BP
Blessing P

1 reviews | Active since Apr 2024

09 Apr 2024, 15:41

Payout of my deceased father's investment

Never make use of Fedgroup investment company. My father passed away 8years ago and Fedgroup was supposed to pay all my father's children that money but because we were underage Fedgroup kept the money for us till we reach 18 years. My sister reached 18 years and she got her money from my father's investment but it was little from the original investment. I turned 18 years on February and i received my money from my father's investment but it was too much little from the original investment. My original investment was R69 850 but I got only R8000. How does an investment decrease from R69 850 to R8000 isn't that a day light ******* and now I'm going to be a student at college and how am i supposed to pay for my studies when they ****med me. When you send them an email to get information about what could have happened they take 3 days to reply. Do not ever invest there

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Replies (4)
Fedgroup
Fedgroup's reply10 Apr 2024, 10:37
Official
Hi Blessing. Our Beneficiary Care Team contacted you regarding the balance paid out to you. The balance paid out once the termination is processed would not be the same as the contribution received when the fund was set up, because all adhoc and income payments that you received before termination came from the capital of the trust, that which decrease the balance. Furthermore,  all payments made from the trust  exceed the capital received, which indicates that there was growth on the fund, which was later paid out towards adhoc and income payments as the initial balance decreased.

We have sent you a statement breaking down all of the payments made from the trust. 

Please feel free to reach out if you have any further enquiries. 
Thank you.
BP
Blessing P's update10 Apr 2024, 11:26
Reviewer Update
Howis it possible that adhoc took 41 600 from the payment.what's adhoc by the way because I'm confused now
BP
Blessing P's update10 Apr 2024, 11:28
Reviewer Update
Can I get a full statement explaining all the payment and dates because what you send me is not explaining enough for me to understand
Fedgroup
Fedgroup's reply10 Apr 2024, 16:02
Official
Good Day Blessing. As discussed we have now sent you the statement and payment breakdown from inception which includes the date of payment and recipient which will provide more clarity on the expenses paid. Thank you.