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11 October 2003

Henry Kaye – National Investment Institute

Henry just keeps ripping people off.

I attended a free seminar by National Investment Institute (NII) in June 2003 at Moonee Ponds.

Then my wife and I had a meeting with one of their consultants at their Melbourne office in South Melbourne on Sunday 22nd June 2003.

He said NII is an approved and registered training company and explained the details of the courses, how to become rich in a short period of time and we were convinced that we could buy properties with no deposit.

The course fee was $15,000 if paid in full or $95 per week for 4 years.

So we decided to sign up for the course.

He came in with some brochures for us to read and he was filling in some forms asking our details. When he asked for my driver’s license number I asked him why he needed that. He said that it is for the finance company.

Anyhow, I signed the forms thinking I have cooling off period of 3 working days. [Biggest mistake in my whole life!!]

As we were leaving I asked the consultant for his business card. He said they do not give their direct contact details to clients. He assured us that if we rang their 1300 number he would return our call.

We came home and thought about it and we felt uncomfortable paying that much money for a two- day course.

The next day (Monday) my wife wanted to contact the consultant to cancel the enrolment. She was told by the customer service that he would call us back. He never called us.

Every time we rang, we were told that either he will not be in for work that day, he will in be back in the afternoon……(excuses.

A few days later we received a letter saying finance was approved by Australian Finance Direct (AFD). The first repayment would be due on 27th July 2003. I was furious. I had not even attended the course yet.

I spoke to the AFD to cancel this contract. They said it’s too late. The money has been paid to NII (Henry Kaye).

Without any choice, I attended the two-day NII course in August.

To me, it was just another property seminar.

About 10 days later I requested NII to refund the money as I was not satisfied with their course and their service.

They wrote back advising that their Review Board would meet on 4th September 2003. Any further information I wished to submit should be received by Monday 1st Sept. I had one working day to prepare and post it to get it there on time. I used express post.

It was mentioned that I will receive a response within 14 days.

I was told not to contact them.

After three weeks I sent an email inquiring about the decision they made at the Review Board.

I received a call advising that the letter had been prepared and it will reach me in a day or so.
Nothing came in the mail.

So I rang them on the 1st of October. They said another two or three days. The man on the phone said the letter was ready and he was looking at on his computer screen. He refused to tell me what was on the letter.

I asked him to put me through to a senior person. He refused. I pleaded, I shouted. His response was “I don’t care what you do.” End of conversation.

On the 3rd of October I received their letter dated 26th of September postmarked 2nd of October.

My claim for a refund was rejected.

I spoke to ASIC. They said I should seek independent advice, but can lodge a complaint with them.

I am not sure what to do now. I am committed for the next 4 years for nothing.

Please could you help us? Thank you very much.

The conduct described in this story will be familar to so many victims of Henry Kaye.

While this person was going through trauma with the National Investment Institute, Henry Kaye was in the midst of a national campaign to silence his critics. He launched his ‘Million Dollar Challenge’.

At a seminar at the Melbourne Town Hall on September 15, this is what he said.

“You know I have a cooling off period. In Victoria by law you have a 3 day cooling period when signing a contract but…but… I give you 10 days, 10 working days, which is almost a fortnight of cooling off period.

“But you know what I tell these unhappy people? I will give your money back if you are not happy… that is how confident I am… I am a money back guarantee person.”

No, Henry, you are a liar and a cheat.

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