By now you recieved my e-mail thru your hubby and understand where I was coming from, no rudeness intended just that there are a lot of weasels out there.
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The powers-that-be at WG surely turned a blind eye to NWIG's crisis. Insurer's ratings like AM BEST's A- or B+ are intended only for public consumption - a company like WG is expected to do its legal and financial homework to secure its business. The part that I am miffed about is the policy at WG that seems to be "We will not announce or start any communications about this NWIG situation. Customer Service reps - be polite and courteous with all callers about the NWIG situation; keep telling them whatever little you know about the situation and how helpless you are about it. Hopefully, that will keep the customer from suing us or bad-mouthing us. Meanwhile, let's continue generating revenues as usual with the new Administrators."
I am not sure if WG will actually have enough "reserve" funds to settle outstanding claims since this debacle got triggered, or to pay those people that cancelled their contract. Unfortunately, I need to shop around now for another extended warranty contract for my car. Anyone planning to sign up for another contract with WG with their new Administrator?
If anyone is ever ever ever considering a third party warranty again, please call your shrink and get some meds. NO OFFENSE! I will never get one again.
TO: MTRAINER2, the Tribune article actually says they new about it in 2002. NWIG told WG they were having difficulty meeting demand. WG didn't give a hoot they just kept taking everyone for a ride.
To tell you the truth WG did pay up on several minor repairs before they decided to turn tail & decide not to pay anymore until...yada, yada, yada...we all know the story. But, I don't need a shrink nor meds to realize that before they did that, they did pay for about $2,400 of minor repairs on my car. So, in the life of my car, self insuring myself would be a ridiculous idea.
Before I purchased this car in 9/02 my prior vehicle, which I had for about 6 years was running about $600 per month in repairs up to the last repair, when I popped the timing belt & would have cost me $1,200. That's when I decided to dig it a grave & put the poor thing out of it's misery.
So...jhungness....a warranty w/a reputable company that is actually insured & doesn't use an RRG is still a sound idea.
With that said, I have been looking into getting a new warranty company & after extensive research of about 30 different companies, I've nailed it down to a few. I was wondering if anyone could give me some feedback on the following:
American Auto Warranty (aawaranty.com) Auto Connection (autoconnection.com) United American Warranty (unitedwarranty.com) Car Warranties Direct (carwarrantiesdirect.com) Auto Advantage, Inc. (autowarranties.com)_
If anyones heard of these, your feedback would be greatly appreciated.
If you want information on the research I've done to date, you are more than welcome to email me at unicorndreams8@aol.com. I'ld be more than happy to share any information I've compiled.
i recieved a letter yesterday from wg and since i stopped payment on 3 policys andthey put me on wg bad file.i called the accounting deptand every question i asked i got the same answer no comment i told him when they authorized my two repairs then upon completion was told they were not paying bills of 2900 dollars upon paying them i would be happy to continue paying. his answer was thats your choice.
This is dhungness(my first post) - husband of jhungness - many of you have likely already read of our demise in the recent Tribune article. There is another "solution" that I wanted to mention, one that I am strongly considering. Right now, many new car dealerships are offering some of the highest cash back offers, and lowest financing we may ever see. Just out of curiosity, I called a friend of mine that sells new cars, and found that I could trade in my current "non-covered" car, and actually LOWER my payments by getting into a brand new automobile (that comes with a "safe", manufacturers warranty). I know that this may sound a bit drastic, but it may be worth considering for a few of us. It couldn't hurt to talk to your local dealer, and take a closer look at what monthly payments would be in the current market w/ current incentives - especially on new, still unsold 2003's... **************************************** Brand new car: Deal of the century... Manufacturers Warranty: Couldn't be better... Negating need for WG: PRICELESS!!!!! (your already on Edmunds.com, check it out?!)
Never even thought of this but your suggestion has some merit while you wait to see if ever you'll get a refund from WG. My wife loves your suggestion, she'll get rid of the 2000 Windstar for a new one, I think you started something here........thanks, maybe ! haha
I called WG to see where I stood should a repair be needed on either contracted vehicle and here's the blanket response all will get when requesting it in writing.......
Dear Mr. Tetrault: This correspondence is designed to relate the facts and circumstances pertaining to National Warranty Insurance Risk Retention Group (National Warranty), Warranty Gold's administrator and insurer, and the impact of those circumstances upon the holders of extended service contracts issued by Warranty Gold.. Prior to June 9, 2003, when Warranty Gold contracted with a new administrator and insurer, the administration of Warranty Gold contracts and the payment of claims, if any, were the responsibility of National Warranty, a certified risk retention group authorized to do business in all fifty states. When each contract was sold, Warranty Gold was obligated to deposit with National Warranty the amount of money which National Warranty and, according to National Warranty, its certified actuaries, had calculated would be necessary to pay claims under that contract. In addition, Warranty Gold deposited with National Warranty a fee assessed for administration services and an additional premium for insurance (National Warranty possessed an A- insurance rating, which is excellent) which guaranteed the payment of all covered claims, should the calculated cash deposits prove insufficient to do so. Thus, the contract holder was protected from the risk that National Warranty and its actuaries had not accurately predicted the claims or losses to be incurred over the life of the respective contracts. In addition, National Warranty had a reinsurance contract with an A-rated carrier which was to further insure that National Warranty's obligations would be met. National Warranty provided the services described here to other extended service contract providers. One such provider was in a dispute with National Warranty and on June 6, 2003, National Warranty sought and received a "provisional liquidation" order which had the effect of preventing any lawsuits or other attempts to attack National Warranty. The accounting firm, KPMG, was assigned to review National Warranty's finances and make recommendations to the court, which is in the Cayman Islands, where National Warranty was originally chartered. Cayman charters were specifically permitted under the Federal Risk Retention Act, and National Warranty was, until March, 2003, rated by A. M. Best as "A-". Additionally, National Warranty was audited each year by Deloitte & Touche, a national accounting firm. Although Warranty Gold deposited all monies and insurance premiums required to protect holders of Warranty Gold contracts, the KPMG representatives with current authority over National Warranty's operations, determined that all claims would be delayed until KPMG was able to determine whether or not National Warranty was solvent. Consequently, Warranty Gold and other companies which have fully performed all requirements and made all necessary deposits have been unable to access monies or remit claims payments pending the conclusion of the KPMG investigation. On August 1, the Grand Court of the Cayman Islands entered an order finding that National Warranty is insolvent and converted the Provisional Liquidation into a Liquidation. KPMG was ordered to gather the assets of National Warranty and distribute the assets equitably to Warranty Gold and the other creditors of National Warranty. The total amount of the assets and the method and timing of distribution is not known by anyone at this time. We are in constant contact with the Liquidators and have retained lawyers in the Cayman Islands and the United States to protect the interests of our contract holders, in whose behalf the monies were deposited and insurance purchased. We will be unable to access funds or inform you of the amount of those funds until the Liquidators present a proposal. We will continue to aggressively pursue assets and anyone responsible for the National Warranty insolvency. On June 9, 2003, the very day Warranty Gold was informed of the provisional liquidation, it contracted with a new administrator and all service contracts sold subsequent to that date are not involved in the National Warranty proceeding and any claims under such new contracts are paid without problems, as was the case prior to the liquidation proceeding. No contracts will ever again be sold subject to any National Warranty involvement. Warranty Gold is, in the courts and elsewhere, pursuing every avenue to permit the payment of claims which were, and are, the responsibility of National Warranty which received all of the monies related to the contracts and issued insurance policies guaranteeing payment. However, Warranty Gold is obligated to obey the orders of the court. Warranty Gold is painfully aware of the inconvenience and hardship occasioned by these events over which Warranty Gold has no control; as stated above, it has retained attorneys in the Cayman Islands, New York and Texas to aggressively insure that its recovery is maximized. Unfortunately, no one can say with certainty how or when this situation will be resolved. We greatly appreciate your patience and apologize for the inconvenience you have experienced. We will notify you as soon as additional information is available.
Respectfully, Cathy Tjahja, Customer Service Representative Ashley Taylor, Customer Service Manager
My reply to WG is.........
TO ANY COWARDLY WARRANTY GOLD rep following this thread, be afraid, be very afraid, MY DAY WILL COME WHEN YOUR ON THE RECIEVING END OF THE WRATH OF MANY AND THE JUSTICE SYSTEM ! You can screw some of the people some of the time but you can't screw us all !
That is exactly the same letter that WG sent to the BBB in regards to my complaint. (except it had a different signature); And I thought they took the time to write a letter just for me!!! (Ironic)
I have been away from the board for a little while as I needed to take a break from this mess- such stress!!! Anyway, we were doing exactly as you suggested. We traded in our 2000 Windstar and I got a 2003 Windstar and have the same payment and a warranty - no more staying awake at night wondering what will happen next!! My husband traded in his Daewoo(yeah, I know!!)that had the $1700 car repair on it for a Hyundai Sonata, mostly because of the warranty since he is a financial advisor and drives soooo many miles!!! We were lmited in what we could trade the cars in for because you never get as much as you would like for a trade, but we are happy that we no longer have to worry about our car breaking down. We now have towing and a bumper to bumper warranty on both, and this time we will buy the warranties from the manufacturer!!!
Warranty Gold is still not off the hook for me as they took us for $4300, and I will pursue them through every legal avenue I can find!!! But at least we can sleep at night knowing we won't be faced with another huge car repair bill we can't afford.
That is exactly the same letter that WG sent to the BBB in regards to my complaint. (except it had a different signature); And I thought they took the time to write a letter just for me!!!
This message is for anyone who purchased a warranty with a Visa credit card or check card. I work in a bank and the Visa regs state that the issuer can do a chargeback for services not rendered up to "120 days from the expected receipt date of the services." Quote this in your dispute letter. If you purchased a five year warranty, you should have until 120 days after the 5 years. My card issuer also told me that they would not dispute charges older than 90 days but once I quoted the regs to them I received a full refund.
i just called my bank, wells fargo, and quoted them the info you gave concerning a wg purchase by visa check card. they are still stating that they can only assist within 60 days of the transaction. since my transaction/purchase was over a year ago and the manufacturer warranty of my vehicle has just barely expired, can you please give more info concerning this regulation you are talking about? "...Visa regs state that the issuer can do a chargeback for services not rendered up to "120 days from the expected receipt date of the services...."" thanks.
Well I got a BS reply from WG citing the same stuff as to why they can't pay my refund yet. So now I will send a letter to my CC company, along with copies of the CC Statements, my Contract, my letter to WG and their reply, and see if I can't get the $549 put on the CC reversed.
Just heard on radio this morning that NWIG has declared bankruptcy. First this news has been broadcast in this state to my knowledge. Then it's suggested you buy from the car dealerships for a safer policy, yea right ! I got a bridge in Brooklyn to sell them too ! Discover Card has told me I may register a dispute for the charges on a "good faith" claim since you can only dispute a charge within 180 days of purchase, one policy bought 9/9/02 the other 12/9/00 so we'll see where this takes me. To be continued.
I'm in the process of trying to get a refund from my credit card. At first they said "it has been over 60 days since the purchase so you cannot dispute the charges". I talked to a manager at the credit card center and now they are telling me that since it is a warranty I have 60 days after the contract ends to file (may 2006) a complaint. I will keep everyone informed on the status of the refund!
Called WG and was told that my contract will not be honored. Called my CC company and advise them of my problem, been a member of WG sense June 2002, never had to submit a repair clam until today. Advised my CC company that thier Fraud Protection Guarnateed Link is still on the WG website.
What written proof of evidence did you use to substantiate the worthlessness of our warranties? The effective date is around June 6 I think, but since WG has yet to officially inform us in writing that our contracts are worthless, what did you submit to the Credit Card Dispute/Claim division?
I used a GM credit card. I submitted a copy of my contract, a copy of the BBB reply that I got and I believe the CC company called WG to see if they where honoring the contract.
Call WG and have them e-mail you an "explanation" of what is going on with claims. That's what I did. It has some wormy language that says "it's not our fault - we honored our obligation" (which is BS), but it also clearly states that claims won't be paid.
I just found linked from the warrantygold.com website this site http://www.warrantynews.com/ I haven't gone through the site yet, but apparently they are trying to communicate with us.
Yesterday I received a very long email from Warranty Gold that explains the the entire debacle of NWIG and what they are doing to remedy the situation. There are also links to various Warranty Gold websites that are now in use to communicate the ongoing problem we all face. This is the first email I ever got from WG since I purchased my contact in February. At least they have started communication to the masses.
I looked it over. Nothing new there. But consider this:
If the monies are not WG's responsibility and it's all NWIC's responsibility like they always say and basically state on that site, and if WG's "has met all their obligations" like they have stated in writing to me, then why are they trying so hard to get this money? It's not their problem right? Why are they fighting so hard?
You might say that it's because they don't want this stinky mess to bring them down - true. But I still say that a large part of why they are trying to get this money is that they and their lawyers know the "we met our responsibility" crap won't wash in a court of law either.
As I read my contract, it mainly assigns adminstrator responsibilites to NWIC. WG's name is all over that contract and still has a responsibility to see that it is carried out.
I guess I am on their black list as my name appeared in the newspapers in Austin and I complained with the BBB and my credit card company.
How very nice and thoughtful of WG to have a website solely devoted to the NWIG problem. I wish they could show that sincerety by returning our moneys and paying our claims. Whether they have 1 or a gazillion web sites, all saying the same thing, nothing helps as much as a refund.
Is there a class action law suit we can do? If there is, please email me @ erniejade@yahoo.com so I can sign up. I took my car into the shop today and was going to finally use the Warranty To my surprise, all of this has happened. I called WG, and asked why was I not called or notified, they responded we are trying to get the word out and that was all. We all need to pull together and get a attorney if there is not one out there already doing something.
Just checked out warrantynews.com. I don't know enough about these things to hold out any hope of getting anything out of National Warranty. I'm somewhat relieved Warranty Gold isn't hiding anymore.
After reading this new site, it confirmed my suspicion that I'm probably SOL on my claim. I'm not paying with a credit card...and know hiring a lawyer would be a hell of a lot more than what the warranty is worth. Guess I have no choice but to wait and hope WG gets something out of the NWIG bankruptcy? I'm not holding my breath!
Today I tried to file a claim AFTER I had my car at the repair shop and was told that the company was no longer taking claims!!!! 1. I paid $453 out of my own pocket to have an air mass sensor installed. 2. Warranty Gold never even attempted to notify me that there would be problems with claims. You can bet that when the warranty was up they would have NO trouble finding me to extend the warranty. 3. When we called them to question it they tried to sell us ANOTHER policy and said that this new one would be paid !!! How much crack was this salesman smoking on the job? 4. Has any one tried getting the money refunded thru MasterCard? My entire cost was put on my credit card in 2001 and this was the first time using (trying to use) the warranty.
After reading all the articles about judges ruling and the release of some of the trust accounts I NEVER saw any mention of ANY account linked to WG.
I am wondering if they aren't some how connected?
Any help appreciated Chris LaFlamme claflamm@admin.umass.edu
After reading WG's b.s. website "set up for us" I want to puke. Basically they are telling the pre June 6, 2003 customers to take a flying leap at a rolling donut.
This has turned into a debacle. If WG is SO concerned about its 65,000 NWIC contract customers it would have issued new policies under their new insurer and then fought with NWIC to recover the costs. To me it would represent that my money WAS backed up with a reserve.
I will do everything I can by word of pen and mouth to see that no unsuspecting person ever again gets stiffed by these shabby people. I have sent WG a bunch of new business over the years but no more.
BTW: The Texas AG's office is of NO use. WG sent the same EXACT response as was sent to the Better Business Bureau. The AG sees no crime in this company continuing to take money from people for worthless policies. I will not go down the road of Texas politics.
WG should have picked up putting their prior customers onto the new Administrator and then continued to fight with NWIG and the liquidators to recoup as much of their loss. This would have shown to the world their good faith. By not doing this and leaving us hanging in the wind, they are as bad as NWIG.
My WG Contract list "Independent Warranty Management Corporation" as my Administrator. I emailed WG questioning why I was impacted with NWIG liquidation. Here is WG's response:
"Your claim administrator is with NWIG. Independent was your first claims administrator but we had to transfer your contract to NWIG because they went out of business a few years ago."
Anybody see a pattern here?
Also, I find it interesting that if the Administrator is fully responsible to pay claims (As WG is now claiming), why wasn't I informed of the change or given the opportunity at that time to cancel my policy?
Hi. I'm Benita, a business reporter with the St. Petersburg Times in Florida. I'm working on a story about the dangers of extended-service car warranties, and I'm focusing on Warranty Gold and National Warranty. If any of you live in the Tampa Bay area, and you're willing to talk with me about what happened to you, please contact me at bnewton@sptimes.com or 1-800-333-7505, ext. 8318. Thanks so much!
Why is WG still collecting payments for business placed with NWIC?
Are they simply pocketing their commissions and letting the chips fall where they may?
I don't have a WG contract, but was wondering why you folks don't contact NWIC and demand WG be taken out of the loop altogether. WG says all responsibility for all benefits and refunds belongs to NWIC, now controlled by liquidators (KPMG) who presumably have fiduciary responsibility for the best interests of the creditors and contractholders.
It seems to me that allowing WG to collect payments and commisions is not in the best interests of contractholders.
I don't know about you folks, but I'm not taking this sitting down. I'm filing an Internet fraud complaint with my state Attorney General.
PA takes Internet fraud very seriously.
I read my contract very thoroughly and objectively. True some language says WG is not responsible. Other language points to WG responsibility.
I'm also going to dispute the CC charge.
Me thinks that WG is aggressively fighting for us the old customers for 1 reason. They know they are responsible. They're only hope is to ride out the storm with new customers. They're hope is that old customers will slowly wither on the vine.
You've got a point about the fact that WG is aggressively fighting for us the old customers for one reason, they know they are responsible. But I would also add they know if they get nothing back from NWIG to take care of us old customers, they'll windup footing the bill and that may bankrupt themselves.
Seems a marketing/sales company: without new sales or payments on old sales there is no money coming in to pay salaries and overhead. Each employee must be own their own to bring in enough cash to get paid that week? The longer they can continue the longer they get paid.
Since there is a lag between collecting and paying new claims, they may be able to go a while before the collapse, when the phone gets turned off.
Not alleging this is true just my take on similiar situations.
Until the dust clears with this mess in the court system, what are some course of actions that us customers who got taken advantage can be doing to at least get a prorated amount of money back. Or can we file a petetion for WG to extend our warranties for the period of time that our warranties became usless. Then again, I am very reluctant to do any more business with WG. They could have at least forwarned me of this situation via mail, phone, or email, instead of finding out that my warranty was usless at the car dealership. I received my extended warranty in March 2003 and paid around $1800 for it via Visa CC. Can I file a claim for a pro-rated amount against WG? Does my Visa CC protect me from fraudulent actions. I will call USAA to find out. Also, what are some other things we can do in the interim to protect and attempt to retrieve the money we have currently lost?
- File a complaint with the BBB - Contact state DMV's - What else can we do now??
Several victims have filed with the BBB, and have found their response less than consumer oriented. However, they have removed their endorsement seal from WG's website.
The Attorney General for Austin has been worthless. I doubt that the DMV would care.
I filed with IFCC, as business took place over the internet. Of all venues, I place highest confidence in them as they really do not tolerate internet scam at all. The establishment date for WG and NWIG is identical, and if somehow we could establish evidence of their association, then FRAUD and SCAM and FELONY may be appropriate offenses resulting in appropriate punishment.
As long as they remain in business, they have no motivation to address this or make this right. They may have paid NWIG to adminster claims, but I guarantee you, they did not hand over our premiums, dollar for dollar. They have reaped great profit from us already. And with NWIG insolvent, they are not bound to replenish any 'reserve monies', as NO claims are being paid out.
Credit card chargebacks are the best possible direction at this point. For months I tried to convince WG to transfer my policies to the new administrator, as coverage would be my first preference. I filed claims for refunds on my CC a day or 2 ago, and am not holding my breath, but hope I am able to recover something.
I will buy a new car before I EVER buy another extended warranty!
File a complaint here, as WG is/was a member, and has been placed on their 'watchlist' due to complaints filed against them. WG failed to respond to the complaint process, but unresolved complaints are listed, as well as pending. Notice how far back you need to go to find praise!
I sent off my disputed charge letter to my CC company today. Complete with my letter to WG, their response, copy of my contract and cancellation request form, and copies of my CC statements. We'll see what happens. I also entered a complaint on the Web Assured site, as per above.
Apparently warranty gold is telling the credit card dispute department that they are doing "everything" to help everybody involved! They said that it was not their fault and that they were not aware of any problems with NWIG. Last update I got from my CC was that "warranty gold is on our side" and that they will "fight for us" I think its a loosing battle
Discover Card was not reassuring either, they said my purchase was beyond the 180 day dispute period but as a "good faith effort" they would contact WG once they recieved my complaint.....what was that about the Brooklyn Bridge being for sale !!!!!
What happened to the 9/30 post about the lawsuit coming out of Las Vegas by an attorney named Robert Gerard? I got a call from him yesterday and wanted to review this post.
Comments
Ray T.
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I am not sure if WG will actually have enough "reserve" funds to settle outstanding claims since this debacle got triggered, or to pay those people that cancelled their contract. Unfortunately, I need to shop around now for another extended warranty contract for my car. Anyone planning to sign up for another contract with WG with their new Administrator?
If anyone is ever ever ever considering a third party warranty again, please call your shrink and get some meds. NO OFFENSE! I will never get one again.
TO: MTRAINER2, the Tribune article actually says they new about it in 2002. NWIG told WG they were having difficulty meeting demand. WG didn't give a hoot they just kept taking everyone for a ride.
Before I purchased this car in 9/02 my prior vehicle, which I had for about 6 years was running about $600 per month in repairs up to the last repair, when I popped the timing belt & would have cost me $1,200. That's when I decided to dig it a grave & put the poor thing out of it's misery.
So...jhungness....a warranty w/a reputable company that is actually insured & doesn't use an RRG is still a sound idea.
With that said, I have been looking into getting a new warranty company & after extensive research of about 30 different companies, I've nailed it down to a few. I was wondering if anyone could give me some feedback on the following:
American Auto Warranty (aawaranty.com)
Auto Connection (autoconnection.com)
United American Warranty (unitedwarranty.com)
Car Warranties Direct (carwarrantiesdirect.com)
Auto Advantage, Inc. (autowarranties.com)_
If anyones heard of these, your feedback would be greatly appreciated.
If you want information on the research I've done to date, you are more than welcome to email me at unicorndreams8@aol.com. I'ld be more than happy to share any information I've compiled.
****************************************
Brand new car: Deal of the century...
Manufacturers Warranty: Couldn't be better...
Negating need for WG: PRICELESS!!!!!
(your already on Edmunds.com, check it out?!)
My wife loves your suggestion, she'll get rid of the 2000 Windstar for a new one, I think you started something here........thanks, maybe ! haha
I called WG to see where I stood should a repair be needed on either contracted vehicle and here's the blanket response all will get when requesting it in writing.......
Dear Mr. Tetrault:
This correspondence is designed to relate the facts and circumstances
pertaining to National Warranty Insurance Risk Retention Group (National
Warranty), Warranty Gold's administrator and insurer, and the impact of
those circumstances upon the holders of extended service contracts issued by
Warranty Gold..
Prior to June 9, 2003, when Warranty Gold contracted with a new
administrator and insurer, the administration of Warranty Gold contracts and
the payment of claims, if any, were the responsibility of National Warranty,
a certified risk retention group authorized to do business in all fifty
states. When each contract was sold, Warranty Gold was obligated to deposit
with National Warranty the amount of money which National Warranty and,
according to National Warranty, its certified actuaries, had calculated
would be necessary to pay claims under that contract. In addition, Warranty
Gold deposited with National Warranty a fee assessed for administration
services and an additional premium for insurance (National Warranty
possessed an A- insurance rating, which is excellent) which guaranteed the
payment of all covered claims, should the calculated cash deposits prove
insufficient to do so. Thus, the contract holder was protected from the risk
that National Warranty and its actuaries had not accurately predicted the
claims or losses to be incurred over the life of the respective contracts.
In addition, National Warranty had a reinsurance contract with an A-rated
carrier which was to further insure that National Warranty's obligations
would be met.
National Warranty provided the services described here to other extended
service contract providers. One such provider was in a dispute with National
Warranty and on June 6, 2003, National Warranty sought and received a
"provisional liquidation" order which had the effect of preventing any
lawsuits or other attempts to attack National Warranty. The accounting firm,
KPMG, was assigned to review National Warranty's finances and make
recommendations to the court, which is in the Cayman Islands, where National
Warranty was originally chartered. Cayman charters were specifically
permitted under the Federal Risk Retention Act, and National Warranty was,
until March, 2003, rated by A. M. Best as "A-". Additionally, National
Warranty was audited each year by Deloitte & Touche, a national accounting
firm.
Although Warranty Gold deposited all monies and insurance premiums required
to protect holders of Warranty Gold contracts, the KPMG representatives with
current authority over National Warranty's operations, determined that all
claims would be delayed until KPMG was able to determine whether or not
National Warranty was solvent. Consequently, Warranty Gold and other
companies which have fully performed all requirements and made all necessary
deposits have been unable to access monies or remit claims payments pending
the conclusion of the KPMG investigation.
On August 1, the Grand Court of the Cayman Islands entered an order finding
that National Warranty is insolvent and converted the Provisional
Liquidation into a Liquidation. KPMG was ordered to gather the assets of
National Warranty and distribute the assets equitably to Warranty Gold and
the other creditors of National Warranty. The total amount of the assets and
the method and timing of distribution is not known by anyone at this time.
We are in constant contact with the Liquidators and have retained lawyers in
the Cayman Islands and the United States to protect the interests of our
contract holders, in whose behalf the monies were deposited and insurance
purchased. We will be unable to access funds or inform you of the amount of
those funds until the Liquidators present a proposal. We will continue to
aggressively pursue assets and anyone responsible for the National Warranty
insolvency.
On June 9, 2003, the very day Warranty Gold was informed of the provisional
liquidation, it contracted with a new administrator and all service
contracts sold subsequent to that date are not involved in the National
Warranty proceeding and any claims under such new contracts are paid without
problems, as was the case prior to the liquidation proceeding. No contracts
will ever again be sold subject to any National Warranty involvement.
Warranty Gold is, in the courts and elsewhere, pursuing every avenue to
permit the payment of claims which were, and are, the responsibility of
National Warranty which received all of the monies related to the contracts
and issued insurance policies guaranteeing payment. However, Warranty Gold
is obligated to obey the orders of the court. Warranty Gold is painfully
aware of the inconvenience and hardship occasioned by these events over
which Warranty Gold has no control; as stated above, it has retained
attorneys in the Cayman Islands, New York and Texas to aggressively insure
that its recovery is maximized. Unfortunately, no one can say with certainty
how or when this situation will be resolved.
We greatly appreciate your patience and apologize for the inconvenience you
have experienced. We will notify you as soon as additional information is
available.
Respectfully,
Cathy Tjahja, Customer Service Representative
Ashley Taylor, Customer Service Manager
My reply to WG is.........
TO ANY COWARDLY WARRANTY GOLD rep following this thread, be afraid, be very afraid, MY DAY WILL COME WHEN YOUR ON THE RECIEVING END OF THE WRATH OF MANY AND THE JUSTICE SYSTEM ! You can screw some of the people some of the time but you can't screw us all !
Ray T.
That is exactly the same letter that WG sent to the BBB in regards to my complaint. (except it had a different signature); And I thought they took the time to write a letter just for me!!! (Ironic)
Warranty Gold is still not off the hook for me as they took us for $4300, and I will pursue them through every legal avenue I can find!!! But at least we can sleep at night knowing we won't be faced with another huge car repair bill we can't afford.
That is exactly the same letter that WG sent to the BBB in regards to my complaint. (except it had a different signature); And I thought they took the time to write a letter just for me!!!
Crewdog5
Discover Card has told me I may register a dispute for the charges on a "good faith" claim since you can only dispute a charge within 180 days of purchase, one policy bought 9/9/02 the other 12/9/00 so we'll see where this takes me. To be continued.
Ray T.
Crewdog5
Ray T.
Crewdog5
http://www.warrantynews.com/
I haven't gone through the site yet, but apparently they are trying to communicate with us.
If the monies are not WG's responsibility and it's all NWIC's responsibility like they always say and basically state on that site, and if WG's "has met all their obligations" like they have stated in writing to me, then why are they trying so hard to get this money? It's not their problem right? Why are they fighting so hard?
You might say that it's because they don't want this stinky mess to bring them down - true. But I still say that a large part of why they are trying to get this money is that they and their lawyers know the "we met our responsibility" crap won't wash in a court of law either.
How very nice and thoughtful of WG to have a website solely devoted to the NWIG problem. I wish they could show that sincerety by returning our moneys and paying our claims. Whether they have 1 or a gazillion web sites, all saying the same thing, nothing helps as much as a refund.
If there is, Please please please, contact me.
Erniejade@yahoo.com
1. I paid $453 out of my own pocket to have an air mass sensor installed.
2. Warranty Gold never even attempted to notify me that there would be problems with claims. You can bet that when the warranty was up they would have NO trouble finding me to extend the warranty.
3. When we called them to question it they tried to sell us ANOTHER policy and said that this new one would be paid !!! How much crack was this salesman smoking on the job?
4. Has any one tried getting the money refunded thru MasterCard? My entire cost was put on my credit card in 2001 and this was the first time using (trying to use) the warranty.
After reading all the articles about judges ruling and the release of some of the trust accounts I NEVER saw any mention of ANY account linked to WG.
I am wondering if they aren't some how connected?
Any help appreciated
Chris LaFlamme
claflamm@admin.umass.edu
This has turned into a debacle. If WG is SO concerned about its 65,000 NWIC contract customers it would have issued new policies under their new insurer and then fought with NWIC to recover the costs. To me it would represent that my money WAS backed up with a reserve.
I will do everything I can by word of pen and mouth to see that no unsuspecting person ever again gets stiffed by these shabby people. I have sent WG a bunch of new business over the years but no more.
BTW: The Texas AG's office is of NO use. WG sent the same EXACT response as was sent to the Better Business Bureau. The AG sees no crime in this company continuing to take money from people for worthless policies. I will not go down the road of Texas politics.
"Your claim administrator is with NWIG. Independent was your first claims
administrator but we had to transfer your contract to NWIG because they went
out of business a few years ago."
Anybody see a pattern here?
Also, I find it interesting that if the Administrator is fully responsible to pay claims (As WG is now claiming), why wasn't I informed of the change or given the opportunity at that time to cancel my policy?
swalker@lagcc.cuny.edu
If any of you live in the Tampa Bay area, and you're willing to talk with me about what happened to you, please contact me at bnewton@sptimes.com or 1-800-333-7505, ext. 8318. Thanks so much!
Are they simply pocketing their commissions and letting the chips fall where they may?
I don't have a WG contract, but was wondering why you folks don't contact NWIC and demand WG be taken out of the loop altogether. WG says all responsibility for all benefits and refunds belongs to NWIC, now controlled by liquidators (KPMG) who presumably have fiduciary responsibility for the best interests of the creditors and contractholders.
It seems to me that allowing WG to collect payments and commisions is not in the best interests of contractholders.
PA takes Internet fraud very seriously.
I read my contract very thoroughly and objectively. True some language says WG is not responsible. Other language points to WG responsibility.
I'm also going to dispute the CC charge.
Me thinks that WG is aggressively fighting for us the old customers for 1 reason. They know they are responsible. They're only hope is to ride out the storm with new customers. They're hope is that old customers will slowly wither on the vine.
This is one customer that isn't withering!
Each employee must be own their own to bring in enough cash to get paid that week? The longer they can continue the longer they get paid.
Since there is a lag between collecting and paying new claims, they may be able to go a while before the collapse, when the phone gets turned off.
Not alleging this is true just my take on similiar situations.
I received my extended warranty in March 2003 and paid around $1800 for it via Visa CC. Can I file a claim for a pro-rated amount against WG? Does my Visa CC protect me from fraudulent actions. I will call USAA to find out. Also, what are some other things we can do in the interim to protect and attempt to retrieve the money we have currently lost?
- File a complaint with the BBB
- Contact state DMV's
- What else can we do now??
The Attorney General for Austin has been worthless. I doubt that the DMV would care.
I filed with IFCC, as business took place over the internet. Of all venues, I place highest confidence in them as they really do not tolerate internet scam at all. The establishment date for WG and NWIG is identical, and if somehow we could establish evidence of their association, then FRAUD and SCAM and FELONY may be appropriate offenses resulting in appropriate punishment.
As long as they remain in business, they have no motivation to address this or make this right. They may have paid NWIG to adminster claims, but I guarantee you, they did not hand over our premiums, dollar for dollar. They have reaped great profit from us already. And with NWIG insolvent, they are not bound to replenish any 'reserve monies', as NO claims are being paid out.
Credit card chargebacks are the best possible direction at this point. For months I tried to convince WG to transfer my policies to the new administrator, as coverage would be my first preference. I filed claims for refunds on my CC a day or 2 ago, and am not holding my breath, but hope I am able to recover something.
I will buy a new car before I EVER buy another extended warranty!
Complaint:
http://www.webassured.com/address/compform.cfm?ID=265
Watchlist:
http://www.webassured.com/c/Business_Background_Report.cfm?ID=265
Let the games begin !
Ray T.
Crewdog5
Ray T.