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Old 23.05.2018, 18:26
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Investment/savings, problems -PLEASE HELP!

Hello,

I have a problem: I opened a savings/investment account through a financial management company around one year ago. First I started by investing a substantial amount each month, but now I'm all of a sudden unemployed and had to move to another country as I do not get any unemployment benefits in Switzerland.

I do not have any income at the moment and have 3 months' arrears of the payments. Now the financial management company tells me that if I do not pay the arrears in two days, I will lose all of my money, meaning the already saved amounts and the interest!

When signing the papers I was told that in case I lost my job, the monthly amount could be lowered to a very low amount that I can manage, but when I requested it now, they tell me that it could be done at the latest in Sept/Oct.

I was not aware that I could lose everything in this situation.

Is there any consumer protection for these kind of situations or does anyone have any good advice for me? bank loan is not an option for an unemployed person like me

Many thanks in advance.
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Old 23.05.2018, 19:22
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Re: Investment/savings, problems -PLEASE HELP!

What kind of savings plan was it? Insurance? With whom?

Bit difficult to answer without further information
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Old 23.05.2018, 19:28
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Re: Investment/savings, problems -PLEASE HELP!

As Roegner has advised, it would really depend on what is stipulated in the contract with the investment company.
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Old 23.05.2018, 19:44
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Re: Investment/savings, problems -PLEASE HELP!

Step 1.

Read the papers and understand what you signed.
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Old 23.05.2018, 19:47
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Re: Investment/savings, problems -PLEASE HELP!

Of course, but I was not told that I cannot withdraw the money and cannot change the sum in case of this kind of sudden situation.

It was http://www.vertexfm.ch/
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Old 23.05.2018, 20:06
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Re: Investment/savings, problems -PLEASE HELP!

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Of course, but I was not told that I cannot withdraw the money and cannot change the sum in case of this kind of sudden situation.

It was http://www.vertexfm.ch/
Nice, what type of investment exactly?
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Old 23.05.2018, 22:02
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Re: Investment/savings, problems -PLEASE HELP!

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Of course, but I was not told that I cannot withdraw the money and cannot change the sum in case of this kind of sudden situation.

It was http://www.vertexfm.ch/
Not going to work anymore for this one, but read what you sign, and if that takes time then let them wait or take it home and tell them they'll hear from you in some days.

All that is left for you to do is go to court and proof towards a judge that they have misled you,(If they even have which I do not think and a judge will not like you not having read the papers btw) if you will not or cannot do that than what is on the papers is the actual agreement, and by those lines this will be solved.

Also it taking a few months of lower income to be able to lower the monthly payment is very normal, they are not going to lower or raise the amount every month depending on your income, and I am certain this is mentioned in the papers.
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Old 23.05.2018, 22:36
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Re: Investment/savings, problems -PLEASE HELP!

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Of course, but I was not told that I cannot withdraw the money and cannot change the sum in case of this kind of sudden situation.

It was http://www.vertexfm.ch/
I cannot find VERTEX Financial Management listed on the web site of the Swiss Financial Market Supervisory Authority FINMA.
That probably means they are not licensed to operate in Switzerland as a company taking investments which makes it very difficult for you to take any form of legal action against them.

They are listed in the Handelsregister Zürich;
"The purpose of the company is to provide advice on investments, loans, mortgages, insurance, legal and tax matters as well as asset management and brokerage of insurance contracts, loans and other financial products."

Since their business is about giving advice rather than accepting investments you may find your investment contract is actually with another company.
It would be helpful for us to know the name if this is a different company.

Their website says all consultants at Vertex F. M. are regulated by Polyreg. Polyreg is set up as a self-regulatory body recognised by the Swiss Federal Money Laundering Control Authority.
This body does not provide the sort of protection you might be expecting as an investor, it simply ensures members avoid money laundering. There is nothing like insuring investors investments or ensuring investment offers are fair or reasonable.

There are no strict formal entry requirements for Polyreg members, I mean they do not have to pass an exam or display a certain level of academic qualification.
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Old 23.05.2018, 23:12
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Re: Investment/savings, problems -PLEASE HELP!

NOTE: although you may be 'allowed' to lower your monthly payments, their commission 'may' remain at the higher previous premiums percentage.

You may be throwing away your money by paying any further payments ( or you may not), so read your contract, in detail.

There's a good chance you'll never see the premiums you've already paid again.
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Old 23.05.2018, 23:22
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Re: Investment/savings, problems -PLEASE HELP!

They list ‘freedom’ and ‘flexibility’ as the benefits of using their services to create a ‘saving plan’ with them 🤪🤪🤪

Guys please wake up and avoid companies like this!!!!
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Old 23.05.2018, 23:32
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Re: Investment/savings, problems -PLEASE HELP!

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They list ‘freedom’ and ‘flexibility’ as the benefits of using their services to create a ‘saving plan’ with them 🤪🤪🤪

Guys please wake up and avoid companies like this!!!!
No matter the company, people should read what they sign.

And I've read nothing that sounds weird to certain methods of saving no matter what company you use.
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Old 24.05.2018, 08:31
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Re: Investment/savings, problems -PLEASE HELP!

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No matter the company, people should read what they sign.

And I've read nothing that sounds weird to certain methods of saving no matter what company you use.
More important that what you sign, is who you are dealing with.

There are more than enough scammers working as financial advisers who are anyway going to walk away with your money regardless of what is written on the piece of paper you signed.
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Old 24.05.2018, 09:33
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Re: Investment/savings, problems -PLEASE HELP!

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Of course, but I was not told that I cannot withdraw the money and cannot change the sum in case of this kind of sudden situation.

It was http://www.vertexfm.ch/
Jeez, they do seem shady...

What they are doing doesnt seem right to be honest, you should be able to recover at least some...

IMO next time stick with buying and holding stocks there are even some stocks that pay monthly dividends
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Old 24.05.2018, 09:54
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Re: Investment/savings, problems -PLEASE HELP!

Bunch of effing amateurs.

Their imprint cites and references German law
http://www.vertexfm.ch/contact-us/legal-notice/
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Old 24.05.2018, 10:00
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Re: Investment/savings, problems -PLEASE HELP!

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Jeez, they do seem shady...

What they are doing doesnt seem right to be honest, you should be able to recover at least some...

IMO next time stick with buying and holding stocks there are even some stocks that pay monthly dividends
It is a good idea to avoid raising false hopes or do you have knowledge of similar situations where people could "recover at least some..."
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Old 24.05.2018, 11:05
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Re: Investment/savings, problems -PLEASE HELP!

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I was not aware that I could lose everything in this situation.
Depending on what you actually signed and how much you already paid in that may still be the least expensive option. But that can't even be guessed at with the information you provide, you'd need to provide much more detail.

Taking up a credit to finance investing is usually a sucker's game, in all likelihood you'd only worsen the situation.
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Old 24.05.2018, 11:21
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Re: Investment/savings, problems -PLEASE HELP!

Sorry to hear about this, sounds like a rough situation

As others have said..... just shows how important it is to fully read anything you sign and don't allow yourself to be pushed into making decisions.

What the hell kind of 'investment/savings' plan would have mandatory payments and they steal your money if you can't pay?! :/ sounds completely ridiculous
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Old 24.05.2018, 14:19
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Re: Investment/savings, problems -PLEASE HELP!

With long-running capital building plans, the broker/insurance/etc makes sure it gets paid so the first pamyents are used to finance its operations, rather than later ones. As a consequence the net value is often zero for quite a while, it takes many years to catch up in this zero-interest-rate environment.
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Old 24.05.2018, 14:32
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Re: Investment/savings, problems -PLEASE HELP!

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Sorry to hear about this, sounds like a rough situation

As others have said..... just shows how important it is to fully read anything you sign and don't allow yourself to be pushed into making decisions.

What the hell kind of 'investment/savings' plan would have mandatory payments and they steal your money if you can't pay?! :/ sounds completely ridiculous
As Urs Max posted, many such schemes make sure they get paid as soon as possible; so the first payments (often for years) are used to pay commissions and finance its operations leaving the account empty for the initial period.

Sadly it is not the schemes who are ridiculous rather the poor people who sign up for the schemes without full understanding.
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Old 24.05.2018, 15:21
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Re: Investment/savings, problems -PLEASE HELP!

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As Urs Max posted, many such schemes make sure they get paid as soon as possible; so the first payments (often for years) are used to pay commissions and finance its operations leaving the account empty for the initial period.

Sadly it is not the schemes who are ridiculous rather the poor people who sign up for the schemes without full understanding.
I don't get the appeal of these over-complicated 'savings plans'.

Why don't people just keep it simple...cash buffer, stocks, bonds.....or am I missing something? :/
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