Hi Everybody.

So, first post is off to the liking of "The good, the bad and the ugly"

So this is really just an opinion question and I'm hoping to get some further guidance/advice out of this topic which will assist me in taking the relevant steps forward. I guess I'm just trying to gauge if my understanding and my requests are within reason and right.

So starting off, Credit Life Cover/Premium service offered by the FSP you're taking a loan/credit facility with. Unbeknownst to myself, at the time (3 years back now), the consumer has the right to choose their own Credit Life provider, or add the creditor as a Loss Payee beneficiary to an existing Life Assurance policy. I also believe the FSP must make this option available to the consumer (I stand to be corrected). So here I am paying +- R300/m for the last three years for cover of a credit facility only a 10th of my Life Assurance policy payout value.

The solution seems simple, "Add the creditor as a Loss Payee beneficiary and cancel the Credit Life Premium", however, there is a possibility that the FSP may demand that they proxy the payment/debit order of your Life Assurance policy (while adding their R69/m service fee for this "benefit").

My question: Am I allowed to deny said demand on the basis that it is an unreasonable and unjustifiable request (Consumer Protection Act) on the premise that I've had my Life Assurance policy for well over 8 years now, great payment history and I'm not being shafted another R69/m for this "benefit" - only to benefit the FSP and not the consumer (I derive no benefit from the FSP proxying the payment/debit order). And at the same time, have the FSP accept my conditions?

So now lets hypothesize that I've now added the FSP (Creditor) as a Loss Payee beneficiary on my Life Assurance policy, which is 10 times more payout value than what is owed to the creditor - so very limited/favorable risk for the FSP/Creditor. I've provided the necessary proof to the FSP/Creditor regarding my Life Assurance policy. I've now requested they cancel the current Credit Life Premium - which they have done so accordingly (Yay )

Question 2: Given that my Life Assurance policy is older than my debt with the FSP, and that the amount owed (debt) to the FSP will easily be covered by the Life Assurance policy and that in the entirety of my debt with an FSP (3 years), I have not made use of/claimed or derived benefit from the Credit Life Premium cover - can I request that the FSP refund all premiums collected for the Credit Life cover?

Question 2 stems from a case I had sometime ago where I realized my vehicle was double insured - through my existing household insurer as well as the bank financing my vehicle. I brought this to their attention and they cancelled the facility immediately and refunded all my premiums since the cover was started. I'm hoping for a similar possibility with regards to the Credit Life cover.

Looking forward to any feedback / debate / guidance / advice.

Best Wishes.