Recent discovery: I have a surrender policy
The problem?
I was forced to take out a policy on my student loan /- 15 years ago
The premium was annually deducted from my student loan account (overdraft cheque facility)
Meaning I've been paying interest on the premiums so deducted
&I'm still paying off on a student loan of which the agreed payment period lapsed over a year ago
The premium didn't go off this year-neither Life or student Loans could tell me why
My student loan is currently on /- R 7500 (the student loan would have been settled over a year ago if not for these premiums) If the premium did go off the total would be /- 10K
Meaning I would've been paying off on my student loan ad infinitum
I don't receive statements for my student loan account-apparently they're not allowed to e-mail same-funny how I receive e-mail statements on my other cheque account monthly
I've never received any statements/tax certificates for the surrender policy
I've requested statements on the policy 2x via e-mail & various telephonic follow ups since 9 Oct & to date no statements/confirmation of instructions sent - 4 e-mails to which no reply received
I'm worried that interest exceeds capital
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