Complaint Review: Primerica - Mesa Arizona

Lets start of with the fact that tax law is very complicated. The investment package has nothing really to do with the concept. Many people use this formula but on a small scale, you are only creating a massive headache for yourself. Basically, people file as a 1099 meaning that they take care of their own tax liability. Say you make 4k a month and your tax bracket is 25%, every 2 weeks 500 is taken out for taxes and distributed accordingly. Now if you took the entire 4k and had the opportunity to personally take the 500 every 2 weeks and store it in a high yield savings or money market, you could earn the interest off of it. Now remember, because you are recieving the entire 4k doesn't mean that at tax time you don't owe the 500 you withheld every 2 weeks. So if you are disciplined enough to mantain your tax liability, you could have put that 500 away every 2 weeks totaling 13,000 come tax time. Now lets consider that you actually were committed to doing this, you would have the 13k safely stored in a seperate account earning interest and would then have to repay the IRS the 13k that was owed but you made out on the interest. How much would you really have made though? You possibly could have made a couple hundred dollars. Now when you file taxes you have to remember that interest earned in accounts is taxed as ordinary income so....that couple hundred you made is taxed at 25% resulting in not a lot of money made for a ton of math and problem solving over the course of the year not to mention the discipline needed to not dip into that account holding 13k+. Huge ordeal. Don't waste your time with these pie in the sky dreams of earning millions on such a small amount of interest. As for their life insurance, what a joke! They actually tell you to drop whole life insurance and go with term life. Why would you pay for a product over the course of 20 to 30 years that you will never see a benefit from?? Buy term and invest the difference is garbage. Put your money into some solid investments and purchase atleast some PERMANENT life insurance. The chance of you dying before the end of your term is slight to none. You are throwing away your money and then when you go to buy insurance when you need it, typically in your later years of life 70+...it will be tooo expensive. Take advantage of the fact that you are young and healthy. As for Victor, get away as soon as possible. Go work for a solid company like New York Life, Met Life, North Western Mutual... A company that is truly a financial services firm. Why don't you tell them how you make money off of your recruits and then your teams recruits.MLM Pyramid scam anyone??

Some of the schpiel you have submitted was explained to me. Still not completely certain I understand any of it, and to date, it has apparently not worked that way for me. I honestly do not know if the person who hooked me into this was a REP or a RVP, not that I would know the difference anyway. What do you mean by "If it is done properly...?" You say I should not owe, nor gain a refund at the end of the year because of the money I have put in the IRA. The first year, I owed $2000. I am still paying off $1100 of that money on a payment plan to the IRS. For last year, I now owe $2100. I can't pay it. I simply do not have the money available to do it. The money gained from my deductions comes to me in my paychecks, and is automatically withdrawn by the Smith Barney fund from my checking account each month. This is what the rep told me to do. Explain to me how this is "not being done properly." I have had just enough of "if it is being done properly" and them not being able to fix it. And when I report the money I have saved into my IRA on my taxes, I only get a $500 deduction for the $3000 each year. So I still owe. I never in my life owed money in taxes until I started with Primerica. Now I am in over my head and sinking fast. I must now go to the IRS and figure out some way to make the payments. After 2 and 2/3 years of this, I may have close to $8k saved up in the IRA right now, but it does me no good if I have to pay the IRS $3500 out of my pocket on top of it all. If I can't get this figured out by October, I will be in bad shape. The Primerica rep has had two almost three years to get this to "work properly" for me, and it isn't. Getting the heck out while I still can, I just hope it is not too late.

its been a few days since a brand new full of piss and vinegar crimerica puppet appeared on the scene. did your latest $300 commission get you charged up to be Crimericas next RVP millionaire? email us again next year while youre on break at walmart. cheers, jay

I think i understand where the miscommunication was made but first id like to know was this a REP or an RVP who made this recommendation? Basically the message that was supposed to be sent across was this: Why do we get a tax refund at the end of the year? Basically the government took out too much money during the year and its up to you to make the adjustment to get it back. now assuming we get it back, lets say 5k at the end of tax season most families would be exited. but if you think about it you gave the government a 5k loan (interest free) they used the money and then gave it back to you. what the rep should have done was explained to you the benefits of having less taxes takened out putting away the extra money now and gaining a return higher return on it. if done properly at the end of the year you shouldnt owe or get money back from the government. Now if you owe money (lets say the 5k) you SHOULD have gained some interest on that money before giving back the 5k to the government. Either way this 5k would have been collected by them if not at the end of the year then during the year. the advantage to what i just showed you is that if you use it during the year and then give it to them at the end of the year you should have gotten some kind of interest earned on that money that would never have been there if you just gave it to the government. hopefully i didnt lose you basically you gained money and gave back the principle that was originally owed to them. If you understand what i just said and its not what he meant then i am sorry for the error. i am not sure why he told you 6 deductions but basically its the same concept. if you do 1 deduction then more money goes to the governemnt and you have less to gain interest on. if you deduct 6 and are prepared to pay it back then you can reep the rewards of the interest and give back just the principle (the 6 deductions) hope you understand. most tax people dont know or understand this concept because they arent financial planners. but i do hope everything works out for you. now with the term insurance look at the whole package (not just the death benefit) primerica's life insruance has several provisions in it that many companies lack. So if you are going to change companies at least do a side by side comparison. we offer value not bargin life insurance. Victor

I think i understand where the miscommunication was made but first id like to know was this a REP or an RVP who made this recommendation? Basically the message that was supposed to be sent across was this: Why do we get a tax refund at the end of the year? Basically the government took out too much money during the year and its up to you to make the adjustment to get it back. now assuming we get it back, lets say 5k at the end of tax season most families would be exited. but if you think about it you gave the government a 5k loan (interest free) they used the money and then gave it back to you. what the rep should have done was explained to you the benefits of having less taxes takened out putting away the extra money now and gaining a return higher return on it. if done properly at the end of the year you shouldnt owe or get money back from the government. Now if you owe money (lets say the 5k) you SHOULD have gained some interest on that money before giving back the 5k to the government. Either way this 5k would have been collected by them if not at the end of the year then during the year. the advantage to what i just showed you is that if you use it during the year and then give it to them at the end of the year you should have gotten some kind of interest earned on that money that would never have been there if you just gave it to the government. hopefully i didnt lose you basically you gained money and gave back the principle that was originally owed to them. If you understand what i just said and its not what he meant then i am sorry for the error. i am not sure why he told you 6 deductions but basically its the same concept. if you do 1 deduction then more money goes to the governemnt and you have less to gain interest on. if you deduct 6 and are prepared to pay it back then you can reep the rewards of the interest and give back just the principle (the 6 deductions) hope you understand. most tax people dont know or understand this concept because they arent financial planners. but i do hope everything works out for you. now with the term insurance look at the whole package (not just the death benefit) primerica's life insruance has several provisions in it that many companies lack. So if you are going to change companies at least do a side by side comparison. we offer value not bargin life insurance. Victor

I think i understand where the miscommunication was made but first id like to know was this a REP or an RVP who made this recommendation? Basically the message that was supposed to be sent across was this: Why do we get a tax refund at the end of the year? Basically the government took out too much money during the year and its up to you to make the adjustment to get it back. now assuming we get it back, lets say 5k at the end of tax season most families would be exited. but if you think about it you gave the government a 5k loan (interest free) they used the money and then gave it back to you. what the rep should have done was explained to you the benefits of having less taxes takened out putting away the extra money now and gaining a return higher return on it. if done properly at the end of the year you shouldnt owe or get money back from the government. Now if you owe money (lets say the 5k) you SHOULD have gained some interest on that money before giving back the 5k to the government. Either way this 5k would have been collected by them if not at the end of the year then during the year. the advantage to what i just showed you is that if you use it during the year and then give it to them at the end of the year you should have gotten some kind of interest earned on that money that would never have been there if you just gave it to the government. hopefully i didnt lose you basically you gained money and gave back the principle that was originally owed to them. If you understand what i just said and its not what he meant then i am sorry for the error. i am not sure why he told you 6 deductions but basically its the same concept. if you do 1 deduction then more money goes to the governemnt and you have less to gain interest on. if you deduct 6 and are prepared to pay it back then you can reep the rewards of the interest and give back just the principle (the 6 deductions) hope you understand. most tax people dont know or understand this concept because they arent financial planners. but i do hope everything works out for you. now with the term insurance look at the whole package (not just the death benefit) primerica's life insruance has several provisions in it that many companies lack. So if you are going to change companies at least do a side by side comparison. we offer value not bargin life insurance. Victor

I think i understand where the miscommunication was made but first id like to know was this a REP or an RVP who made this recommendation? Basically the message that was supposed to be sent across was this: Why do we get a tax refund at the end of the year? Basically the government took out too much money during the year and its up to you to make the adjustment to get it back. now assuming we get it back, lets say 5k at the end of tax season most families would be exited. but if you think about it you gave the government a 5k loan (interest free) they used the money and then gave it back to you. what the rep should have done was explained to you the benefits of having less taxes takened out putting away the extra money now and gaining a return higher return on it. if done properly at the end of the year you shouldnt owe or get money back from the government. Now if you owe money (lets say the 5k) you SHOULD have gained some interest on that money before giving back the 5k to the government. Either way this 5k would have been collected by them if not at the end of the year then during the year. the advantage to what i just showed you is that if you use it during the year and then give it to them at the end of the year you should have gotten some kind of interest earned on that money that would never have been there if you just gave it to the government. hopefully i didnt lose you basically you gained money and gave back the principle that was originally owed to them. If you understand what i just said and its not what he meant then i am sorry for the error. i am not sure why he told you 6 deductions but basically its the same concept. if you do 1 deduction then more money goes to the governemnt and you have less to gain interest on. if you deduct 6 and are prepared to pay it back then you can reep the rewards of the interest and give back just the principle (the 6 deductions) hope you understand. most tax people dont know or understand this concept because they arent financial planners. but i do hope everything works out for you. now with the term insurance look at the whole package (not just the death benefit) primerica's life insruance has several provisions in it that many companies lack. So if you are going to change companies at least do a side by side comparison. we offer value not bargin life insurance. Victor

call Primerica compliance office. Tell them unless they refund the money you are out for taxes you will file complaints against this primerica rep with the N.A.S.D. and the S.E.C. In addition you can tell them you will take them to small claims court and get a judgement. In most staes no lawyers can be present in small claims court and it only costs $20-50 to sue. Good luck