PS
Phuti S
1 reviews | Active since Mar 2012
27 Aug 2015, 08:55
FORCED POLICIES COVER PLUS AND HOLLARD ODP
I told a Wesbank representative that my vehicle is INSURED with Prime Meridian and they still went on to take yet another cover for me and increased my monthly installment by R400. This is the second time they take extra cover for me I do not know of. When my car finance got approved they took out cover plus for me and told me it was Compulsory (increasing my monthly installments by more than R100). <br> Premiums I paid amounted to about R1500 & Hollard sent me a letter stating
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WesBank's replyOfficial
02 Sept 2015, 10:52Hello PhutiS,
Thank you for bringing this matter to our attention.
This Outstanding Debt Protection (ODP) initiative serves to ensure that comprehensive insurance for the vehicle is maintained in line with the terms of our Agreement and the intention herein is to reduce our shared risk, with Hollard acting as our agent in order to establish contact.
Your specific policy with Prime Meridian is unacceptable because it only provides cover in the event of total loss and will only pay out R4000 if the car is written off or ****** whereas the Outstanding Debt protection cover that was activated by the Bank covers the outstanding balance of the credit agreement. This policy can however be cancelled once full comprehensive insurance is acquired.
It is never our intentions to worsen your plight however the change to your personal circumstance does not however bestow unilateral reprieve when the risk and breach of contract is apparent. Direct contact has been made to provide clarity in this regard.
We trust that this is in order and assure you of best intentions.
Yours sincerely
WesBank
Thank you for bringing this matter to our attention.
This Outstanding Debt Protection (ODP) initiative serves to ensure that comprehensive insurance for the vehicle is maintained in line with the terms of our Agreement and the intention herein is to reduce our shared risk, with Hollard acting as our agent in order to establish contact.
Your specific policy with Prime Meridian is unacceptable because it only provides cover in the event of total loss and will only pay out R4000 if the car is written off or ****** whereas the Outstanding Debt protection cover that was activated by the Bank covers the outstanding balance of the credit agreement. This policy can however be cancelled once full comprehensive insurance is acquired.
It is never our intentions to worsen your plight however the change to your personal circumstance does not however bestow unilateral reprieve when the risk and breach of contract is apparent. Direct contact has been made to provide clarity in this regard.
We trust that this is in order and assure you of best intentions.
Yours sincerely
WesBank
WesBank's reply02 Sept 2015, 10:52
Official
Hello PhutiS,
Thank you for bringing this matter to our attention.
This Outstanding Debt Protection (ODP) initiative serves to ensure that comprehensive insurance for the vehicle is maintained in line with the terms of our Agreement and the intention herein is to reduce our shared risk, with Hollard acting as our agent in order to establish contact.
Your specific policy with Prime Meridian is unacceptable because it only provides cover in the event of total loss and will only pay out R4000 if the car is written off or ****** whereas the Outstanding Debt protection cover that was activated by the Bank covers the outstanding balance of the credit agreement. This policy can however be cancelled once full comprehensive insurance is acquired.
It is never our intentions to worsen your plight however the change to your personal circumstance does not however bestow unilateral reprieve when the risk and breach of contract is apparent. Direct contact has been made to provide clarity in this regard.
We trust that this is in order and assure you of best intentions.
Yours sincerely
WesBank
Thank you for bringing this matter to our attention.
This Outstanding Debt Protection (ODP) initiative serves to ensure that comprehensive insurance for the vehicle is maintained in line with the terms of our Agreement and the intention herein is to reduce our shared risk, with Hollard acting as our agent in order to establish contact.
Your specific policy with Prime Meridian is unacceptable because it only provides cover in the event of total loss and will only pay out R4000 if the car is written off or ****** whereas the Outstanding Debt protection cover that was activated by the Bank covers the outstanding balance of the credit agreement. This policy can however be cancelled once full comprehensive insurance is acquired.
It is never our intentions to worsen your plight however the change to your personal circumstance does not however bestow unilateral reprieve when the risk and breach of contract is apparent. Direct contact has been made to provide clarity in this regard.
We trust that this is in order and assure you of best intentions.
Yours sincerely
WesBank