| Name of Complainant | |
| Date of Complaint | February 5, 2024 |
| Name(s) of companies complained against | Coin switch |
| Category of complaint | Investments |
| Permanent link of complaint | Right click to copy link |
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My name is Dieketseng Mavundla, on the 13th of Jan I started investing on coin switch. I was requested to make the first payment of R5000 and then again I was requested to make a payment of R16500, then it was supposed to be the last request where I was asked to make another payment of R38 620. Then I was told that there was an error the merchant is requesting for me to pay R78 250 00. On the very same day I was expecting to do my withdrawal. I was then told by the teacher that the merchant has reduced my score to from 100% to 98%. Therefore I am requested to make a payment of R191 000. I struggled to raise the money however I failed. Then on the 30th of January the receptionist informed me that I have received 50% off. So I am now expected to pay R65 000. On the 2nd of February the teacher said I can make a payment of R30 000 and then later on the 3rd of Feb I must make a payment of 35 000. I paid the amount as per the requirement. The teacher helped me to load my details on to the system. I followed all the instructions. Yesterday on the 3rd of February the teacher said I must wait for my money to reflect in the account. I waited the whole day to receive the amount that I have deposited of R 266370 will be paid. I did not get my money back. Today on the 4th of February I asked the teacher for feedback I am now being told that the review has failed and I need to make another payment of R105 348. He referred me to the merchant and I advised the merchant that I need to withdraw money in my wallet to pay the people that I owe.
I have a predicament, all the money that I have paid here has been borrowed. The loan sharks have been threatening to kill me because I have invested their money and I cannot get it back. I am failing to pay my rent and the land Lord has threatened to kick me out of the house on 7th of Feb if money is still not received.
I have deposited my money in the expectation that I will get it back the same day however that has not happened. Instead I have been exploited by merchants over and over demanding that I pay
More money that I cannot afford. I am do
Not have a job. I have loan sharks wanting their money. I have exhausted all avenues of borrowing money with no luck.
I am requesting for assistance for my money to be paid back into my account. I am beyond frustrated and suicidal because of the money that you have failed to allow me to withdraw.
I have attached all the proof of payments. I have attached all the communication between myself and the teachers.
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