Endowment problem
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heatherw_01
Posts: 6,554 Ambassador
We just got a letter today to say that your endowment is at high rish of not meeting the target amount.
We have had letters like this before, although not high risk I don't think, and were told not to worry by the financial advisor.
What can we do? We cannot really afford to put away a lot of money each month nor take out a repayment mortgage if it is a lot more than what we are paying already.
Any ideas?
Can I claim that we were miss-sold the endowment?
We have had letters like this before, although not high risk I don't think, and were told not to worry by the financial advisor.
What can we do? We cannot really afford to put away a lot of money each month nor take out a repayment mortgage if it is a lot more than what we are paying already.
Any ideas?
Can I claim that we were miss-sold the endowment?
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Can I claim that we were miss-sold the endowment?
Only if you were.
One option is to look at a number of the recent threads on endowments in this section to get some ideas on what needs to be done. Alternatively, see an IFA who can request that information for you and give advice on what to do going forward.
Depending on the shortfall amount, the provider and the funds invested in, there may or may not be a need to be concerned.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 -
The shortfall amount is a lot!I’m a Forum Ambassador and I support the Forum Team on the Quick Grabbit, Freebies, Overseas Holidays & Travel Planning and the UK Holidays, Days Out & Entertainments boards.
If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Ok, then you need to find out information on the plan and the cost of converting to repayment mortgage and see what the best way forward is.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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