Firstly my Loan for was approved so this not a grudge complaint I'm just tired of these guys openly ripping people off... Nedbank confirmed my loan was approved but then clearly state due to the consumer act you are required to take insurance which they offer (At a ridiculous rate) but you can take out your own!!! So when I informed the agent their insurance is ridiculous and I'll take my own he informed me if I use my own loan insurance it must be in place for 3 months!!! to qualify (so maybe you should apply for insurance 3 months before you take the loan)
I asked the agent for this in writing and got stories!!!
I will submit this to the ombudsman for investigation... how do you insure a loan 3 months before you take it...
The insurance was equal to about 17% per month of the installment DISCUSSTING
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