A lot of scarey stories regarding the business practices of Heritage Education Funds have been posted on this site. We now have a link to a recent CTV Consumer Report, an example of the misconduct/polices of Heritage. CTV Consumer Alert: Family Fights For RESP Money
It has been suggested recently that we take this collection of accounts to the media and/or seek legal council. Does anyone reviewing this blog have any solid advice on how to proceed? Let's see if we can't put our heads together?!
It has been suggested recently that we take this collection of accounts to the media and/or seek legal council. Does anyone reviewing this blog have any solid advice on how to proceed? Let's see if we can't put our heads together?!
I've just come across the same situation where are the investing into my daughters RESP for about six to seven years and only to find out today that the plan was terminated and they did not even call this is the Mississauga location on Shepherd Street I don't know what to do I think my only option is to proceed further with the legal lawsuits
ReplyDeleteIt's difficult to conceive how Heritage could terminate a contract without contacting a client. Others have reported similar experiences. Did they say why your contract was terminated? Have you contacted OBSI? You should do that in addition to contacting a lawyer. Please keep us posted so that others can learn how to proceed when in similar situations. So frustrating!
ReplyDeleteI sympathize with most people that thought they lost money to Heritage. Let me simply this for you..
ReplyDelete- 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.
Then they charge you new contribution Fees ( so called membershipfees) if you restart the plan , they fail to clearly state this to you . Our child doesn't qualify for University and will have to take a trade , Now we lose thousands in membership fees on top of the new ones they created , Do not trust this company
ReplyDeleteI had been contributing to my daughters RESP through Heritage for a few years. For the past 1.5 years we stopped contributing due to finacial hardship. in 2010 I ent an email asking for options and recived a responce 2 weeks later!!
ReplyDeleteIn May 2013, I received a 2012 Statement of Account showing an inactive status of our account. The letter stated the deadline to reactivate the plan was Jan 20, 2013. That letter arrived 4 months after the allowable date to reactivate the plan. There was no post mark on the envelope either. I called the office and explained that I received this letter in May even though the deadline was Jan 20th and explained to the agent that I had received no letter or statements prior to this one. Upon checking the account, the agent found that Heritage had an outdated address on file even though we had updated it long ago. I asked to speak to a supervisor and was forwarded to a voicemail where I left a message on May 24th, May 29 and finally spoke to a manager at the 3rd attempt on May 30th. I was advised that plan was inactive and proceeds would be paid to other beneficiaries and that I was out of luck. My contributions would go to the others contributing to the plan!!!! Is this even legal????
I had also attempted to transfer RESP to my financial institution and my request wa sdeclined by Heritage. They have over $6K of contributions of very hard earned money which they will not return. Anybody have any ideas on how to proceed? I don't know what to do I think my only option is to proceed further with the legal lawsuits
I was also ripped of fin the same way --same 2010 period --same situatio.
DeleteI am devastate. I begged them. I am not filing a complaint with OBSI.com
Hello! Just wondering why you decided not to file a complaint with OBSI?
DeleteHeritage has been under investigation by the Ontario Securities Commission for the past year. They have also been fined $50,000 by the BC Securities Commission. You should reach out to the securities commission in your province or at least to the Ontario Securities Commission so that they know that the underhanded practices are still continuing.
ReplyDeleteThank you for your feedback! Has anyone done this yet in their province?
DeleteI too have been screwed by Heritage. They want to keep my money. I feel I was not warned they would keep it. They have no compassion. I have complained to OBSI praying for resolution. Who in their right mind would knowing forfeit money to them !!! I am in BC
ReplyDeleteGood for your for lodging a complaint. If you feel comfortable, keep us posted. People need to learn about the consequences of signing on with Heritage Education Funds. In turn, we need to support for those who have been burned by the less than forth coming business practices.
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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