Before you buy RESP from Private Companies, Read this.
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**** For NEW mother and NEW immigrant *******
HI ALL,
I am my self VICTIM ..i am not AGENT or BROKER or LAWYER of any company ...just ALERT and help thouse new immigrant and new mother ...stop to be part of this SCAM...
IF you are new MOM or NEW immigrant with small kids ..Right away you will approached by phone from company and your fellow countryman(agents) will try to call you and push you like CRAZY with lot of references..to BUY RESP plan for your kids.from them...as they are your fellow countryman or family friend you TRUST them as well stay in obligation by their so called help....
JUST ..SAY NO.....and if needed kick their back ... don't allow them in to your home for RESP Discuess...
********** What they promise you ******
- The return(money) they saw you on statement after what you will get after 17 years... are completely FAKE and fabricated !! YOU WILL NEVER GET THAT !!!
- they will tell ,you will get ALL money togather regardless your kid go for university or not .. WHITE LIE NEVER GONNA HAPPAND
******** What will happand **********
- after 17 years of invest your hard earned money whan your time to get money ....what you will get ..after 17 years of TRUST
- your principle + Govt grant + interest on Grant - (their ADMIN fee )
they never tell this ADMIN fee or they explain very very low at a time of purchase...
- ADMIN FEE - if you start your kids plan by born (o years) with 150/month at age of 17 you will pay ADMIN FEE to them $8000 ( eight thousand ) atleast ...yesssss..5% more or less according how big crooks company it is !!
- The big figure in EAP will start to decrease gradually when your plan reach half way.(This is not GOVT. grant and completely control by them so after 17 years what figure they want they give you ..if you are lucky )
- in statement their is TWO box(with tiny * barely you can see star ) that number called ...Discretionary payment ..IS NOT GUARANTEED...means it is ..0..
************** WHAT IS RIGHT **************
- start your RESP with BANK ONLY BANK ONLY..BANK....
- ANY BANK WHAT YOU LIKE YOUR CHOICE !! BUT BANK
***** WHAT TO DO once you are VICTIM like ME *********
Sorry you can't do anything...if you try to do what ever..you will loose money one or other way... so sorry....i am in same boat
***** WHY I AM DOING ********
- OUR LOT OF DESI, COUPLE WORK VERY HARD $10/hr , IN HOPE THAT THEY WILL GET GOOD MONEY AFTER 17 YEARS FOR THEIR KID'S BETTER EDUCATION.BUT THEY ARE IN BIG TROUBLE OF LOOSING MONEY...
- I am VICTIM and i know this SCAM is on going very large SCALE BY OUR FELLOW COUNTRY MAN...
- i have no reason to waste my time to write this LONGG msg.
- From my This STUPIDTY (RESP from private fund) !! if i can save few family ..My purpose is served
-Please help me to spread this msg. as many as people specially new mom and new immigrant ..to aware of this SCAM.
- ALL PRIVATE COMPANY ARE SAME SO I DIDN'T WRITE ANY NAME...BUT APPLICABLE TO ALL ..
**Specially south asian community in scarborough / brampton / because we TRUST our countryman that TRUST is put us DOWN**
**** IF YOUR RESP IS NOT WITH BANK** YOU ARE VICTIM***
Quote:
Originally posted by NJJ
**** For NEW mother and NEW immigrant *******
HI ALL,
I am my self VICTIM ..i am not AGENT or BROKER or LAWYER of any company ...just ALERT and help thouse new immigrant and new mother ...stop to be part of this SCAM...
IF you are new MOM or NEW immigrant with small kids ..Right away your countryman(agents) will try to call you and push you like CRAZY with lot of references..to BUY RESP plan for your kids.from them...as they are your fellow countryman or family friend you TRUST them as well stay in obligation by their so called help....
JUST ..SAY NO.....and if needed kick their back ... don't allow them in to your home for RESP Discuess...
********** What they promise you ******
- The return(money) they saw you on statement after what you will get after 17 years... are completely FAKE and fabricated !! YOU WILL NEVER GET THAT !!!
- they will tell ,you will get ALL money togather regardless your kid go for university or not .. WHITE LIE NEVER GONNA HAPPAND
******** What will happand **********
- after 17 years of invest your hard earned money whan your time to get money ....what you will get ..after 17 years of TRUST
- your principle + Govt grant + interest on Grant - (their ADMIN fee )
they never tell this ADMIN fee or they explain very very low at a time of purchase...
- ADMIN FEE - if you start your kids plan by born (o years) with 150/month at age of 17 you will pay ADMIN FEE to them $8000 ( eight thousand ) atleast ...yesssss..5% more or less according how big crooks company it is !!
- The big figure in EAP will start to decrease gradually when your plan reach half way.(This is not GOVT. grant and completely control by them so after 17 years what figure they want they give you ..if you are lucky )
- in statement their is TWO box(with tiny * barely you can see star ) that number called ...Discretionary payment ..IS NOT GUARANTEED...means it is ..0..
************** WHAT IS RIGHT **************
- start your RESP with BANK ONLY BANK ONLY..BANK....
- ANY BANK WHAT YOU LIKE YOUR CHOICE !! BUT BANK
***** WHAT TO DO once you are VICTIM like ME *********
Sorry you can't do anything...if you try to do what ever..you will loose money one or other way... so sorry....i am in same boat
***** WHY I AM DOING ********
- OUR LOT OF DESI, COUPLE WORK VERY HARD $10/hr , IN HOPE THAT THEY WILL GET GOOD MONEY AFTER 17 YEARS FOR THEIR KID'S BETTER EDUCATION.BUT THEY ARE IN BIG TROUBLE OF LOOSING MONEY...
- I am VICTIM and i know this SCAM is on going very large SCALE BY OUR FELLOW COUNTRY MAN...
- i have no reason to waste my time to write this LONGG msg.
- From my This STUPIDTY (RESP from private fund) !! if i can save few family ..My purpose is served
-Please help me to spread this msg. as many as people specially new mom and new immigrant ..to aware of this SCAM.
- ALL PRIVATE COMPANY ARE SAME SO I DIDN'T WRITE ANY NAME...BUT APPLICABLE TO ALL ..
**Specially south asian community in scarborough / brampton / because we TRUST our countryman that TRUST is put us DOWN**
**** IF YOUR RESP IS NOT WITH BANK** YOU ARE VICTIM***
I bought RESP thru my Bank ( Scotia Bank)
hope I'm safe
ANY BANK YOU ARE FINE !! LUCKY
Just one request ...please spread this msg. as much as you can..so we can save our innocent people ..form our crooks people !!
Location: God's own country
Posted on: 16-03-15 08:06:21
Good info. OP. Even in India there is a regularatory board which sees that these kind of insurers follow rules and I am surprised that Canada does not have a watch dog for this.
Also I have heard that there are some schemes in the bank also where the adminitrative charge is more. So we have to watch out for that also.
There was a big RESP board here with Dimple having a lot of RESP knowledge. May be he can comment on the your post to give some insights for CD's.
Murali
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I am a Gents and not a Ladies.
Thanks, yes here is BOARD
YES ! Bank have heavy charges but not for ..RESP... , OTHER the bank charges are not HIDDEN , they tell you everything in advance before you start business ... they charge ONLY what they told you.
this are place you can start ...but i don't hope much...
Ombudsman for Banking Services and Investments (OBSI):
Tel. (toll-free): 1-888-451-4519
Provincial and territorial financial regulators
RESP Dealers Association of Canada
because everything this guy knows..they push you to solve your way first..as you are paying of price to put TRUST of your crooks country man...You have to suffer...sorry but this is true...
- what i am thinking to do... i am right now status of loosing $5500 if i am TRANSFER MY RESP to BANK..that is sure i will loose money..but which way i will loose less that is Question...
..HELP me TO SPREAD this msg. as many as and as much as you can.....
Ok, I have an RESP from a private company, called Knowledge First Financial. From your post, it looks like I have a reasons to worry. A few of my friends got from 'Heritage' and they actually did fine.
Need to look into it further. I did my due diligence when signed up. But the posts like these scare the $hit out of me.
You are right totally in whatever you said about RESP.
It amazes me how in Canada this kind of robbery can going on. I too am a victim of it.
My first thought was how can it happen in the developed world, things like this happens only in India.Somethings you learn hard way, and RESP is one of it.
In my openion, RESP, itself is a headache, regardless of government grant. At the end of the period you hardly get anything. Better to,put that money against mortage, so you become debt free sooner. Most of the things in Canada is a mirage, you see something and get something else. Yes you are right if at all you want to invest in RESP, then banks are the way to go.. with little knowledge you can do it your way.
