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JAYNE WITH A WHY |
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Monday, July 27, 2009BLATANT THEFTSome 4yrs ago, we took out an 'investment' policy with a reputable brokerage firm here. We were shown graphs of the expected returns on our investment - nothing drastic - just a steady increase prediction. At the time of our initial discussion with the firm, Hubs stated that this would not be a long-term thing, as he had no intention of staying here until the 'normal' age of retirement - i.e. 65yrs of age. The broker assured him he would be able to withdraw all of the contributed amount at any time, although there would be a small - with emphasis on the SMALL - penalty fee. In 2007, we were advised to diversify our investment & split it into four different portfolios. Again, nothing hectic was promised - just a predicted steady growth on the money. We took the brokers advice. Fast forward to the present. Due to Hubs being retrenched, he decided to terminate the investment & withdraw the total contributed amount, as per the initial agreement. For almost a week now, he's been shoved from pillar to post by staff within this brokerage & the excuses have ranged from "he/she isn't in the office right now" (and simply cannot return your phone call, because you're on the Screw You list) to "but it's Sunday in America & they don't work on a Sunday". (Well I never!!) Today, finally, Hubs was informed that for his $30,000 investment, he will get a return of $10,000. Yep, that's right, $10,000. When he demanded an explanation, he was told that all 4 portfolios had lost money due to the stock market 'crash'. Admittedly, that wasn't a surprise, because way too many people have lost vast sums of money over the past 6mths, but he certainly wasn't expecting to lose two thirds of the money. After further delaying tactics, the broker then informed Hubs that his company would take a $9,000 'penalty' fee for cancelling the policy. U N F U C K I N G B E L I E V E A B L E. . When Hubs repeated what the initial broker told us in regard to terminating the policy earlier than expected, he was told - very matter of factly I might add - "Well, she lied" . Yes, this company's employee lied & they sanctioned it. . If it wasn't for the threat of legal action (suing me for libel) I would name the company concerned. . . They're nothing more than a bunch of theiving cunts.  
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