First, it was CAP. Now, it's Pacific Plans. This is not a problem twice or thrice removed from us. It's a headache we hear about from family members, friends -- that is, if you have so far been spared the difficulty of having to live with the fact that an institution which promised you something can no longer deliver on its promise.
It appears that contracts really do not mean anything to these companies. So what, if at the time you religiously paid these companies your hard-earned money, they promised you the moon and the stars (sky's the limit di ba -- for those traditional or open-ended plans)? Today, they can't pay up and how do you compel them to do so?
Pacific Plans says they will return your money with 7% interest per annum by 2010. The rate appears acceptable but how do they face those parents who rested easy thinking that their kids were set for life? Now, they have to scramble or find funds to make sure that their kids will still get quality education. Was their trust misplaced?
All these incidents really make me think about all these plans in the market -- education plans, pension plans, etc., etc. Can you really rely on these institutions to deliver? As for me, I think I'll stay away from any additional plans for now. I'll just live with what I have. Maybe, I'll just travel... :-)
[By Angelica Viloria | Tuesday, April 19, 2005]
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