Clerical Medical Personal Investor Plan

sj1147

I have a personal investor plan which i took out with Clerical Medical in 2000, for 10years Whilst I only pay in £40 a month, i hope for it to do well. I have recieved the yearly statement , its says Number of units 736 Bid Price £4.88 Fund Value £3590. Now this means not much to me , but as it only has a year left , what advice has anyone got.

dunstonh

strange product to buy in 2000. However, with only a year left you may as well see it through.

sj1147

Its was sold by an IFA, , when you know nothing about investing you take peoples advice as gospel

dunstonh

Still a strange product to buy regardless of source. Its the sort of product that would have only been appropriate had you been using your full ISA allowance and were a higher rate taxpayer. I think CMI did an offshore version as well but cant be sure.

EdInvestor

sj1147 wrote: »

I have a personal investor plan which i took out with Clerical Medical in 2000, for 10years Whilst I only pay in £40 a month, i hope for it to do well. I have recieved the yearly statement , its says Number of units 736 Bid Price £4.88 Fund Value £3590. Now this means not much to me , but as it only has a year left , what advice has anyone got.

Is this a savings endowment?

If so post some info about it

Guaranteed sum assured
Declared bonuses
Surrender value
Maturity date
Maturity forecasts

sj1147

It has a sum assured of £3600 paid on Death

Fund Name is Balance Managed 100% unit linked

The initial documents given by the IFA gave figures based on yearly growth of 6%.

Cant you tell how useless at this i am

Cant see anything else you asked for

:beer:

dunstonh

growth rate of 6% is used by taxable products. So that rules out the offshore version.

Its a savings endowment. In 2000 the recommendation of these is disgraceful. Did you and do you fully utilise your ISA allowance?

sj1147

No I dont , never utilise ISA allowance

dunstonh

You may wish to consider putting in a mis-sale complaint.

I cant see any reason why the product you have could be seen to be better than
1 - An ISA or 2 - regular contribution unit trust (if ISA allowance used up).

sj1147

Thanks for taking the time to reply, what would that acheive?

sj1147

dunstonh wrote: »

You may wish to consider putting in a mis-sale complaint.

I cant see any reason why the product you have could be seen to be better than
1 - An ISA or 2 - regular contribution unit trust (if ISA allowance used up).

Hi I have just check the notes, and in the quote it states i might get back more or less than the figures suggested, so is this the get out clause they have, and if so i presume a complaint would not be worth it