respect of this Loan must be paid to us on the happening of any of the following insured events:” Point 8.6.4 retrenchment.</p> <p>3. Never at the beginning of the Loan was I told that the LPP would only cover three months at a time and a maximum of only six months.</p> <p>The stress of being retrenched, not being able to find a job and thinking you’ve covered yourself with polices for all unforeseen circumstances only to find out that the LPP only covers six months is shocking. That I’ve had to carry on paying the amounts for the last seven months and still the balance outstanding without employment. Standard Bank and its subsidiary companies have shocked me!!! Will I recommend them to others ....No. Will I move my account if I get the chance .... Yes!!!</p>