President's Choice Financial

I recently refinanced my property and left PC Financial to go with FirstLine Mortgages. My early closure fee was stated to be $3,775.29 and I acted on that, being that the numbers stacked up to bring me to a favorable outcome. So I called them on the 9th December 2010, obtained the above information and closed on the 15th December 2010. The figure above was given to be effective until 1st January 2011. So all was fine, just that everything was subject to change.

And I understand that federal changes came in to play in between the 9th to the 1st of January 2011, correct? Not quite, they proceed to slip in a penalty of an extra $5000 because I dropped below 18 months to maturity, which was never mentioned. So within 6 days, they encroached a penalty, but no one sees it on the screen, especially the professional mortgage adviser. Surely they know their policies and should ethically advise accordingly, instead of saying, "You should have read your contract and term and conditions! It's not an ethical behavior to slip a fee in and hope no one notices!

Can you point me in the right direction as how to take legal action? Where do I stand? Your help and advice is appreciated. I'm approximately $5000 down.

I had home and auto insurance with PC. My auto insurance increased (March 16th 2010) and I was told that in May 2010 when my home Insurance is due for renewal my auto will reduce by 15%. In April 2010, I received a letter from PC indicating an increase of my home insurance as well. Upon inquiring, I was told that PC couldn't get a better price. So I decided to cancel both my auto and home insurance with PC effective on May 16th and was told I will be refunded $61.00 (I paid PC $259/month auto insurance). Instead, I cancelled the insurance on April 21st 2010 and was assured that I will be given a refund in excess of $200 but this didn't happen, PC instead give me the $61.00 only. After complaining, the agent said he will speak to his manager and get back to me. He didn't so I called and was told that I was charged for 4 days insurance and cancellation fee amounting to $198.00 in total. This is blatant robbery. Can something be done about this? $198.00 out of $259 is too much for a cancellation fee. Thank you so much.

In August/2006 I obtained a PCF mastercard & purchased balance protection insurance. I was 63 years old at that time. I am currently on extended illness leave from work with a severe heart condition & nervous breakdown. I contacted PCF & informed them that I needed to request my insurance coverage & was sent the appropriate forms with instructions to have both my employer & doctor complete & return, which I did.

I was appalled to learn that in fact my balance protection coverage expired at age 65 but at no time previously was I made aware of this policy. PCF now claims that I was originally mailed a brochure to this effect which I never received. They did re-send one last month.

I am a retiree of CIBC which owns PCF & I am very disappointed with the manner in which I have been treated. My premium has "not" decreased & I am now told this is because I am still covered for accident & dismemberment which I already have ample insurance for this purpose. I received correspondence April 21st, 2009 from E. Gray, Manager Customer Care & addressed to V. Wheeler (how unprofessional) advising that they had refunded partial premiums of $685.10 & K. King states today they are not prepared to make any further compensation. my credit card balance in approximately $7000.00 which I am now liable to pay.

This is in my opinion very poor treatment of a senior citizen, especially considering our aging population. I firmly believe Presidents Choice dropped-the-ball here & I please ask your assistance in resolving this matter.