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faa
#1 Posted : Monday, July 20, 2015 9:13:48 AM
Rank: Member


Joined: 5/8/2007
Posts: 709
I exited from from a Sacco over months ago.

unfortunately the Sacco has literally refused to refund my deposits.

This is despite me not having taken a loan nor guaranteed anybody.

What options do I have to recover the funds?SASRA advised a reminder letter to the SACCO but that was just it.
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Njung'e
#2 Posted : Monday, July 20, 2015 11:48:45 AM
Rank: Elder


Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
In most cases,the notice period is 60 days. You need to look at your SACCO's bylaws to see what they say about the notice period and penalties involved if there are any.
Nothing great was ever achieved without enthusiasm.
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Bachuma Gate
#3 Posted : Monday, August 03, 2015 6:52:36 PM
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Joined: 3/26/2012
Posts: 280
Just by putting their name here. It may encourage them to behave.
DOH
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Lolest!
#4 Posted : Monday, August 03, 2015 7:08:08 PM
Rank: Elder


Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
I have heard many guys complain of such. How toothless is SASRA?

I have heard that the only way to deal with such is to take a loan that will leave your shares encumbered then default and quit the sacco
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theking
#5 Posted : Monday, August 03, 2015 8:08:25 PM
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Joined: 1/25/2010
Posts: 344
Lolest! wrote:
I have heard many guys complain of such. How toothless is SASRA?

I have heard that the only way to deal with such is to take a loan that will leave your shares encumbered then default and quit the sacco


sacco suffers no loss. ur guarantors' shares wl b deducted to pay ur loan
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subaru
#6 Posted : Wednesday, August 05, 2015 11:08:19 AM
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Joined: 3/15/2010
Posts: 391
Location: nairobie
Lolest! wrote:
I have heard many guys complain of such. How toothless is SASRA?

I have heard that the only way to deal with such is to take a loan that will leave your shares encumbered then default and quit the sacco


and please dont hurt your guarantors you might bite more than you can chew
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iamtiffany
#7 Posted : Monday, August 10, 2015 3:09:38 PM
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Joined: 8/10/2015
Posts: 1
Location: Dubai
Hi wazuans, am having the same issue as well and need like an urgent solution am
Not ready to lose my money on this SACCO.Name of Sacco is Goodlife/Fedha , so any innocents wanainchis are crying begging to get answers from
This Sacco but it's turned to a merry-go-round, how to go about getting out deposits lasting past 3 months and as well getting out refunds on our deposits.Plssss someone help out since can't find the Sacco laws or registration anywhere on SASRA
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Ash Ock
#8 Posted : Monday, August 10, 2015 3:48:46 PM
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Joined: 8/27/2010
Posts: 495
Location: Nairobi
iamtiffany wrote:
Hi wazuans, am having the same issue as well and need like an urgent solution am
Not ready to lose my money on this SACCO.Name of Sacco is Goodlife/Fedha , so any innocents wanainchis are crying begging to get answers from
This Sacco but it's turned to a merry-go-round, how to go about getting out deposits lasting past 3 months and as well getting out refunds on our deposits.Plssss someone help out since can't find the Sacco laws or registration anywhere on SASRA


This may come across as brutal but Goodlife was a pyramid scheme from the 1st day. Your money is gone and your chances of ever getting it back are very slim, if at all. Your best option now is dealing with your feelings and accepting that what happened, though very painful, is a lesson learned.

Sorry for your loss.
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Cardinal
#9 Posted : Monday, August 10, 2015 3:57:38 PM
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Joined: 5/12/2009
Posts: 266
Ash Ock wrote:
iamtiffany wrote:
Hi wazuans, am having the same issue as well and need like an urgent solution am
Not ready to lose my money on this SACCO.Name of Sacco is Goodlife/Fedha , so any innocents wanainchis are crying begging to get answers from
This Sacco but it's turned to a merry-go-round, how to go about getting out deposits lasting past 3 months and as well getting out refunds on our deposits.Plssss someone help out since can't find the Sacco laws or registration anywhere on SASRA


This may come across as brutal but Goodlife was a pyramid scheme from the 1st day. Your money is gone and your chances of ever getting it back are very slim, if at all. Your best option now is dealing with your feelings and accepting that what happened, though very painful, is a lesson learned.

Sorry for your loss.


If the sacco was not on the list from SASRA it might be abit tricky.
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Ash Ock
#10 Posted : Monday, August 10, 2015 4:15:58 PM
Rank: Member


Joined: 8/27/2010
Posts: 495
Location: Nairobi
Cardinal wrote:
If the sacco was not on the list from SASRA it might be abit tricky.



More than tricky. Practically impossible. It was also discussed here on Wazua:

whiteowl wrote:
tkzee wrote:
its2013 wrote:
Mart_Consult wrote:
mayaiwaziri wrote:
Who knows about Goodlife Sacco? Is it true that if one contributes 100k they get 8k each month?


That would otherwise be described as a pyramid scheme. The returns you've stated that is. I am not aware of the SACCO and its activities or financial reports. However, that is highly unlikely if their business is legit.


That model doesn't sound like a Savings and Credit organisation. I wonder if the 8k pm gets deducted from your 100k to mean it's a savings plan with monthly withdrawal limits of 8k or does one still have the 100k after the 8k payments to mean the 100k is capital/shares that earns you the 8k per month as interest/dividends.


How comes this Sacco is not in the list of accredited Saccos? Secondly, any amount given as interest on deposit should attract withholding tax,are they doing that? From their website there are no financial statements available for scrutiny is there something that could be cooking?

These guys got quite a number of branches that I know of: Nairobi,Githurai,Nakuru, Nyeri. So are they getting on the SARSA list this year or going under?


http://www.wazua.co.ke/f...amp;m=628620#post628620
Sent from my Black Nokia 3310
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Shak
#11 Posted : Monday, August 10, 2015 8:20:56 PM
Rank: Elder


Joined: 2/22/2009
Posts: 2,449
Location: Africa
KIM (Kenya Institute of Management )Sacco is another one that's going down. SASRA really needs to act and reign in rogue managers
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