I have been dealing with this CEFI for 18 years now.  I have had multiple negative experiences and am trying to cut all ties with this company.  Not to much success.

The first experience occurred in May of 2004.  I received a notice from CEFI about arrears on my plan.  These supposed arrears (missed payments) happened in 1993.  Eleven years earlier!  The letter went on to describe multiple fees and interest had built up.  The interest was almost 3 times the amount of the supposed missed payment!

I wrote back agreeing to pay the missed payments and NSF fees but appealed the interest.  With the letter I enclosed copies of my agreement highlighting the clause that states "In the event that a subscriber fails to make a deposit when required, the Foundation will provide notice to the subscriber of such failure, normally within 30 days..."

I then received a letter from CEFI saying the same thing about the Foundation notifying the subscriber within 30 days, as well as seeing on the annual statement that their plan is not in good standing and they are to contact Customer Service.  I then went back through all of my annual statements and sure enough, there it was on my 2002 statement, "Your Agreement is Not in Good Standing".   At no point between 1993 and the 2002 statement had any attempt been made by CEFI to notify me of the delinquency.

In this letter they explained that they do not require a lump sum  payment, but that the total amount will be required to be paid by my son's 16th birthday.  In their concluding statement they say, "it is the decision of CEFI that we provided you with sufficient notice regarding the outstanding deposits and as such we are closing our review."

During this time, I had been making phone calls and been refused access to a supervisor.  

At this point I called a lawyer.  The first one I spoke to seemed eager to help me but then discovered a conflict of interest and had to send me on my way.  The next two lawyers I spoke to said that although they thought I had a case, it just wasn't financially beneficial to fight CEFI.  It would end up costing me more than what I would have to pay to CEFI to get the plan in good standing.

At that point, I gave up.  I submitted the total payment requested and tried to put the matter out of my head.

After hearing and reading about other horror stories with CEFI I have made the decision to cancel the agreement and sacrifice the "scholarship". I sent the notification early August about my decision and requesting my deposits minus the fees be returned to me.  It is required that they return my payments within 60 days.  It has now been almost 3 months.  I have made numerous phone calls.  Each time I get the run around.  The first time I called I was told they didn't receive my letter until the end of August and therefore it would be 60 days from that date.  When those 60 days were up I phoned again, this time I was told they received my letter mid August. And then was put on a "hot list".  Which meant that because it was over 60 days "my file would then be put in the pile to be looked at by a supervisor". I was told this pile was dealt with on daily basis and would be dealt with the next morning.  I phoned back two days later.  The customer service rep told me that there were no records about my previous phone call and my file was NOT on the hot list.  He would then put me on a "priority list".  Make additional notes on my file about my phone call and ask for a supervisor to call me and confirm that my cheque was being processed.  I did not receive a phone call.

I called again to inquire about the status of my plan and was told a cheque had been made out and was now with the signing officer.  Good news!  Eight days later, not having received a cheque, I called CEFI to inquire again.  The cheque has NOT been signed yet.  I was quite upset at this point and asked to speak to a supervisor.  I was refused!  The gentleman said that he could transfer me back to the receptionist though.  I explained to this gentleman that it was required that they return my payments within 60 days and that I didn't appreciate the run around and demanded to speak to a supervisor.  After arguing with the gentleman for a while I eventually got transferred to the "financial manager".  

As calmly as I could I explained the situation.  He told me that he could not go to the Director to follow up on the cheque as there were many and they would be signed on a "first come first serve basis".  I explained that the cheque had been written over a week ago and asked just how many people were cancelling their plans. After arguing with the financial manager he agreed to finally track down the cheque and call me back "in a short while".  I had to confirm with him that he would call me the same day.  To my great surprise he did call.  My cheque is in a "pile".  He has promised to follow up again and call me to notify me of it being signed and mailed.  I have yet to hear back.

My aim here is to warn others of this company.  To inform people of the lack of customer service, the avoidance of dealing with
their clients and run around you get.

It's not just with unpleasant situations that they drop the ball.  I had called them years ago after my second son was born to start a plan for him.  That was one phone call I am grateful they never  returned!

Hello silvercheeks.

Thank you for opening a new topic and posting your negative story here at our Anti Cefi Forum. It is “great” that you gave us so many details about your negative experience with them. Your story might prevent possible future clients from signing up with Cefi.   Hopefully you can recover some of your money from these gangsters.  

wabwab

Thank you to all for sharing what is apparently the common practice for this company.  I too have been a long time contributer (17 years.  I am currently dealing with 2 matured plans and have 1 more to go 3 years from now.  I also went through a period of default/coerced into compliance 10 years ago. The company address changed and I was concerned the "Fund" existed at all.  I should have trusted my gut then and just withdrew and cut my losses, but the lure of the big payouts sucks you in again.  Well, guess what?  There are no big payouts for my plans.  I did receive $5890.35 for my first son (total contributions were $7685.76).  Great return, eh?  He did not advance in his 1st year engineering course and switched to the welding trade.  Now he is in his 2nd year but enrolled in January 2010.  Apparently, this does not qualify for their "2009/2010 Academic Year".  ??  Anyway, I could go on and on.  I am so glad this forum has PREVENTED at least one victim, but that is not enough for me.  I believe something has to be done to make them pay up.  This company is built on every little loophole they have to produce FORFEITURES.  How else does one think they can advertise "HIGHEST SCHOLARSHIPS 13 YEARS IN A ROW"!!  Really - why has this ponzi scheme been allowed to continue this long??  Probably because the stringent regulations and timelines keep the law on their side and people do not have the energy or resources to challenge them based on ethics and disclosure.  I am not done yet and am willing to join with forces that will demand this company to make good on their promises.  How big is this company anyway?  So far I have it figured to 3 people: receptionist, Mbambi and Mark.  Does anyone have any "Supervisor/Financial Officer" names?

I'm in totally same situation with silvercheeks.
Did you get back the money from CEFI?

I made up a mind decision to cancel the agreement.
Why this company is still existing.......

If anybody have any suggestion or approach this action Please let me know it as soon as possible.

I just got some of my money back.  I was hit big with all the "fees".  $2000 worth.  As much as it hurt, I do not regret cancelling my plan.  I no longer have to deal with the company and the relief and weight that has been taken off my shoulders is beyond words!