I November I applied for a student loan for my son and whereby I stated in the original application I do not want to pay insurance but rather cede a policy to cover the loan. After again 2 weeks and a complaint to Hellopeter they contacted me and sent me a heap of forms to sign in order to have the insurance cover waived and the policy ceded.
This was all done and the last papers that I had to sign and send back to FNB was done on 3 Nov13. I received the loan, again there were problems in paying out the correct amount.
In December and January I went on vacation and did not do detail banking. Today i noticed that FNB has the audacity even after all the paperwork and emails to still deduct insurance and have a policy ceded to them. Now this is what I call a rip off!!!
FNB if you respond the answer I want to hear is that the insurance is cancelled and the funds are returned to me or have been allocated to repaying the loan.
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