Nolusindiso Mhloli’s funeral scheme with Fundisile & Sons is one of many in the Eastern Cape that will no longer be underwritten by Old Mutual.
Mhloli said she had not been informed by Old Mutual of the move.
She’s now fighting this with Old Mutual, but in the meantime, elderly people who are registered under her scheme are worried about their contributions.
“What will happen to their claims? That’s what leaves me worried,” she said.
Ntombomzi Nkumanda, of Dongwe, in Tshabo, said she had been a member of Mhloli’s scheme for the past two years.
“What I like about these rural schemes is that if you don’t have money, they wait until you have money. Losing them will be a huge blow to our community,” said Nkumanda.
Nkumanda said she joined the scheme to help her family and extended family.
Thathiswa Biko, of Berlin township, said she feared losing the money she has paid into a scheme for a number of years.
“We are not working and have no money.
“Every bit of money we have we pay to these schemes so that once we die, our children won’t suffer,” she said.
Berlin pensioner, Vuyisile Kula, who is a member of a scheme, said it seemed the poor were not protected by the law.
He said he was completely dependent on his scheme to provide for his family in the future.
“We put our trust into the people we are giving money to that they will protect it, but now, if the people whom they trust to save our money dump them, what about us?” he asked.
“At least this company should have informed these people about their decision before kicking them out.”
Old Mutual’s general manager Thembisa Mapukata said they were doing their best to inform customers of the change in their underwriting partnership.
“We are placing advertisements as an additional way of reaching customers.” — bonganif @dispatch.co.za
Members not told what will happen to their money
Mhloli said she had not been informed by Old Mutual of the move.
She’s now fighting this with Old Mutual, but in the meantime, elderly people who are registered under her scheme are worried about their contributions.
“What will happen to their claims? That’s what leaves me worried,” she said.
Ntombomzi Nkumanda, of Dongwe, in Tshabo, said she had been a member of Mhloli’s scheme for the past two years.
“What I like about these rural schemes is that if you don’t have money, they wait until you have money. Losing them will be a huge blow to our community,” said Nkumanda.
Nkumanda said she joined the scheme to help her family and extended family.
Thathiswa Biko, of Berlin township, said she feared losing the money she has paid into a scheme for a number of years.
“We are not working and have no money.
“Every bit of money we have we pay to these schemes so that once we die, our children won’t suffer,” she said.
Berlin pensioner, Vuyisile Kula, who is a member of a scheme, said it seemed the poor were not protected by the law.
He said he was completely dependent on his scheme to provide for his family in the future.
“We put our trust into the people we are giving money to that they will protect it, but now, if the people whom they trust to save our money dump them, what about us?” he asked.
“At least this company should have informed these people about their decision before kicking them out.”
Old Mutual’s general manager Thembisa Mapukata said they were doing their best to inform customers of the change in their underwriting partnership.
“We are placing advertisements as an additional way of reaching customers.” — bonganif @dispatch.co.za
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending Now
Latest Videos