Money locked in Bond

VT82

BenA wrote: »

I recently put a big chunk of money into a 5.5 year bond with Santander (some of the proceeds of the sale of my house). I'd been intending to emigrate to the US to be with my wife.

I'm guessing when you signed up to the bond, it was covered in something along the lines of 'the decision to invest in this bond is your own, you are not being given advice'?

Because otherwise it's a complete mis-sale. You should not have been convinced to invest in something designed to protect you from UK inflation if you were planning on leaving the UK.

It's yet another example of someone being talked into a structured product from a bank salesperson with commission on their mind. You obviously have to take some of the blame for putting your money in a completely unsuitable product, but this may be a line you could go down for your appeal?

opinions4u

VT82 wrote: »

I'm guessing when you signed up to the bond, it was covered in something along the lines of 'the decision to invest in this bond is your own, you are not being given advice'?

Because otherwise it's a complete mis-sale. You should not have been convinced to invest in something designed to protect you from UK inflation if you were planning on leaving the UK.

It's yet another example of someone being talked into a structured product from a bank salesperson with commission on their mind. You obviously have to take some of the blame for putting your money in a completely unsuitable product, but this may be a line you could go down for your appeal?

I would expect this sort of sale to be "informed choice" rather than "advice".

And in the paperwork, probably fairly clear in bold print towards the top of the front page, it will state "You cannot withdraw funds during the term unless you croak".

Or words to that effect.

BenA

opinions4u wrote: »

I would expect this sort of sale to be "informed choice" rather than "advice".

And in the paperwork, probably fairly clear in bold print towards the top of the front page, it will state "You cannot withdraw funds during the term unless you croak".

Or words to that effect.

Yes indeed. Section 6.1 and 6.2 state almost exactly that. I don't know as the line of attack mentioned above is worthwhile following, but I may give it a shot. I'm also looking at the numbers for trying to get a mortgage with the money I didn't put into the bond (with Santander) with a view to seeing if they'll sort of 'offset' something against the fact that within a few years of having it I'd pay off a chunk.

Pollycat

BenA wrote: »

It appears to be one I cannot access even with a penalty. According to the details I've just had faxed to me it's an index/inflation linked savings bond and I cannot make any withdrawals within the period of the fixed term.

I just hoped they'd take pity on me given my situation.

It doesn't surprise me that they said you can't get your money back.

My parents put some money in a 2 year bond (also with Santander) and my Dad's health deteriorated very quickly about 18 months into the bond and he had to go into a care home.
As he had this money, he had to pay for his own care but even with those circumstances, Santander wouldn't release the money.

Luckily the county council funded the care home fees until the bond matured then billed us for what Dad owed for his care.

Good luck for the future.