Clerical Medical Personal Investor Plan

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sj1147
sj1147 Posts: 36 Forumite
in Savings & investments
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.
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  • dunstonh
    dunstonh Posts: 116,570 Forumite
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    strange product to buy in 2000. However, with only a year left you may as well see it through.
    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.
  • sj1147
    sj1147 Posts: 36 Forumite
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    Its was sold by an IFA, , when you know nothing about investing you take peoples advice as gospel
  • dunstonh
    dunstonh Posts: 116,570 Forumite
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    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.
    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.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
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    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
    Trying to keep it simple...;)
  • sj1147
    sj1147 Posts: 36 Forumite
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    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
    dunstonh Posts: 116,570 Forumite
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    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?
    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.
  • sj1147
    sj1147 Posts: 36 Forumite
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    No I dont , never utilise ISA allowance
  • dunstonh
    dunstonh Posts: 116,570 Forumite
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    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).
    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.
  • sj1147
    sj1147 Posts: 36 Forumite
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    Thanks for taking the time to reply, what would that acheive?
  • sj1147
    sj1147 Posts: 36 Forumite
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    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
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