Whatever happened to Prudentialife Plans, Inc.?

I believe it was a month ago when my sister mentioned that Prudentialife Plans, Inc. is going kaput on their planholders. I did not exactly pay a lot of attention to it. Not because our Pension Plan’s maturity value was only 500 grand. I slaved away in Banco de Oro back then when I started paying that off.  I just thought and was probably hoping that it was nothing but a rumor.

It was last week when my son was discharged from the hospital and my husband and I had a talk with his doctor when she mentioned that Prudentialife Plans, Inc. has indeed gone bankrupt. And it was only now that I looked it up over the internet and found that there is this Notice of Stay Order by the Insurance Commission on Prudentialife Plans website.

All planholders, creditors, stockholders and other stakeholders or interested parties are directed to file with the Insurance Commission, throuhg the undersigned Conservator with offices at R.S. Bernaldo & Associates, Unit 1810, Cityland Condominium 10, Tower 1, Ayala Avenue, Makati City….

Further, all planholders, creditors, stockholders and other stakeholders or interested parties are directed to attend the scheduled consultation hearings ont he verified proposal for corporate rehabilitation of PPI on March 02 (Friday) and 13 (Tuesday), 2012 at 9:00 A.M. at the IC Board Room, 2nd Floor, Insurance Commission, 1071 United Nations Avenue, Manila, and to bring proper identifications in order to facilitate the proceedings in an orderly manner.

During the time I got hold of this Pension Plan, Prudentialife has kind of made a name for itself and I even perceived it to be a reputable company. I did not know any better. This does take a lot of my confidence off of Pre-Need companies, if at all. Now if only Prudentialife Plans, Inc. will give us back even just the contract price. The purchasing power difference of peso before and now does not even matter to me anymore. I’m sure a lot of duped planholders will rally with us on the mentioned dates. Prudentialife Plans, Inc. planholders, do you also plan to attend the scheduled consultation hearings on March 2 and 13, 2012?

Whatever happened to Prudentialife Plans, Inc.?

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