Standard Bank
Loan and investment

I took a business revolving credit loan with standard bank in September 2013. once the loan was approved i was called into the branch my the banker that i was dealing with. he was there with the standard bank in house financial adviser. i was then told that i needed to take out a further investment policy for R3500 a month. i found this strange as the loan was already approved. and the investment was taken on a startup business, therefore there could have been no needs analysis done on the business.

my financial position has now changed as i have commitments to other things. i cannot afford the R3500 a month anymore. i sent a written request to terminate the policy on the 20th Dec stating that i am aware of the costs and implications concerned with this. i was advised to take a further loan on the policy to aid the financial distress. again this is poor advise considering no needs assessment was done.

on the 21st Dec received a call from the banker and was told that i could not cancel my policy, the bank would not allow it. and that the loan is reviewed annually and can be payable on demand at any time. this is untrue as i went though the contract in detail with my attorney

Company: Standard Bank
Country: South Africa
City: Overport City

  <     >