Sanlam
MISLED INFORMATION WHEN APPLYING FOR A LOAN

I phoned Sanlam on Monday 2013-04-22 with regard to a further loan. The application was done via telephone. My mother tongue is afrikaans, and thus I thought I understood what the lady said to me. The lady confirmed that I could get a loan of R98250 and that my previous loan would be cancelled (R40000), then I understood that R65000 would be paid out, so I excepted this loan telephonically. Immediately an amount of R24000 was paid into my account, before I could even think about what has been said. When I realized that the amount paid and the amount I thought was going to be paid was not the same, I phoned them immediately. The new consultant explained that the approved loan amount was R65000, and I explained that I thought it was R98250, because the other consultant said so over the phone, and the letter Sanlam posted to me previously, said so. They informed me that I can pay the money back, the R24000, but I will still owe them the full amount. The documents they mailed me stated that I now owe them R118000. I felt misled by their letter that they posted me before. And I said I wanted to cancel the loan. Sanlam refuses, and holds me responsible for the full amount.

Company: Sanlam
Country: South Africa
City: Customer Care Helpline

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