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CHAPTER 1

GUILTY OF BEING NAIVE

1.4Taken for a Fool
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In May 1993, I rang Irish Life and enquired about the current status of our investment. Following my alarm at their revelation of the actual market value of our Endowment Policy, I asked them to send me on specific details of the current position of our investment in the First National Home-Way Mortgage Plan. I subsequently received a letter, dated 1st June 1993, in response (see Appendix 1/7).

I was disturbed to read the CLEAR STATEMENTS:

‘During the first year of the policy there is no investment due to the various start up costs like, stamp duty, commission and initial expenses. From the second year onwards there is 96% investment of your premiums each month in the Homeway Mortgage Fund.’

This came as some shock to me. There had been no reference in any Endowment Mortgage Quotation, or in any of the First National Building Society Mortgage literature, about these obviously very significant and penal elements of the policy. Nor had there been even a whisper of a mention with regard to same by any of the First National Building Society Senior Officials at any of the meetings I had with them leading up to our Contract.

I felt I had been taken for a fool.

I felt that I was Guilty of Being Naive and that I would be severely penalised for same.


I felt extremely ANGRY.

I still do.

From subsequent conversations with others who had invested in Endowment Mortgages I learned that they too had been similarly duped. In fact, there are millions of consumers, between the United Kingdom and Ireland, who have invested in similar type Mortgages and Investment Products.

They too are Guilty, one and all, of Being Naive.


They have all been, and (in many instances) continue to be, severely penalised for same.



BUT,

To be Guilty of Being Naive is to be Guilty of Innocence.



To be Guilty of Being Naive

is to be Guilty of


Reliance On the Truthfulness of Someone or Some Institution

that inherently purports to be HONEST
.   

 

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