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encashment fees
Dmorgan_2
Posts: 2 Newbie
After consulting my IFA I decided to cash in an endowment policy I had with Pearl, it had been paid up for some years and I'm getting together a deposit to try and get on the property ladder. He had checked that there were no MVR fees, I downloaded the forms as Pearl suggested checking once again that there were no additional charges. I then received a letter confirming a bacs payment that was £6000. less than the value, with no explanation. Can they just take this amount of money and yet not tell me they were going to? Or offer an explanation as to what is was for? What redress do I have? here's hoping for justice!
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Comments
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Surely your IFA warned you of this likely hood.
That is what they do is it not give you financial advice................................I have put my clock back....... Kcolc ym0 -
Can they just take this amount of money and yet not tell me they were going to?
yes.
That is what your adviser is for.Or offer an explanation as to what is was for?What redress do I have?
none at all.
Investments have a daily value. They can go down as well as up. Pearl recently lopped off around 20% on the values. This was not a penalty but a reduction in the terminal bonus (Pearl dont charge MVRs).
Values are only good for the day you ask. You should have acted quicker. Pearl do accept faxes as long as they get the original in the post to follow it up.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi,
My advisor did warn of the possibilities but that's why he contacted them for the figs. and the market could not have lopped a third off my total in the time, we acted within 24hrs it wasn't possible to have acted quicker. The development today is someone made a mistake and told me the wrong fig so complaint in progress, recorded phone calls being checked and hopefully it will be sorted out! Thanks for the input.0 -
and the market could not have lopped a third off my total in the time
These legacy plans from Pearl can lop off the terminal bonus over night. And they have done that twice in the last year. Typically between 10 and 20% are the figures I am seeing.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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