Apparently this gentleman had a medical miracle, or the Life
Partners doctor had little knowledge of what he was saying, or the evaluation
was done improperly, because lo and behold the gentleman insured by the policy
we purchased is fine and healthy today, over 20 years later. While this entire extended process has been a nightmare for us.
In 1994 it was our understanding that our total risk was the
loss of our initial $6,000 investment. In fact out original signed paperwork
states: "LPI’s fees for all services provided in the performance of its
duties shall be complete and inclusive in the policy purchase deposit and the
PURCHASER will not incur costs of any type beyond the amount tendered as the
policy purchase deposit". It seemed
very clear to us from what we were told, and our 'signed paperwork’, that what we
were risking was the initial $6,000.
Later when we found out this was not the case, we felt
misled and cheated. Life Partners Inc and LPI Financial Services Inc are now
billing us for Premium Fees and Platform Service Fee. These fees were never
written into the original signed Policy Funding Agreement nor were they
disclosed or expected. Life Partners Inc is also not responding to our email
and certified letter requesting clarification. We feel we have already lost our
$6,000, plus now Life Partners Inc wants us to pay up around $1,500 for these
extra fees.
To us, their added fees appear to be a Breach of Contract on
their part. We even wonder if in court this is declared a Breach of Contract, if we
could recover part of our initial $6,000. For now Life Partners Inc is
pursuing us for fees that were never disclosed, and against there own contract
that states, “…Purchaser will not incur costs of any type…”. As we are on a
fixed income and fighting cancer this makes our lives even more difficult.
We believe this is fundamentally wrong. Unfortunately we do
not have the funds to solely take legal action against Life Partners Inc for these
$1,500 in erroneous billings; and have not found an attorney who believes in
their own abilities well enough to take this case on for a contingency fee.
We would like to hear from anyone who believes Life Partners
Inc mistreated them; and from anyone who is considering a lawsuit over
these non-disclosed fees… especially the ‘Platform Service Charge’. We would
consider combining our efforts and joining in this process.
Please post your comment here, or email us direct at ShoutOutAmericaNow@gmail.com.
