04/06/09 - Here are videos from the Probe's feature on Danvil. Thanks to Attila for sharing! :)*
Thank God, the cancellation process was successful and I got my refund! ^^
I regularly check my credit card transactions online and lo and behold, the refund was credited to my CC the following cut-off. I'm really grateful that I didn't encounter problems with this cancellation compared to others I've read online. The steps I took were:
1. I went back to the branch where I took the plan within 24 hours and surrendered my policy. I got the plan on October 11, a Saturday evening, and went back there on October 12, Sunday afternoon.
2. I gave a cancellation letter stating my purpose and reasons for cancellation. One has to be firm and decided so they won't keep on insisting you to keep the plan. Make sure that you make them sign your copy of the cancellation letter as proof that they received it.
3. I also invited some friends to accompany me even to the office in case they'll bully me. I read a planholder's experience being bullied when she was alone in pursuing her plan's cancellation.
4. I constantly followed up on them through phone afterwards. (I asked for their local number.) They employed some delaying tactics that a friend, whom I recently knew was previously employed to Berkley (former name of Danvil aside from Family Trust), affirmed this dirty strategy of the company. Be persistent.
5. Once I got my Danvil Plans Statement of Account (SOA) stating that my plan was cancelled upon inception, I regularly checked on my credit card account online. Having an online statement of your CC is very helpful in monitoring your refund.
I made them fax my SOA immediately when they received it from the main office last October 15. I followed up on them through phone again for my credit memo but they said that it was already a bank-to-bank procedure and I have to wait for 30-45 days for the chargeback. Thinking this over, I stopped calling them because I think they really won't know the exact date I will be refunded. The refund was posted on my CC last October 30, exactly 15 days (2 weeks) after my plan was cancelled in the main office.
As I've said, I'm really thankful that the process wasn't very difficult for me though I was really worried and anticipated the worst based on what I've read of other's experiences online. Next time I'll follow my instincts or to make it simpler, I just won't trust anybody who'll pressure me to make a decision, especially a financial one, on the spot.
Good luck to those who are in the process of cancelling their Danvil Plans. Actually, Danvil is a legitimate company, it's really not a scam. However, as many say, their sales strategy needs a lot of refining. I have a lot to say regarding loopholes but I'm just happy that I got my refund so that's that for now. ;)
For those who haven’t been able to cancel the policy within 24 hours, you need to file a letter of complaint to the SEC, making sure that you indicate in your letter how Family First/Philippine Prudential Life’s marketing tactics have violated the Consumer Act of the Philippines. You can also read through the comments on Bob’s blog entry or Noemi’s blog entry about the same topic for more information.
Source: Danvil/Philippine Prudential Life Updates and Helpful Tips
To those who have successfully cancelled their Danvil plans, it would be greatly appreciated if you share your stories to help others in the process. :)
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