Nedbank
Annual Escalation not deleted - 2nd time in a row

To whom it may concern:

A couple of years ago I started a RA through a Nedbank Financial Advisor. The advisor is Anthony Hobkirk and it was signed at your branch opposite Naspers Building in Cape Town (Herrengracht Road).

Initially I saved R2500 per month which I later increased to R4500 as I was in the position to do so financially. With subsequent inflation increases this went to R4950 and R5445. As of October 2013 it is just under R6000.

As my financial situation has changed I asked Anthony in 2011 to reduce my premiums to where I started (R2500). He advised that this would result in a penalty of a few thousand Rands and I decided to bite the bullet and remain at R4500. Nevertheless I asked him to stop the annual increases in premiums. Lo and behold the premium increased again in 2012 and again last month. Every year I asked Anthony to stop the premiums to which he replied in emails that this is done.

My first born child was born yesterday and I am unable to afford R6000 for my RA. In addition I am extremely agitated at Old Mutual, Nedbank and Anthony for this situation.

I have logged a complaint with Nedbank and Old Mutual but to no avail.

Company: Nedbank
Country: South Africa
City: Cape Town

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