I had a "friend" come over to my home and show me how to free up money in these tight times, he ended up putting me in a worse place then ever, i might loose it all. The presentation sounded too good, i was paying my mortgage and they changed it to a home equity line of credit, "HELOC" making my payment interest only. Now i will never pay my house off. Then with that extra cash they sold me a very big life insurance policy called Universal life. It didn't sound like it was insurance it is called "wealth advantage"
They said it was an investment. Now i find out that it has nasty rules, what kind of an investment says you cant take out some of your own money in a pinch. I cant take any out for 10 years. Then when i can its a loan that i have to pay back to them at 10 % interest. Unreal. Then because there was some extra cash left over they got me to borrow money to invest and make interest only payments. I learned thats really risky and its called leverged loans. I found a simular situation and now the security commitions all across Canada are investigating WFG. I posted it on youtube search cbc wfg
Http://www.youtube.com/watch? V=orJcSxoA21A
I understand that they (the agent) makes lots of money they talked all about it BUT at who's expense??? Mine... I only hope that karma catches up with the people who do this and the company that promotes destroying peoples lives. I cryed when i watched the cbc story of this woman and her situation
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