# ssia not paid



## kkmaan (19 May 2012)

Hello,
In 2001 I asked to be signed up to the ssia at my AIB bank.there was no one available so I made an appointment to meet an advisor at a later date at the same bank. at the appointment i was handed forms with highlighted sticker pointers indicating where to sign, I duly signed and stupidly did not read the forms and trusted the advisor.
over the next 5 years i noticed that the money was being debited from my account but it was by ark life. i didnt think much of it. when 2006 came, i approached AIB and inquired when will i have my ssia. I was shocked when i was told i did not have an SSIA account.
I told them that the money was being debited from my account for the last 5 years, they investigated and told me this was life assurance.
to explain the situation more clearly, I was early 20's and i admit at the time i was not diligent with money or bank accounts and in hindsight i should have checked up a bit more over the 5 years.
At the time, i had no loans with AIB and I was in my early 20's, i had absolutely no need or want for life assurance.
I lodged an official complaint with AIB in 2006, and after a year of back and forth communication they decided they would turn their back on their mistake.
I then thought of just cancelling the account a few years later, but AIB advised not to becasue the policy is worth triple now.
I have just lodged a complaint with the financial ombudsman this week and await reply. I was not aware until recently that there was a financial ombudsman.
those of you who are financial guru's here may laugh at my financial incompetence and I do feel embarrased about the whole thing, but I just want advice and justice not ridicule on what I should have done.
Can you offer advice on hot to achieve a successful outcome please.
If I have posted in the wrong section let me know.
Thank you in advance.


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## browtal (19 May 2012)

I also had a bad experience with AIB with the same request for an SSIA account. 
After numerous requests for my documents for the SSIA, one year later I insisted that I would inform the Financial Umbudsman if I did not receive my documents. 

They then admitted that my SSIA had not been activated. My husband had the same experience, same time same request.
They then offered a small compensation and activated the SSIA, I opted for a cash fund as the recession had commenced the previous year. I have since lost a considerable amount. I had thought since my fund was in cash that I would not gain or lose. 
I am going to cash the fund shortly as I feel cheated. Browtal


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## Billo (20 May 2012)

browtal said:


> I have since lost a considerable amount. I had thought since my fund was in cash that I would not gain or lose. Browtal



How did you lose if your fund was in cash ?


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## browtal (20 May 2012)

The claim that their fees have to be paid each year and that reduced my investment.

My investment will be reduced further with tax deduction when I cash in. I understand that I will be entitled to a small amount of tax relief and the rest will be taxed.
Since I have only invested my already taxed money I find it hard to pay tax on that again.
I would welcome any advice on this
Browtal


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