By: smuts666
8/04/2008
7:45 am Yahoo! Profile:
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We are all encouraged to save. Yet many of us who had investment saving programmes have had schemes terminated and at least our funds were returned, but the long term goals were destroyed. Sovereign, Tower, AMP and AXA are a few that hit me.
Mr Russell late of the consmers Institute warned people about investing in longer term plans to consider if the organisation would actually exist in 20 to 30 years. I found that reputable companies have changed the rules by way of a Board Minute and left people with plans being upset.
AMP is a classic example of two years losses being blamed on the US market problems, others becuse it was expensive to run various schemes.
All this is a major rip off! and the Commerce Commission needs to investigate the big plays, not just the little ones that have loss peoples money. |
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By: w1ksta
8/04/2008
8:29 am Yahoo! Profile:
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| I just pulled out of my investment savings scheme yesterday and aside from getting alot of attitude , they told me that they werent going to cancel it but have someone come around and tell me about the scheme (as I didnt fully understand how it worked), which I kindly replyed with a NO!!. Not long ago I got a summary of my investment which showed alot more money in there than whats being put into my bank account. So it was a bad time for me to be pulling out, but I feel alot more safer now. |
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By: w1ksta
8/04/2008
8:31 am Yahoo! Profile:
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| Thats one of the reasons I wont go with kiwisaver either. I still have 40 odd years before im 65 and alot can happen within that time. |
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By: golfers248
8/04/2008
2:32 pm Yahoo! Profile:
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| yeh, and ya think Kiwisaver a good scheme, you wait years down the track all of a sudden the GVNT part will disappear, they give some excuse, you wait..... |
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By: danforbes@xtra.co.nz
10/04/2008
8:05 pm Yahoo! Profile:
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I don't get these people faslling into the great finance company trap. This problem with them has been going on for years I can remeber back 20 years ago they were collapsing. Why is everyone surprised it is happening again.
The reason they collapsed back then and still doing so today is due to the cowboys operating in the wild west environment called the NZ financial sector. Until we get regulation the like of USA has in our market place expect more of the same. |
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By: smuts666
11/04/2008
6:08 am Yahoo! Profile:
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Now Lomard has fallen over! More people lose more money and the Trustee, Directors and Officers walk away without lost.
It is high time the Trustee did what they are suppose to and cover the short-fall.
Who is fooling whom here. Why doesn't the Govt have a Royal Commission on these failures. |
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By: powley9
11/04/2008
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| it only being greedy that catches them out just play it safe and win in long run |
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By: juzzkirk
11/04/2008
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| usa stable....hahahahaha,the reason all this is happening is because the people who OWN the us currentcy is playing god.....the stockmarket crash in the early 1900's was one of many and they wont stop....... |
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By: danforbes@xtra.co.nz
11/04/2008
12:44 pm Yahoo! Profile:
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| What has USA got to do with the price of fish, as in causing our financial market chaos? In the USA the directors and trustees that have acted so dubiously in the financial sector in this country would be before the courts. Hear we give them a community service award for being rich. I suppose that has improved in the old days they got knighthoods. |
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By: aisr@xtra.co.nz
16/04/2008
8:25 am Yahoo! Profile:
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| I direct a project identifying malpractice such as this. Can you make contact with me please. It is far worse than you outline. |
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By: smuts666
21/04/2008
12:10 pm Yahoo! Profile:
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Now we have the 18th Finance Company to fail (Kiwi Finance) leaving funds in the order of $2 billion in doubt.
The Trustee (Perpetual Trust) has elected to call in the receivers in stead of honouring the Trustee obligations to make good the losses!
Why on earth would you have a Trustee in the first place if the obligation of protection failed everytime a company fell over.
Where is the Governance duty?
The Commerce Commission will no doubt add Kiwi Finance to its list of investigations.
Maybe the Finance Select Committee might show some initiative here as well and start investigation the Directors, Officers and Trustees action on determining why this consistent pattern of failures was not highlights by Auditors.
Last night I got a letter from ING say how sorry they were to put a freeze on withdrawals, yet my funds are with NFL not ING! |
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By: zpw1605
27/04/2008
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| be wise and buy yourself a decent safe. or learn about the stock market. i did. worth while. |
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By: smuts666
5/05/2008
10:20 am Yahoo! Profile:
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Another Finance Company fall's over and everyone sits on their hands!
When will the Trustees be held to account? |
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By: paulwiebes
9/05/2008
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there is only one decent reply in this forum. the one wich says about buy a safe or learn to trade the share market. i dont agree on the safe, as your money will become worth less in valeu over time. due to price rise off living oil etc, inflation.
for the people who want to blame others for there money to have gone down the drain in the finance company's to invest in. educate yourself. take control of your own money instead off handing it over to someone else.
Kiwi saver???? so you trust the goverment to look after you when you retire?? they couldnt run a hot dog stand down town auckland without going broke.
cheers |
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By: ppnz@xtra.co.nz
13/05/2008
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I learnt over 20 years ago never to trust these superschemes, I had one with Southern Cross and lost everything so I started investing my money in banks with fixed term deposits when I had enough I got my first house then did it up and sold it then I did the same again always having my spare cash in safe fixed term deposits.
Im 43 now and dont have to work, own my own freehold home and are living the life I feel so sorry for all these people going into superschemes and watching them lose thier hard earned money.
And the government do nothing about these companies that rip investors off with superschemes and then wonders why people dont want to get involved with them. |
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By: stubbyclan@xtra.co.nz
18/05/2008
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Im a great believer in " you dont get anything for nothing" everything has to work for you or with you to make a gain. Investment/Finance companies are not in any of the above.
Kiwi saver does nothing for me. |
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By: avinash_nz@xtra.co.nz
25/05/2008
10:40 am Yahoo! Profile:
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We complain from just about anything to everything. Just imagine a kiwi environment where there was not a finance company trading. Just imagine how the bank's attitude would be if it happended to be the sole in charge of dishing out loans and investment proposals to the public at large. Ninety percent of NZ resident adults can vouch how difficult it is to talk about personal and or business matters with a banking institution. Banks demand countless forms to be filled and the level of information they require some days would possibly place CIA to shame.
Finance companys are an easier, covenient alternative in today's financial climate. Of course like anything else, there is an element of risk involved especially when investing one's hard earned dollars. But then again, wanna-be investors are given all necessary information in terms of a prospectus and relevant financial publications/reports before they can make an informed decision. Are the majority of the investors simply greedy when comparing percentage return rates on offer from finance companys are much higher than what's offered at their own local bank? The media will not publish success tales of majority of investors reaping a good yield from their savings at a finance company. Why? Because happy tales do not sell. Disasters, corruption, downfalls, and negativity sends sales spiralling up north!
The power is in our hands - we individuals should be held accountable for the decisions that we make in life; finger pointing will lead us nowhere. |
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By: lovegirl10016
10/06/2008
12:51 am |
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By: lovegirl10019
11/06/2008
12:12 am |
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By: lovegirl10019
11/06/2008
12:16 am |
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By: susan.phillips@xtra.co.nz
13/06/2008
9:57 pm Yahoo! Profile:
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| About being "ripped off" let's boycott the fuel companies by a worldwide no fuel purchase day. Lets make it 4th July (independance day) imagine the billions of $ the oil companies would lose just in one day. |
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By: smuts666
18/06/2008
10:15 am Yahoo! Profile:
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Now the 19th Finance Company has failed!
When will the Trustees of the funds step in and make good the losses?
More 'Mum and Dad' investors stand to lose millions whilst all the official sit on their hands and do nothing. |
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By: waynedrogemuller@xtra.co.nz
30/06/2008
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| The Government is incompetent... |
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By: dennis.morgan@xtra.co.nz
1/07/2008
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I agree with you the buck really stops with the person who is investing.. people need to learn that higher rate of return = higher risk. and with higher risk comes the possiblity of losing your money.
I agree with you about sometimes banks can be nightmares when it comes to applying for loans and related..
Correct you only hear about the ones that fail you don't hear about the ones that succeed and do a good job for stake holders such as F&P Finance.
People need to do there research on any investment, and seek independent professional advice when making decisions. |
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