• Report: #671862

Complaint Review: Conseco Inc.

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Wed, December 15, 2010
  • Updated: Wed, December 15, 2010

  • Reported By: Chuck — Odessa Texas United States of America
Conseco Inc.
11825 N Pennsylvania Street Carmel, Indiana United States of America

Conseco Inc. Conseco Step Up Insanely Low, Unethical Interest, $26.70, Paid on Conseco annuties($144,275) after nearly 2 years! Carmel, Indiana

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

Here's how we lost nearly 25% on our $144,275.80 investment with Conseco Step Up:


FACT: My family had 2 annuity accounts with Conseco.


FACT: My mother passed away in February of 2009, leaving me as the sole beneficiary.


FACT: I was mislead by Conseco on multiple occasions about how to settle the annuity accounts.


FACT: I attempted the methods confirmed by Conseco, just to be told later that I was mislead by Conseco repeatedly.


FACT: I was told by Conseco that interest would be paid for the time period between my mother's passing & final settlement.


FACT: I confirmed in writing with Conseco that I could file Muniment of Title to settle, costing me over $1,000.


FACT: I FINALLY received settlement of the accounts in December of 2010, nearly 2 years after my mother's passing.


FACT: Even though our estate attorney said no taxes were required, Conseco withheld $24,879.85 from our settlement.


FACT: Conseco paid a whopping $22.70 in interest for the account holding $122,677.55 upon settlement.


FACT: Conseco paid a whopping $4.00 in interest for the account holding $21,598.25 upon settlement.


FACT: Conseco paid a total of $26.70 interest after holding and benefiting from our $144,275.80 for nearly 2 years.


FACT: I was told by Conseco, after the fact, that "the claims department decides whether they will pay interest or not".


FACT: If this money would have been in my savings account for the last year or so, it would have gained much more than $26.70.


FACT: After expecting checks totaling well over $150,000, I received 2 checks totaling $119,422.65 left from the original $144,275.80 as of the passing of my mother in February of 2009 and paid over $1,000 to finally get them.


FACT: This is a loss of $25,866.15 from the original $144,275.80, without factoring in several thousand dollars of missing interest, other bogus filing fees requested by Conseco, multiple mailing charges and MANY hours lost on the phone with Conseco, being sent by Conseco to the courthouse on repeated wild goose chases, contacting and meeting with lawyers and the legitimate trips to the courthouse.


FACT: Our investment of $144,275.80 ended up as a return of $118,409.65 after being in the hands of Conseco for nearly 2 years.


FACT: This money would have yielded a FAR BETTER return by simply being left under my mattress.


FACT: My family's money will NEVER AGAIN be "invested" with Conseco.


This report was posted on Ripoff Report on 12/15/2010 01:26 PM and is a permanent record located here: http://www.ripoffreport.com/r/Conseco-Inc/Carmel-Indiana-46082/Conseco-Inc-Conseco-Step-Up-Insanely-Low-Unethical-Interest-2670-Paid-on-Conseco-ann-671862. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Conseco Inc.

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory