Updates on Danvil and Pre-Need Firms As of April 4, 2009:
If you are a policyholder of Danvil Plans Inc., you should already have received a letter from the firm announcing its decision not to proceed with the planned transfer of its pre-need portfolio to Legacy Consolidated Plans Inc.
Well, this is very good news in light of sorry developments in Legacy Consolidated and its parent company Legacy Group. According to news reports, Legacy has filed for voluntary dissolution, including the dissolutions of companies under its management, namely Scholarship Plans Inc., Legacy Card Inc., Legacy Consolidated Asset Holdings Inc., Galaxy Realty and Holdings Inc., Fusion Capital Corp. and Conventional Realty Corp. The parent company Legacy Group itself is troubled due to the financial difficulties of its rural banks, many of which have closed.
Back in June 2008, controversies about Legacy were the focus of my arguments when I talked with Ms. Aurora Dino, assistant vice president and branch manager of Danvil’s office in Makati, about the planned transfer of the pre-need portfolio to Legacy. I’m really very glad now that Danvil did not rush the transfer proceedings back in June.
Somehow, I was not really surprised about the decision and the letter from Danvil because I checked Danvil’s office in Makati from time to time.
Officers of Danvil Plans, may you have more power and opportunities to nurture and grow Danvil. The education and financial well-being of long-time planholders’ dependents rely on your success and continued commitment. Just please change drastically your aggressive and oftentimes unethical marketing tactics.