• Report: #820008

Complaint Review: World Financial Group

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  • Submitted: Mon, January 09, 2012
  • Updated: Mon, January 09, 2012

  • Reported By: todd — Rockwood Ontario Canada
World Financial Group
11315 Johns Creek Parkway johns creek, Georgia United States of America

World Financial Group wfg, wma, managed wealth financial leveraged loans, universal life, home equity line of credit, cbc manitoba security johns creek, Georgia

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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


This report was posted on Ripoff Report on 01/09/2012 09:43 AM and is a permanent record located here: http://www.ripoffreport.com/r/World-Financial-Group/johns-creek-Georgia-30097/World-Financial-Group-wfg-wma-managed-wealth-financial-leveraged-loans-universal-life-820008. 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.

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