Earlier this year Keith Dlamini called me at work, out of the blue, unsolicited. We met over trading online through SMC. He explained that SMC does the trading for me, and depending on the package I choose, I pay for monthly service on the software and trade with different amounts.
I told him I was not ready financially, he told me there is a way to finance through FNB, and puts me in touch with a lady at FNB, which in my understanding meant that there was an agreement in place with the bank.
I then discover this is essentially a loan, but go ahead because Keith said I would have paid it off within 6 months from the trading profits.
Weeks pass with no feedback from him, and I go to the college, who ask when I'm depositing R5000 to trade, which I understood would come out of the R16 7000 I already gave them. I refused to pay it, and when I told them the story, they agreed I was miss-sold the whole thing. Keith then disappeared, after months of chasing, SMC gave me most of the money back, refused to cancel the contract, which means I'm paying over R500 p/m to them for 3 years.By giving my money back, to me this is acknowledging that they are at fault, and should cancel contract too.
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