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Opinion

Follow-up: Sanlam concedes client's payment holiday nightmare 'unacceptable'

20 October 2021 8:56 PM
Tags:
The Money Show
Bruce Whitfield
Sanlam
Wendy Knowler
COVID-19
payment holiday
payment relief
consumer issues
DirectAxis
loan repayment
loan terms

Consumer ninja Wendy Knowler delivers Part 3 of the ongoing saga of a DirectAxis (Sanlam) client's woes on The Money Show.
© shutterhero/123rf.com

For the last few weeks consumer journo Wendy Knowler has been investigating the treatment of a DirectAxis (Sanlam) client who took a payment holiday when Covid-19 hit.

"She then got well and royally screwed over" summarises Bruce Whitfield as he introduces Part Three of the story on The Money Show.

RELATED: 'I wasn't told 6-month payment holiday would add 20 months to my loan term'

The client, Indira, extended her initial application for a three-month payment holiday to six months.

She then discovered that the deal had extended her payment term not by six months, not even by 12, but by a full 20 months.

"She’ll end up paying R325 600 for that R120 000, or R61 600 more than she would have" Knowler reported.

She grabbed that [payment holiday] life buoy - it was for three months. You had to respond to an sms and then an agent called you and there was a brief 'highlighting' of how it was going to work. You were supposed to receive an email afterwards which Indira didn't get.

Wendy Knowler, Consumer journalist

After three months she extended that holiday... which is a misnomer if you ask me... It has a big sting in the tail.

Wendy Knowler, Consumer journalist

When Indira told the service provider the terms had not been properly explained to her on the phone she battled to get hold of the voice recording.

RELATED: SA consumers rack up an extra R20b in debt through lockdown payment holidays

She also did not receive the required follow-up email as there had been a mix-up with her address.

Eventually, this time a week ago, she listened to that two-minute conversation... (Knowler rattles off the information at the fast pace used to give it)

Wendy Knowler, Consumer journalist

We agreed last week that this didn't really enough constitute enough disclosure for Indira to make an informed choice.

Wendy Knowler, Consumer journalist

Knowler goes through the response since received in which Sanlam apologises and concedes that the service Indira experienced and the process which followed it, were "unacceptable".

"With this in mind we have tried to start a discussion with Indira to propose a way forward which we believe to be in her best interests."

Sanlam has finally accepted responsibility for this and said 'we didn't do our job properly'.

Bruce Whitfield, The Money Show host

Listen to the details of how this case is unfolding in the audio clip below:




20 October 2021 8:56 PM
Tags:
The Money Show
Bruce Whitfield
Sanlam
Wendy Knowler
COVID-19
payment holiday
payment relief
consumer issues
DirectAxis
loan repayment
loan terms

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