hi need advice on a short fall please .

jamesey

hi ive just recieved a call from a company called emc , (endowment missell complaints) and i spoke to a woman who asked who im with and what the shortfall was , im with l&g andits a stocks and shares isa endowment that i started in aug 1999 and its going to be a shortfall of £11.400 , ive asked my finacial advisor and he said not to worry about the letters of shortfall.
the lady i spoke to said he would say that its money out of his pocket.
has anyone had dealing with this emc company and what are they like , there a no win no fee company that take 41.1% of the win comensation
can somone please help me or im going to be stuck with a big shortfall
started it in 1999 augdue to fininsh at 2026 aug

happybroker

whilst I don't agree with what your financial adviser said he may well say about the woman at emc that "she would say that, it's money out of her pocket".

Seek further independant advice from a quality IFA, ask friends and family for a recommendation.

Beware these misselling claims co's.

jamesey

she also said DONT contact my original advisor for advice , why would she say that , is 41.1% a lot to take out?

iamana1ias

jamesey wrote: »

, is 41.1% a lot to take out?

Omg. It's almost half.

jamesey

just spoke to my fanacial advisor and he said my plan is a stocks and shares isa with critical illness to pay our £53000 mortgage off so i cant claim really , he said to cash in the 10k and pay it off our mortgage then that would be £80 a month less we were paying into the isa endowment plan
ive just rung l&g and there a shortfall of £12.600 and only £9600 surender value we have been paying £80 per month for 11 years or so

jamesey

i think were going to cash it in for the 10k and pay the extra £80 off ontop of our mortgage , or shall i leave it till the stocks and share come up?? im stumped:(

Cannon_Fodder

The markets are only half-way back up from the drop they suffered a year or so ago. Worth holding on for the recovery to unwind, imo. Each month you pay into the endowment now is buying cheaper units, so that will help, too - if the markets recover to pre-crunch days.

jamesey

ok ill hold fire for a while , if it peaks what ive put into it ill cash and pay 10k off the mortgage

Alisonb1975

We where in the same situation as you and went through an endowment compensation scheme who took 25%. I thought that seemed a lot but 41% does seem excessive. Ours was taken out the same time as yours for almost the same value.

We recenly cashed ours in. Not sure how it would have worked out in the long run but we payed the £10,000 off the mortgage and have changed over to a repayment and reduced the term by a few years as well. Our shortfall could have been as much as £22,000 so didnt want to leave it.
We had unfortunately paid more than the £10,000 in but we had had the life cover benefits and critical illness.

jamesey

yes we have them included aswell , ive started a repayment last year and just kept this on paying £80 pm into it , i coild always stop the £80 going in it will still rise and fall.