reclaiming Generali Vision plan premiums

Gringoloko

Hi there I have worked in this industry and know it inside out if you would like some support I would be happy to chat on Skype charlie.burrows1

Gringoloko

I trie dbut it was locked

Gringoloko

Hi there I have worked in this industry and seen all kinds of miss selling on these products if you would like help I will do my best

Gringoloko

Hi Sean I am sorry to hear how badly miss sold you were lets skype charlie.burrows1 Ill do what I can

Pigeon2001

Hello - can anyone please advise me what to do....
5 years ago i signed a Generali vision plan when living in Kuwait. I put 1000USD a month into it. After 3 years i went on the premium holiday for 6 months. During this time, the sales rep from Cyprus vanished and i had no clue about what was happening to my plan. During this time after being robbed i got a new credit card. To cut the story short - i haven't made any payemnts for 18 months into my plan. After doing thorough research, i have no intention of paying and more money in. Can i just walk away from my plan? They have told me i owe 18000 to terminate but i refuse to pay. I don't want my already 20,000 dollars - they can keep it. My question is - what if i just refuse to pay - what can they do? Other than keep my money paid already - what will happen? Please advise....

dunstonh

During this time, the sales rep from Cyprus vanished and i had no clue about what was happening to my plan.

Not unusual. Every time the UK upped regulation and compliance, the overseas sales areas where there are a lot of expats, would go recruiting "advisers" who couldnt or didnt want to meet the new UK standards. They were promised hot weather, good life and lots of clients wanting to do business. In reality, they were given a list of names (that every previous mug that had fallen for their promises had tried farming) and marketing was more like the US model than the UK one and most of them could not succeed at it and would end up returning home and out of financial services.

However, all that said, the provider was available to answer any questions you had. So, you could have called them and can still do so.

an i just walk away from my plan?

Yes. There is no retail financial services product that can charge you more than the value of the plan.

They have told me i owe 18000 to terminate but i refuse to pay.

They probably dont mean you would need to write them a cheque but that that is the cost of surrendering the plan and it will be deducted from the value.

My question is - what if i just refuse to pay - what can they do?

They will leave the plan in force until there is no money left or when it hits maturity

waterbridge

These guys are very very active out here in the Middle east and I see them getting a lot of custom.

I cant imagine how many people are losing money through them.

What can be done to try and raise awareness about these groups?

DubaiFool

For awareness, this page is of good use! But that works only for those who search on internet before signing with their financial advisor.

I'll repeat it again for visibility: Do not sign a Generali Vision plan, unless you are really sure about the terms & conditions. This plan has very high, compounded fees, and you're probably better off looking for other options (ETF on Interactive brokers for instance).

I did the same mistake as many here, and signed a 10 year plan with 500$ monthly premium. It was 6 year ago, my plan is slightly positive now but the yearly fees will hit me in a month and take away all the potential gains.
I did the math and it seems I'm better off staying 4 more years, to get the loyalty bonus at the end, which will reduce my fees. Still, signing a Vision plan was the biggest mistake of my life.

I'll keep mentioning it on every forum, and face to face with anyone who is interested in investment plans.

Magnus_Jern

Hi!

We are many that share the the pain of Generali Vision and were duped into buying this plan.

We are a group of 20+ people planning to take legal action on Generali over the Generali Vision plan cancellation cost/clause. If you're interested in getting your money back then join the group "Duped by Devere" on Facebook. It doesn't matter if you bought it through Devere or someone else.

Regards,
Magnus

David_Bojan_Scam

Here's my story of how I was {text removed by MSE Forum Team} by David Bojan a financial advisor based in Hong Kong. I am now pursuing the case through the various Hong Kong regulatory commitees. {text removed by MSE Forum Team}

David Bojan and HFS Asset Management are currently under investigation by a Hong Kong regulatory committee for neglecting their duty, as financial advisors, to put their clients’ interests ahead of their own personal interests. In the case in question, David Bojan sold me a plan that was completely unsuitable for my investment needs and completely misrepresented. Not only did he mislead me about the fee structure, level of commitment, and penalties involved in entering and exiting this plan, but most importantly - David Bojan failed to disclose the huge commissions he would receive for signing me up. The plan in question is the Generali Vision plan, the beloved “cash cow” of unscrupulous independent financial advisors around the world. Knowing that I wanted to invest in a college fund for my daughter, David Bojan aggressively pushed the Generali Vision plan, which he assured me on numerous occasions “provides flexibility to stop, start, increase, and decrease contributions without penalty”. He assured me that I could invest the minimum initial contribution (14 months x HK$20,000 = HK$280,000) and could stop contributing thereafter by “taking a premium vacation at any time”, letting this initial investment mature over the duration of the 10 year lock-in period. What David Bojan and HFS Asset Management failed to disclose was that 100% of the initial contribution is reserved for “administrative fees and costs” – in other words, split between sales agent commissions and Generali. The result of stopping monthly premium payments after the initial contribution period is that you lose every cent you invested up until that point. My plan is now worthless as confirmed by Generali, who officially notified me that the surrender value of my plan is under HK$15,000. In other words, HK$265,000 has been dispersed between Generali and David Bojan. When confronted, Mr Bojan’s attitude and tone changed immediately; he claimed he had “no obligation to disclose any fees” he earned from the plan. He was unwilling to answer any questions in a straightforward manner and used every opportunity to remind me how miniscule he considered my investment. I am now pursuing this case through the various financial regulation agencies in Hong Kong. Thankfully, they are taking my claims seriously. David Bojan and HFS Asset Management are currently under investigation for “failing to advise the client on the extent of remuneration despite repeated written requests.” The matter is now being escalated to their Disciplinary Committee for formal disciplinary proceedings.I am posting this so you will not fall for the same {text removed by MSE Forum Team}that I did. Please do not give up hope and pursue your cases through your local financial regulatory committees. There are people out there willing to listen.