# Pension advice



## JonGard (Aug 18, 2013)

I misguidedly signed up for a pension with an infamous company in Dubai.

I was cold-called, virtually harassed and I meekly accepted it.

Once hooked, I signed up for more than I could afford on the promise of them matching a certain %. 

As others have said, I only got the paperwork after the cooling-off period.

The 'advisor' has now been fired and the matching of funds was nonsense obviously.

Since then the advisor even had the cheek to come and ask me to sign a document allowing him to speak on my behalf. Finally seeing the light I declined.

I made a complaint to the plan company, but they said I have to speak to the agents / new advisor.

I've now fallen behind on the payments and need to find a solution. I'd even be happy to write off the money already paid in (approx 12000AED). I have approx the same outstanding. I cant find it if necessary, but itll make things tight over next few months, still paying for our wedding!

SO... Any suggestions?


NB. I know I was bloody stupid and naive, but I knew the agent and considered him 'a good lad'. I was wrong.


----------



## Gavtek (Aug 23, 2009)

Write off the AED 12k and don't give them another Fil, you're just throwing good money after bad.

File a case with whichever local authority governs these companies and try to get some money back.


----------



## JonGard (Aug 18, 2013)

Gavtek said:


> Write off the AED 12k and don't give them another Fil, you're just throwing good money after bad.
> 
> File a case with whichever local authority governs these companies and try to get some money back.


I'm all for just writing it off, just a hard lesson learnt, but worried they can chase me for balance.

Thanks for advice, nervous here!


----------



## Gavtek (Aug 23, 2009)

There's literally nothing they can do, these schemes are not even legal in most countries.


----------



## JonGard (Aug 18, 2013)

Further to this.....

They're now asking to collect all documentation I have, so that they 'can explore all the possibilities available to you now'.

This doesn't sound a good idea now does it?


----------



## twowheelsgood (Feb 21, 2013)

Sounds like an attempt to bury/shred/destroy all the evidence.

Tell them the Courts have the originals and you have copies - see how they react


----------



## SirReg (Sep 8, 2014)

Sorry to hear this. This is why I put my foot down when my wife says "it can't do any harm to talk to them".


----------



## zubairn (May 6, 2010)

Can you share the name of the Company, I have also been solicited recently and I am deciding whether to invest.


----------



## Gavtek (Aug 23, 2009)

It doesn't matter who the company is, if they're offering you a plan from Royal London, Friends Provident, Generali or anyone else based in Isle of Man, run away as fast as you can.


----------



## twowheelsgood (Feb 21, 2013)

zubairn said:


> Can you share the name of the Company, I have also been solicited recently and I am deciding whether to invest.


Its unwise to mention names directly, but this topic seems to cover the bases

http://www.expatforum.com/expats/du...s-living-dubai/195801-financial-advisors.html

One of them mentioned here tried to use my name to get at other work colleagues but my team fortunately checked with me first.

As a general rule, if you are approached, run away.

Only invest after you do your own research and seek the advice of others you know about their personal investments. Or ask an Accountant you trust.


----------



## londonmandan (Jul 23, 2013)

Funny As Hell :lol:


----------

