Tuesday, February 5, 2008

VSI takes over, but where can they be found?

For most investors, the first real personal contact with the receivership was to choose whether they would sell their policies or keep them.My parents voted to keep all 24 of their policies and were pleased that the majority of their unknown partners did the same. Now more than 30,000 investors, scattered all over the world, owning more than 3,000 policies had to prepare to start making unknown amounts of premium payments for an uncertain period of time. For us, the first bit of information we felt that we needed was the positive voting percentage on each policy. This information would allow us to measure, somewhat, the staying power of our unknown partners and could help us estimate the funds we would need for the year. We not only could not get this information, we were virtually unable to make any contact with VSI at all. Phone calls, emails, and faxes were not returned. Obviously, the receivership was not prepared to address the concerns and questions from thousands of investors, and since customer service was listed dead last on the VSI’s duties chart, it appeared to the investor that they did not care. I even tried to go to their “office” in Pompano Beach to schedule an appointment and found that their address was only a mailbox and that the workers were hidden away in an undisclosed location.

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