Help needed to write to Ombudsman please,

jackie005

EdInvestor wrote: »

Could you please find out? The figure is needed to do the calculation.



What we need is the surrender value. You'll have to ring them up to find this out as it changes very regularly.



So a total paid per month of 170 pounds, is that correct?

I have to go out now for rest of day but will do this tomorrow.
Many thank Jackie.

feisty1

WHAT IS ALL THIS "FREE" ADVICE???

have some of you no work? respect yrself!! yr colleagues & yr profession.....go & fone yr client bank & get business instead of sitting on here "advising" for free

dunstonh

There isnt any professional giving advice on this thread. Apart from early comments, the rest dont come from anyone authorised. Probably as we wouldnt give decisions on what is best to do on so little information.

EdInvestor

feisty1 wrote: »

WHAT IS ALL THIS "FREE" ADVICE???

have some of you no work? respect yrself!! yr colleagues & yr profession.....go & fone yr client bank & get business instead of sitting on here "advising" for free

LOL.

You don't do "pro bono" work then, feisty1.

feisty1

EdInvestor wrote: »

LOL. You don't do "pro bono" work then, feisty1.

This is not the place to be carrying out a "Financial Review" I cannot believe people have so little respect for assets, investments etc to post on here & ask for "advice" Those people are vulnerable and for those who claim to be offering "advice" for the greater good are irresponsible & dangerous.

jackie005

EdInvestor wrote: »

Could you please find out? The figure is needed to do the calculation.

Hi again EdInvestor, It's taken a few days and lots of calls to get all the figures togetherT but this posting has been really been an eye opener for me. I just was not aware of what I was payng out and what for. Even though it is so late in the day, I now understand a lot more, so can't thank you enough.

Morgage payment is £62.90 per month presently @ 7% interest but I pay £120 per month instead by choice to bring down the amount owed.

I'm also paying £18.20 per month life cover to Scottish Widows, this is the what should have given me full morgage cover on maturity (£9,500) but at close of business yesterday, surrender value was £3,398.

I then pay another £50 per month into the saving ISA which I took out to cover the shortfall.

In total I am allocating £188.20 per month to repaying the morgage.

Hope tis is aking sense to you.
Kindest regards Jackie.

EdInvestor

Hi Jackie

We are getting there but still need one more bit of info on the endowment, that's the forecast values at maturity, which will be 3 figures at different growth rates.You'll have to ring up SW and ask for these.

While you're at it, you might update the current value of the ISA funds as well, then I can include them in the overall calculation.The idea will be to see if it is best for you to cash in these investments, use the money to reduce the mortgage and then use the premiums paid at present to the endowmwnt and the ISAs to overpay the mortgage directly..

You could possibly save a lot of money this way.

jackie005

EdInvestor wrote: »

Hi Jackie

We are getting there but still need one more bit of info on the endowment.

Sorry for delay gettng back to you (half term)

Scottish Widows give value close of business Frid as £3,535 re endowment but will have to work out and post me maturity forecast.

(Projected shortfall in Sept was £3,790. £3,210. £2,590).
I've been such an idiot not taking closer notice!


The mini ISA value for the £5,000 shortfall, close of bus £4,061
The other one that I deposited £3,000 cash is now only worth £2,298

Regards Jackie

mic200202

As I see it, you have an endowment savings plan, and an ISA, both of which are being using for mortgage repayment. You should see in the shortfall letters that there is mention of a 'final date' for any claims to be made.This date should be made clear to you, and the firm must give you at least 6 months notice of it's expiry to you.If you have not recieved any notice of such a date then you may still have a claim.You should refer to the FOS's website for detailed help.Some firms do not impose any time deadlines at all.

I would think the advice you have recieved on this affair has been pretty poor ,to say the least, from the bank. To cover a shortfall on a small-ish mortgage endowment by taking out a new similar product is unjustifiable. You would have been better off changing some or all to a repayment loan. As you seem to have complained on this already to the bank and they have sent a final response,you could take this matter further to the FOS to say you feel you have been disadvantaged by the advice given as opposed to the shortfall issues.As you have recently recieved a shortfal letter from Scottish Widows, you may some grounds for further action with them.Don't be afraid to call the FOS as they are most approachable and will help you as much as they can.

EdInvestor

jackie005 wrote: »

Scottish Widows give value close of business Frid as £3,535 re endowment but will have to work out and post me maturity forecast.

Ok as soon as they arrive, we're in business.