Gylgyl Neutral Newbie October 20, 2008 Share October 20, 2008 Hi All bros and Sis, Anyone same plight as me ? My mum saving for all these years normally in the bank FD... but somehow 2007 when she renew the FD, the consultant managed to pursue her to switch to minibond... which is under Lehman ... i think her saving is all gone... 40k plus.. my mum only earning 800 per month think of tat make me cry... I dun dare to tell my mum her saving might be all gone... i afraid she will break down if she know about it ... She cant read english so i told a lies to her its ok inside... I planning to save the money for her... after 4yrs then return her say bank return her the principal $. I saw that MAS is going to help those old and cant read english one... anyone has more news about it ?? anyone same situation as me can contact me ... ↡ Advertisement Link to post Share on other sites More sharing options...
Mzrmazda3 6th Gear October 20, 2008 Share October 20, 2008 Bro, sorry to hear about your mum's plight Hopefully she could recover some of her principal You are a child Link to post Share on other sites More sharing options...
Tkseah Turbocharged October 20, 2008 Share October 20, 2008 Did hong leong contact your mum on this? if have, then difficult to keep her in the dark.. Link to post Share on other sites More sharing options...
Yaloryalor 5th Gear October 20, 2008 Share October 20, 2008 I bought the Hong Leong 3 Plus (under Prudential). Somehow it has some investment with the Lehman. Affect a bit.. Link to post Share on other sites More sharing options...
Jacf Neutral Newbie October 20, 2008 Share October 20, 2008 MAS has urged all investors of the minibonds to lodge an official complaints to their respective financial institutions.. I think u should bring your mother's case to the attention of the institution. My opinion is that you should try to calm your mother down and tell her the news. Then help her fight this case with the institution.. afterall MAS has step in and your mother should belong to the 'vulnerable' group as specify by MAS who are above 55, and dun understand English. Got chance to get back a portion of the capital if not all.. Then u can save up and give back to your mother to make up for watever she lost.. Link to post Share on other sites More sharing options...
Dafansu Turbocharged October 20, 2008 Share October 20, 2008 sorry to hear this, but since she cant read english didnt she verify with anybody like yourself before signing any document since it involved a big sum of money Link to post Share on other sites More sharing options...
Jayzee Neutral Newbie October 20, 2008 Share October 20, 2008 wah lao.. not easy to have 40k with such low income salary. I think don't tell her la.. really can break her heart ! Link to post Share on other sites More sharing options...
Kingcopa 1st Gear October 20, 2008 Share October 20, 2008 Make noise at MAS. They dun seem to be doing anything. Link to post Share on other sites More sharing options...
Modykoh 1st Gear October 20, 2008 Share October 20, 2008 sorry to heard that... understand that the MAS/bank/finance is working some soultion. but don expect full recovery. did she switch to mini by herselve or somewan with her (eg yourselve or any literated person) Good luck. Link to post Share on other sites More sharing options...
Guest Julio369 Neutral Newbie October 20, 2008 Share October 20, 2008 i think just need a thumbprint, the consultant as witness, is good enough to seal the contract. those bank tellers are part of the culprit, as they see your bank account got a lot of cash & recommend better "returns" product, entice with free gifts. Sometimes bank telemarketeer also called your mobile/ home because they knew your bank account have tons of money. Another common practise in the market is getting SingPass from the illiterated and check their CPF whether they have money to invest or not. Link to post Share on other sites More sharing options...
Blackyv Turbocharged October 20, 2008 Share October 20, 2008 MAS has urged all investors of the minibonds to lodge an official complaints to their respective financial institutions.. I think u should bring your mother's case to the attention of the institution. My opinion is that you should try to calm your mother down and tell her the news. Then help her fight this case with the institution.. afterall MAS has step in and your mother should belong to the 'vulnerable' group as specify by MAS who are above 55, and dun understand English. Got chance to get back a portion of the capital if not all.. Then u can save up and give back to your mother to make up for watever she lost.. agree.... if im in such situation, i will always try to "ensure" her the situation is under control, just need to do some paper works like log a complaint with the bank, blablabla... .. but in the end, will get he money back one....(always show her the good news from MAS or garmen, about banks are guranteed by MAS even if i have to lie...). if get back partial, just "lie" ...like the rest of money will pay back over a few years because bank in trouble but have money in a few years time. just that they need more time to repay back.....now only this much but the rest will follow in a few years time.....lie along that line.... the bottomline is i will "lie" to give her the impression that her money can be recovered but just need longer time (if have to top up over a few years, i will do that...).. knowing old people, dont let them feel overly sad over such thing.... they may not be able to take it and the moment they feel very sad, their health will be affected very fast and detoriate... Link to post Share on other sites More sharing options...
Cheekg98 1st Gear October 20, 2008 Share October 20, 2008 i always tell my parents to bring back the prospectus home first ... sign later ... Link to post Share on other sites More sharing options...
Gylgyl Neutral Newbie October 20, 2008 Author Share October 20, 2008 Thanks all bros and sis...! mmm For me i will still keep my mum in the dark first... i really cant imagine how she will react when she know her coffin capital is in danger to lose all... I afraid she will do something stupid... u never know .... To play safe... i will not choose to tell anything yet... yar.. she bought the bond without my bro and my knowledge.. in the survey there got mention she dun need sons approval ... written by the person who sell her the thing then... she also indicated in the survey my mum wants a capital perseverance 100% and priority high. all other gain is ticked low... so i think got chance to fight the case... My purpose here is to gather all the pple who has the same plight as me to go to HL to make a complain ... collective effort is always better... I hope thing turn better... thanks for all the advices... please take this as a lesson learnt for all of us... must safe guard our parent always as they are vulnerable to all the tricks talk.... Link to post Share on other sites More sharing options...
Coolpica 4th Gear October 20, 2008 Share October 20, 2008 Sad to hear about your mom's situation. Think cases like your mom's are considered as 'high priority' under MAS. The relationship manager shouldn't have sold the product to your mom at all. Educated people like us don't really know how these mini bonds work, what more an old lady. Sigh. Link to post Share on other sites More sharing options...
Peqasus 1st Gear October 20, 2008 Share October 20, 2008 tat's noble of u. Ppl whine n complain, but the first thing for u is to ensure your mum is sheltered from such heartaches. Link to post Share on other sites More sharing options...
Gylgyl Neutral Newbie October 20, 2008 Author Share October 20, 2008 haiz... noble?? mmm yar... but i am 40k poorer... thanks to the HL... Link to post Share on other sites More sharing options...
Silver_blade Turbocharged October 20, 2008 Share October 20, 2008 Actually while it is good to keep the news from your mum....I feel she will have to know about it eventually...unless you are will go not fight (can't fight on her behalf) to get back of her capital. Link to post Share on other sites More sharing options...
Gylgyl Neutral Newbie October 20, 2008 Author Share October 20, 2008 yar... i tot of so too... but as for now... can hide one day then hide one day lor... i will go HL to complain first... see how... ↡ Advertisement Link to post Share on other sites More sharing options...
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