CAP planholders demand their money back in full

[CVT]

Hi There!

CAP Philippines is now paying back their customers and there is a list of people with unclaimed checks on CAP's website.
8154960 and 7592153 ( look for mercy or andrea )
You can also check out www.captruth.webs.com if you want to know more about what happened to CAP Philippines.

Sincerely,
Maria Ann

When you say "paying back", are you just returning the premiums paid years ago? Or ,are you paying for the tuition fees of the plans' beneficiaries?

11.3K:snow:

[badsekktor]

May CAP plan din wife ko nung college siya kaso ayaw i-cover yun tuition niya sa CSB so in short hindi nagamit.... So pwede pa ba namin i-claim yun?

[uls]

wow, CAP pays a public relations person to post here in tsikot

how's it going?

nababago na ba ang negative perception sa CAP brand?

palitan niyo nalang pangalan ng company

sira na ang brand

[maria ann]

May CAP plan din wife ko nung college siya kaso ayaw i-cover yun tuition niya sa CSB so in short hindi nagamit.... So pwede pa ba namin i-claim yun?

Hi Sir,

I thinks so Sir, it would actually depend on certain things. As I have said, it would be best to call the office. They should be able to give you advise on what you can and what would be best to do with regards to your wife's account.

Thank you for posting your question.

Sincerely,
Maria Ann

[maria ann]

When you say "paying back", are you just returning the premiums paid years ago? Or ,are you paying for the tuition fees of the plans' beneficiaries?

11.3K:snow:

Hi ma'am/sir,


Thank you for your question, it will be a case to case basis.

It would be best for you to call the number, as they would be able to answer your question and advise you of the best thing to do.

Sincerely,
Maria Ann

[maria_ann_11]

Updated 00:51am (Mla time) Jan 28, 2005
Dona Pazzibugan Christine Avendano cavendano*inquirer.com.ph


POLICY holders of the financially troubled pre-need company College Assurance Plan (CAP) want their full investment back.

"We won't agree to being left with nothing. We've worked hard to make our payments," said Deo Genito, a government employee.

He and his wife Salome, a fellow government employee, took out educational policies for their two children when they were still infants. They paid the policies for five years.

"We really prioritized their education. We wanted to be assured that they could go to college. We anticipated that by the time they go to college, tuition would be expensive," Deo said.

Now their eldest son is about to enter college next year. Their youngest daughter will enter college in three years' time.

The Genitos are among the hundreds of thousands of parents who now seriously worry about their children's college education because CAP has acknowledged it does not have the funds to cover all the maturing policies.

Bouncing checks

Universities had stopped taking checks issued by CAP to cover the tuition of their policy holders since late last year when the checks started to bounce.

The University of the Philippines and the Philippine Christian University (PCU) said they were requiring the CAP "scholars" to pay their tuition in cash first and later have CAP reimburse them for what they had paid.

"CAP's checks have bounced," said a staffer at the PCU Registrar's Office.

Luckily for the Genito couple, their son was able to secure a full tuition scholarship from the Ateneo de Manila University.

"If it were not for the scholarship, I think I would be crying all day," Salome Genito said.

Deo said he and his wife were worrying for their daughter's college education because they were relying solely on CAP. "We'll be insisting on our CAP policy in that case. Where else do we get the money?"

Disgusted

The one who sold the CAP policy to the Genitos is in the same boat.

"I'm really disgusted," said Carmelita Cristobal, an assistant division chief in a government agency, who had bought two CAP pension policies for her children.

Now grown up, Cristobal's children have also taken out for their own children CAP educational policies, which they are still paying for.

"CAP should work to make sure all their clients recover their money in full. They've worked hard for it," Cristobal said.

"They should not only get what they paid, but the full amount that they're supposed to receive under their plan," she added.

Warning

Having once been a CAP agent, Cristobal said she did not get any advice, not even an informal one, from the CAP area manager when the bad rumors started.

She said CAP had been warned "long before" to stop selling plans so that its deficit would not worsen. "But up to this time they're still selling CAP. And people are still banking on CAP. After all, who would not have trusted CAP?" she said.

Cristobal now regrets having asked her children to pay their CAP premiums that were due last November despite the rumors. "Sayang (What a pity). The money they have already paid could have bought them a house," she said.

For now, Deo and Salome are holding on to their "certificate of full payment" from CAP that was signed by no less than former President Diosdado Macapagal, who was board chair from 1994 to 1997.

Hi!

Thank you for sharing. I'm really sorry for what you have to go through, but there is hope now for everyone!

CAP Philippines is now paying back their plan holders!

You can actually go to their website and click on the education link. What happened is really sad for each and everyone of us, especially to every plan holders that rely on this for their education, their dream to someday achieve a better kind of education for their family or for themselves. CAP Philippines did not want any of this.

Unfortuantely, as much as CAP Philippines wants to pay their plan holders in full, the court mandate says otherwise.
For the full story, you can go to www.captruth.webs.com

You can leave comments, suggestion or questions if you must!

Have a good day everyone!


Sincerely,
Maria Ann