- Report: #1195742
Complaint Review: LPI Financial Services Inc - waco Texas
Reported By:
Bjensen -
Murrells Inlet, South Carolina,
Submitted:
Updated:
-
Author Confirmed
Why?
LPI Financial Services Inc
8225 Central Park Dr waco, 76712 Texas, USA
Phone:
1-800-368-5569 1-800-368-
Web:
lifepartnersinc.com
Categories:
Business Rating:
(0)
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LPI Financial Services, Inc Life Partners Inc LPHI Charging for past 'services' - not disclosed prior to billing! Threats to destroy credit, maximum fine etc waco Texas
LPI Partners sent a letter on October 14, 2014 to its investors demanding payment for managerial services for 2013-2014 for $840!!!! . Say what? There was NEVER any verbiage in the original documents regarding any right to impose future charges. And it's even more infuriating that LPI is trying to bill in arrears for services I didn't even know I was getting. LPI served as the agent to enable purchases of portions of a life insurance policy of an individual who was not expected to live more than 6-24 months. That was 14+ years ago. I'm happy to report the individual is still alive, but LPI has been nickel and diming its investors for hidden costs that were never mentioned in the contract. In fact, paragraph 3.01 of the Policy Funding Agreement states:
"LPI'S fees for all services provided in the performance of its duties shall be complete and inclusive in the policy purchase deposit and the PURCHASER will not incur costs of any type beyond the amount tendered as the policy purchase deposit." It further states, "After purchase, LPI shall have no further specific duties to Purchaser, but LPI shall use its best efforts to assist Purchaser, if requested, in any way possible."
So how can LPI bill me for a service I never requested? A second 3-page letter was sent by LPI thirteen days later as, I'm sure, their investors replied with disbelief and disgust at this hidden charge. I'm so glad I'm not alone in my anger at this company for trying to bill its investors just because it has had extravagant legal fees in the last two years due to lawsuits, etc. If you read articles on the Internet about this company, one can conclude LPI might be getting ready to go bankrupt and this is its last-ditch effort at staying afloat.
I wrote a letter in response to the 2 letters asking for more information and better service. I never received any response.
I, for one, do not plan on sending this company one more penny. I've been paying thousands to pay for the life insurance premiums. By the way, this also was never mentioned orally or in the contract that we would incur out of pocket costs for insurance premiums if this scenario was to develop, but if anything the premiums would be paid upon maturity.
We were misrepresented and I refuse to participate in their extortion.
Please feel free to share any info or experiences regarding this LPI madness. Thank you.
1 Updates & Rebuttals
Wan
mckinney,Texas,
I am a victim as well. Any class action lawsuit regarding this issue?
#2Consumer Comment
Mon, December 22, 2014
I am so angry about the additional yearly fee but if I don't pay, all the policies I have been paying (6 total) almost a hundred thousand will be gone forever. I do not know what to do. Anyone have suggestions? Wondering anyone challenge this illegal fee? I want to join any lawsuit against this ripoff company.
