Why I really wanted out was that during the time of signing, I had been assured X amount and was told that I will contribute only Y amount per month, but after the first year, I got a letter telling me that my Y per month had to be increased by 10% every year for me to still have my X at the end of the term - and I thought this was outrageous. If I was told this at the time of signing, I would not have a problem, but not after am already in the deep end. Well, I did get what I wanted from CFCLife, and true, its still long term but with better terms.

./Ok3ch

On Tue, Nov 24, 2009 at 4:08 PM, Bernard Mwagiru <bmwagiru@gmail.com> wrote:
Jacob,
If you have been saving for 2 years then its likely that the value of the units trail your contributions but its also likely that you will break even in the 3rd year i.e. the value of the units  you are entitled to will be more than your contributions (the percentage return being more than what commercial banks are giving for term deposits).  
The problem is that most people invest in the short term while these kind of investments are for the long term investors. If you dare touch your chumes in the short run, be prepared to burn.

./bernard


On Tue, Nov 24, 2009 at 3:54 PM, Jacob Odada <jacob.odada@gmail.com> wrote:
wow you guys are killing me now what am i gonna do about my savings?


On Tue, Nov 24, 2009 at 3:47 PM, Bernard Mwagiru <bmwagiru@gmail.com> wrote:
Interesting read:
http://www.realestateweb.co.za/realestateweb/view/realestateweb/en/page319?oid=44801&sn=Detail

./bernard


On Tue, Nov 24, 2009 at 3:34 PM, Okechukwu <okechukwu@gmail.com> wrote:
I had the same experience in 2007 when I asked to withdraw since they never kept any promises they had on paper, and I got back about 55% of what I had saved for a 3 year period. Decided to count my loses and start afresh - pole sana, you are not alone, and those who havent jumped in, please don't

./Ok3ch

On Tue, Nov 24, 2009 at 10:20 AM, wesley kirinya <kiriinya2000@yahoo.com> wrote:
Thanks for sharing, sorry for the experience. It's always good for a lawyer to look into any important doc one signs.



--- On Tue, 11/24/09, aki <aki275@googlemail.com> wrote:

From: aki <aki275@googlemail.com>
Subject: Re: [Skunkworks] On investments: Fraud Investigations at Old Mutual
To: "Skunkworks Forum" <skunkworks@lists.my.co.ke>
Date: Tuesday, November 24, 2009, 9:04 AM




On Tue, Nov 24, 2009 at 9:48 AM, ndungu stephen <ndungustephen@gmail.com> wrote:


A lawyer looked at the policy document and decided that it was absolutely wak ! There were no promises to uphold the contract, terminate or protect your investment,

as promised by word of mouth.

I tried to quit - then they would tell you one thing by mouth as how to "gracefully" exit - in terms you find acceptable by mouth - but when it came to paper work, they did calculations that lost me over 50% of my savings.

If you know anyone in these "investments schemes" or you are in one yourself with Old mutual, be ware.
 
@Ndungu, whoaa! poolay for loosing out on hard earned savings. :-(
 
And thanks for sharing the info. Though I'm not with them I know of friends who are, will pass on the info.
 
 
 
 
 
 
 
 
 

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