This weekend there were new postings on the Red Flag Deal's thread, "What's Wrong With Heritage Education Funds?", that deal further with the loss of thousands of dollars upon maturation of a fund, and also, with pulling your money out of the fund company early. People are taking a loss upfront to avoid major losses down the road. It crossed my mind to close our account as we'd already lost thousands but, if we'd taken our money out we'd have lost even more.
Currently, we are paying a minimal amount per month to mitigate risk with Heritage. But... did we do right thing? I wonder now if we should have cut all ties with them when we were going through the investigation? For us, we were fighting to get our money back from them. That didn't really work out. Thoughts like this can keep a person up all night!
What do you think? Do you risk staying the course and hope it works out? Or cut your losses and loose money?
Currently, we are paying a minimal amount per month to mitigate risk with Heritage. But... did we do right thing? I wonder now if we should have cut all ties with them when we were going through the investigation? For us, we were fighting to get our money back from them. That didn't really work out. Thoughts like this can keep a person up all night!
What do you think? Do you risk staying the course and hope it works out? Or cut your losses and loose money?
heritage fund is a rip off. lost all my money. I changed address, I have informed them of the changes. they never did the change, closed my account and put my money to the consolidated funds... wow!! these guys are really taking your kids future seriously. not to touch with a ten feet pole. If you are close from using the money it might be worthed to stick in, but if you still have many years to contribute I would try to remove my money
ReplyDeleteI am with them and I am quite happy.
ReplyDeleteI realize this is an old comment, but I am genuinely curious why you are happy with them?
DeleteLike others, I also feel scammed by them.
Did you actually get paid out, or are you still contributing. If you're still contributing how long in the plan are you?
My father contributed for many years, and he passed away thinking he had secured my financial future. The I started college, Heritage told me I couldn't receive it for my first year. So I had to resort to OSAP. They have been making me fill out forms for years now, the same questions, same information, and their staff constantly giving me the run around. It's very upsetting, I'm hoping that for my second year I might get some money, but the chances are very slim.
ReplyDeleteJust to be safe I think all parents should invest in a bank RESP. My sister has one with BMO, and it's grown to 19,000$ and she's 12. Lucky her!
Dear Chanel, What a terribly sad and frustrating situation for you to be experiencing. I'm sure I speak for a number of people when I wish you the best of luck moving forward.
DeleteDo you mind me asking which province you are living in? I know BC has had a few complaints lodged with the Better Business Bureau. You may also want to contact OBSI (see link on right panel) to lodge a complaint.
Do you know why they are holding you up? Your story may help advise other familes who are in the same or soon to be the same scenario.
Please keep apprised of your progress.
I had a conversation with Heritage Fund regarding cancelling my child's contract. We contributed $10,000 and have about 75 units. To cancel they charge about $100/unit so the refund for cancellation is about $3,000. Just terrible...I am going to do what others have suggested, cancel and invest in an RESP with the banks.
ReplyDeleteI sympathize with most people that thought they lost money to Heritage. Let me simply this for you..
Delete- Do NOT CANCLE because everyone says cancel (due to emotional feelings) and run to the bank, if you do cancle, all govt grants goes back to the govt and you total money is more reduced as aginast what you think you have accummulated.
- All you have to do is to wait 7yrs and have it as "fully paid up" status, so you don't have to contribute anymore and whatever you have in there can still grow till maturity.
- Banks do NOT apply and receive Basic Canada Education Savings Grants, ACESG and all CLB from HRDC on behalf of your child.
- There MER fees charged by the bank as well for management purposes, so get informed properly and leave emotions out of your decisions.
you must be from Heritage , the banks can apply for all the same grants with their RESP Plans . Don't let Heritage fool you into thinking you can get the grants through them .
DeleteI have contributed for almost 7 years already - does this mean I can stop making payments, cut my losses but just let the money sit there until my daughter goes to school without any penalty?
DeleteFrom what we have learned, and from what others are posting, I would say so. HOWEVER do your homework and talk to Heritage before you make a decision. We have another year or so before we get to the same spot you are in right now. Keep us posted!
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ReplyDeleteHi, I am a student and a recent victim of Heritage. They robbed me and my family of 10000 dollars, and like a lot of the other people here we did not see this coming. See, heritage has dirty'd the lens that society looks through and as create an honorable image about itself which it portrays to society. This is obviously not the case and it is time somebody cleans that lens and exposes Heritage's true colors. Myself and an investigative journalist are starting a film series called Exposed. The first episode, Heritage. The idea is simple, we make Heritage famous through a viral film. Then use that fame to expose them for what they really are and focusing societies attention on these scam artist. With enough attention we can demand for a change. Currently, we are beginning to gather proof of this scam. This includes: electronic signatures, documents, interviews with people that are wiling to stand up for themselves, interviews with Heritage, aggressive sales tactics/marketing schemes and related court cases. We need your help though, this blog is a great start and there lots of people here who are also victims. People that could help in bringing down these crooks. Email me, thejalger01@gmail.com
I was just scammed of my sales charges. Waited 18 years so I wouldn't lose them. I held up my end of the bargain but heritage did not.
Deletehow did you lose 10K
I was just scammed of my sales charges. Waited 18 years so I wouldn't lose them. I held up my end of the bargain but heritage did not.
Deletehow did you lose 10K
Ive seen a lot of complaints about early withdrawal, and they are understandable what happened with the ones that payed out at the end??
ReplyDeleteI am very emotional about Heritage Funds, as it sounds like most are. I really want to pull out but I know I will lose about half the money I have put in. No, I haven't put in a whole lot, but money is money and at the end of the day I don't want my children to suffer come University time.
ReplyDeleteI would not recommend this company to anyone (even my enemies!) I have heard about the 7 years to be "paid up" which I don't understand. Seems silly that you can "pay up" and RESP. I have to call them about that. But of course, they talk in such a way that you understand and feel good about this, then you get off the phone and try to explain it to someone and can't!
If you are searching for an RESP place, DO NOT GO THROUGH HERITAGE
My fitst payout is 1100,where they project to be around 5k. By this rate of payout I'm getting let than what I have contributed for 18 yrs. They said that she will get about 5k per year. (well of course there is no proof, who would record conversation) When i asked them that i was suppose to get 5k,they said that's just project amount. I have my other account with heritage for my 2nd daughter for 14 yrs now. I have double the units, so in four she will get her first payout around project amount of 10k, i lucky of I see 2k per year per payout & definitely be less than what i have contributed. I have to stick with them for four more years & cross my fingers for a better payout.
ReplyDeleteMy fitst payout is 1100,where they project to be around 5k. By this rate of payout I'm getting less than what I have contributed for 18 yrs. They said that she will get about 5k per year. (well of course there is no proof, who would record conversation) When i asked them that i was suppose to get 5k,they said that's just project amount. I have my other account with heritage for my 2nd daughter for 14 yrs now. I have double the units, so in four she will get her first payout around project amount of 10k, I'll be lucky if I see 3k per year per payout & definitely be less than what i have contributed. I have to stick with them for four more years & cross my fingers for a better payout.
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