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LawyerDavid
LawyerDavid, Attorney
Category: Legal
Satisfied Customers: 376
Experience:  Highly experienced attorney Commercial Law, Litigation, Intellectual Property Law, and Family Law
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I have not been sent an annuity check for three years that

Customer Question

I have not been sent an annuity check for three years that Transamerica says it sent me. They do say however that no check has been casked. To whom do I file a complaint?
JA: What state are you in? It matters because laws vary by location.
Customer: The money was invested in California, but I live in Utah.
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: I have written the situation out but don't know where to send it.
Submitted: 4 months ago.
Category: Legal
Customer: replied 4 months ago.
I tried to withdraw 7 or 8 thousand dollars that Joan still had invested in Zahoric's Financial in Pasedena and discovered that it no longer existed. Zahoric had invested it with an outfit called Transamerica. An outfit that I was unfamiliar with. When I called Lance, the fellow I aways talked to at Zahoric's, he never mentioned Transamerica to me because frankly I wasn't interested; I invested our two tax-shelters with Zahoric and I trusted them. I met Charles Zahoric in 1985 when I was with a group of California Teachers people who were visiting many insurance companies wanting to be endorsed by California Teachers Assoc. to endorse them. Most of them were out-and-out crooks. They took us to lavish boardrooms with expensive Persian rugs on the floorand wore heavy gold chains around their necks. They were obviously dishonest until we me Charles Zahoric. I was the one of our group that had most influence hence CTA didn’t endorse anyone.
When Joan turned 70 Tansamerica said that they sent us a letter asking whether we wanted to cash in the $7758.00 we had or would prefer converting to annuity. We never received that letter so they converted it to an annuity without getting an answer. Does that sound somehow convenient for them? They converted $7758.00 that pay $56.55 a month for life.
I calculate that as being a return of $6786.00 over ten years. That is $976 less than we paid for it. Not too bad a deal, right?
After Transamerica converted the investment into an annuity they proceeded to mail Joan a check every month which she never cashed because she never received them. Somehow that fact didn’t surprise Transamerica because they evidently do anything to straighten the matter out. When I was urged by Lance to call them and explain the situation they practically told me that was sad, but too bsd because once they convert the money to an annuity they never go back. They said I had signed a contract in 1985 (32 years ago) and they can do what they want.
The reason I am telling you all of this is that I intend to appeal to the Insurance Department of California. I need to gather more data quickly. What year do remember that Joan had her mastectomia done? I can’t remember whether that was still a problem for us in May of 1914. I know that her policy number with Zahoric was different than the number used by Transamerica. There is no reason that checks they say they sent were not cashed or questioned. Nor is there any reason I could see for Transamerica to convert $7758 to an annuity that only pays $56.55 a month. Neither of us would have chosen that option: we wouldn’t live long enough to use the money.
We were going to pay off our home-equity loan with it. Now the annuity won’t pay off the interest on the loan.
Expert:  LawyerDavid replied 4 months ago.

Hello: my name is ***** ***** I am happy to try and assist you today. I think it is fine to appeal the issue to the insurance department in California, but I believe that is going to be a slow and cumbersome process that is unlikely to get you what you want, which is your money. I would suggest that you go to the small claims court in your county in the State of Utah. Here is a link that tells you what to do from start to finish. http://www.utahcounty.gov/dept/justcrt/smallclaims.html I would file the claim against Transamerica since they have been responsible for your money. Document exactly what has gone on like you did here in your small claims complaint. You will get a hearing date set in the next 30 to 45 days when you file. You will then serve the small claims case by sending it certified mail to Transamerica. After that you wait and my guess is Transamerica will call you and get everythign ironed out before having to explain their actions to a judge. If not, you show up to the hearing and explain what happened to the judge and collect on the judgement awarded. This is the fastest course of action I can think of and will be the most effective as it appears Transamerica is ignoring your requests for information and assistance, but they won't ignore a judge especially when you file the case in another state from their corporate offices. Feel free to follow up with any questions you may have and I will respond as soon as I can. All the best, David