Sun Alliance Bond

librafall

hi

I wonder if anyone could help me with some advice on how to get up to £1000 invested 8 years ago.
I was young earning well and when a leaflet came through the post offering 50% money back on any money saved for 12 months I went for it. 'Small print' was unknown territory to me seeing I'd only been in the country for just more than a year.

I had to move home to become a student and as a result could not keep up with the payments for the last months as my income became 3 times less what I'd been earning. I knew the more or less that I'd not then qualify for the 50% money back. I didn't know however I'd be losing what I'd already invested.

this still bugs me until this day. I feel cheated...

is there a legal way I can claim this money - my money!

thank you

dunstonh

this still bugs me until this day. I feel cheated...

Why do you feel you were cheated?

is there a legal way I can claim this money - my money!

No. You bought a product from a mailshot. You bypassed a financial adviser so you cannot complain about bad advice. You took on that liability personally.

If you dont use a financial adviser and dont read the documentation and sign up for a plan then you really have no-one to blame but yourself.

p1an0player

What actually is a Sun Alliance Bond? I thought a bond was a loan to a company

The OP seems not to mind too much about the 50% rebate, but actually losing the initial £1000

so what happened here?

librafall

''What actually is a Sun Alliance Bond?''

this is/was a life insurance sort of thing I took when I was 21/22 where at the end of 10/15 or 20 years I could choose a lump sum with a bonus at the end of those years.

I was very young, alone in this country and thinking ahead so this was an investment...

given the nature of the bond, after saving up to £1000 and missing the last 2 payments for the year I was expecting not to receive the 50% cash back at the end of the year. I was not however expecting them to keep my money and close my account. I was left with no money and no bond...

dunstonh

Its not actually a bond. Its an endowment policy. The first 12-18 months payments went in charges. So, by letting payments lapse after 10 months, it had never accrued any value. Massively obsolete product by todays standards. Obsolete 8 years ago as well but cant change the past.

8 years ago, had you utilised an ISA or unit trust then you would have money available after stopping after just 10 months. You used the worst product possible though I'm afraid.