GENERALI VISION - AVOID like the plague!

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Maxwell100
Maxwell100 Posts: 1 Newbie
in Savings & investments
Whilst working overseas some 10 years back I signed up for a 10 year Generali Vision Plan in the belief that my initial investment would have to remain in the scheme for 10 years, i.e. like a fixed term investment.

I made regular payments into the scheme for 2 years and then stopped, as planned from the very outset. Now that the scheme has matured, I find that Generali have been deducting Administration Charges (undisclosed on their statements) in the form of units as though my monthly statements had continued for the whole 10 years.

The net result is that their charges have amounted to in excess of 60% of my investment with a pay-out little different from my initial investment!! Having studied in detail their small print (Vision Policy Conditions) and the one and only application form that I signed, I can see no reference stating that I was in effect signing a contract committing myself to maintaining my monthly payments for the whole 10 years with big penalties if dropping out early.

Comments

  • vectistim
    vectistim Posts: 635 Forumite
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    How did you take the policy out, and in which country? It looks like this was a bog standard 10 year endowment. If you took this out in 2003 in the UK it should have been fairly clear what you were getting into.
    IANAL etc.
  • dunstonh
    dunstonh Posts: 116,389 Forumite
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    This is not a UK based contract and not only woefully obsolete by 2013 standards, it was in 2003 as well. However, these types of plans were very commonly sold overseas. expats, in particular, tend to get targeted.

    Lots of expats lost money on these types of contracts. They were expecting UK standards but that was a mistake.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • alanq
    alanq Posts: 4,216 Forumite
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    edited 24 June 2013 at 11:56AM
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    @Generali Int

    See Forum Rules re posting by company representatives.

    http://www.moneysavingexpert.com/site/forum-faqs#companies
  • cloud_dog
    cloud_dog Posts: 6,045 Forumite
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    Generali_Intl wrote: »
    We actively monitor what is being said online about Generali International and the products and services that we offer....
    Just curious why you would 'actively monitor' what is being said about you? Any particular reason you feel the need to 'actively monitor' general discussions?
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • Reaper
    Reaper Posts: 7,283 Forumite
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    There is a long thread on Motley Fool with regulars saying what a poor policy it is and sales people attempting to defend it.
    http://boards.fool.co.uk/generali-vision-11920142.aspx?sort=whole
  • Aegis
    Aegis Posts: 5,688 Forumite
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    I've only seen one so far and it was very poor value for the investor. I wouldn't dismiss the entire offshore investment bond market based on this offering by one company, however it's not a policy designed for everyone.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • winduptoy
    winduptoy Posts: 2 Newbie
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    Hello everyone who signed for Generali Vision, is there any luck to get your money back?
    I have the same problem and loosing around 15 000 euros.
    I checked some of the threads, but could not find any successful story about it
  • Flipflop1
    Flipflop1 Posts: 7 Forumite
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    Please try and sign this petition to air your views and experiences of Generali investments. I cant add a link but if you google search the following you will find it.
    petitions/generali-annul-vision-contracts-and-return-all-funds-at-current-market-prices
    Please try and make the difference if you can.
This discussion has been closed.
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