Conseco ripoff deceptive company Carmel Indiana
My wife and myself invested our IRA's in American Life Annuities, which was than bought by Conseco.
Recently we decided to cash in our annuities since we are retired, after three phone calls and three weeks they sent us the forms necessary.
Today, after two more weeks we received some of the checks but not all. The ones we did receive were for approximately one-third of the amount they should have been, I CALL THIS A RREAL RIP-OFF.
We didn't even get near the original investment after over ten years.
Andrew
Lincoln, Missouri
2 Updates & Rebuttals
Fred
Indianapolis,Indiana,
U.S.A.
Conseco, American Annuity
#3REBUTTAL Individual responds
Mon, June 28, 2004
In no way have you been ripped off. The annuity business is regulated by the State of Indiana.
You probably bought a variable annuity tied to some stock market index and the value collapsed. That was your choice, You did that to try and maximize your profits.
If you'd have bought a CD type of annuity it would have guaranteed you your original investment plus interest paid minus the charge for early withdrawl, same thing like a regular bank CD.
This happened to you because you didnt take the time to understand fully what you bought.
There is no Scam going on here in Indiana with Conseco/American.Your obligation at purchase is to weigh in the possible rewards verses the risk involved. You have a contract with Conseco and unless it a typo error of sorts for sure you are getting your due.
Thee is an Insurance Commission in the state you live it. They license Conseco/American to sell in your state. Find out that number and call them. They will send you a form to fill out stating your problem. Good Luck.
The Fraud Chick
Ethics,Arkansas,
Conseco has had some trouble...
#3Consumer Suggestion
Sun, November 10, 2002
Andrew,
I highly suggest you push harder for all of your money. Conseco has been in the news recently for predatory lending.
Go see an attorney if you get no results. Here's a copy of a short article where Conseco was found guilty of fraud. Good luck!
*******************
South Charleston couple wins more than $450,000 in lawsuit November 9, 2002
A South Charleston couple has won more than $450,000 in a lawsuit against a lender the couple claims scammed them.
Kanawha County Circuit Judge Duke Bloom on Friday cancelled a loan worth $98,000 owed by Barbara and Clifford Harper, who sued Conseco Finance Servicing Corp. over the loan's terms in 1998. Bloom also ordered Conseco to pay $5,600 in civil penalties.
Earlier this week, a Kanawha County jury awarded the Harpers nearly $48,000 in actual damages and $300,000 in punitive damages.
The couple has alleged that Conseco lied about an appraisal and misrepresented the terms of their loan. They said the company's actions persuaded them to enter into a high-interest loan.
"The Harpers did not comprehend the exploitive nature of their mortgage loan until the payments began escalating, and contrary to representations, they were unable to lock in a low rate," the couple's lawyers said in legal briefs. "Now, they face a mortgage they cannot afford that far exceeds the market value of their property, and they risk the loss of their family home."
Conseco will also end up paying the Harper's legal fees and costs. Mountain State Justice uses such fee awards to fund its lawsuits on behalf of consumers.
Conseco claimed the Harpers' house was worth $97,500; a separate apprasial valued the home at $62,500. Dan Hedges, who represented the Harpers, alleged that home equity lenders inflated appraisals so they can lend consumers more money.
These inflated loans equate to more interest and fees for the lenders, a practice which is illegal in West Virginia, Hedges said.
Eventually, the couple would have had to pay more than $211,000 in finance charges on a loan of $76,000, court records show. By the year 2000, their monthly payments were $862.