Advice needed urently please

BillJones

Might I suggest that you ring back and ask for the appropriate details? It's pointless going any further without them.

Also, don't get bounced into accepting anything until you know exactly where you stand.

Jegersmart

truth57 wrote: »

Thank you. Sorry for being obtuse, but how can I go about verifying these events independently - I am way out of my depth here! Where is such information available?
If this matter is taken up by the Ombudsman, do they carry out such research when investigating a case as I suppose a solicitor would have to?

We could possibly help here, but you may not want to do so on a public forum for whatever reason. The first thing to do in my view is to take a look at the original documentation which should clearly define the trigger events. If you like, you could post these here or send them to me in a PM or whatever you prefer. Next I would ask the company to confirm in writing which events occurred, when and how this affected the investment. Generally I would assume that these events are based on certain price levels or conditions so depending on what they are we could possibly find confirmation or similar in doing some investigative work.

Structured products such as these will normally have clear conditions so this should not be too hard. I would personally wait with starting a case at the Ombudsman or wherever until I have done as much of my own work as possible first.

J

Jegersmart

truth57 wrote: »

As I mentioned, we were locked out of our home for an entire year by our sitting tenants. Now aside from everything they stole or destryed we are still recovering from the turmoil, so the short answer is that right now I have no idea where the original documents are. But I am going to rummage through my paperwork where my financial stuff should be...

I see. Unfortunate.

If you cannot find them, ask the company to send you the original documentation (perhaps they emailed them as well so you may be able to find them there?) Once you have them, ask for confirmation in writing of what has occurred in detail. Review and if you wish ask for help on here.

J

BillJones

It seems, unfortunately, to often be the case that "advisers" selling these products are not very expert in them. This is not necessarily illegal, as long as they only offer the right ranges of products to the right selection of customers, but they will often not know the details of the calculations behind their valuation.

I had Nationwide try to sell me a structured product instead of a deposit a few years back (FTSE with principal protection), and the advisor was clueless about the specifics of the payout. My wife had one try or sell her one of her own products back (she works in finance too, structuring investments), and again, didn't understand the first thing about how the product could be expected to have its returns distributed. Because of this, you may well have been speaking with people who simply are not equipped to answer your questions.

On the plus side, major UK banks are simply not in the habit of looking to hoodwink you as a matter of policy, and will send you an honest, correct, description of what you bought if they are able to do so. The first step really is to get a copy of the Key Facts document, and then to go from there.

truth57

Jegersmart wrote: »

I see. Unfortunate.

If you cannot find them, ask the company to send you the original documentation (perhaps they emailed them as well so you may be able to find them there?) Once you have them, ask for confirmation in writing of what has occurred in detail. Review and if you wish ask for help on here.

J

OK, I found a copy of the confirmation document they sent. It is not signed. The correct term appears to be 'barrier event'. I scanned the relevant part of the document and will try and attach it here, but I still don't fully understand it...



I have also written to the bank asking them to send documentation of these barrier events and the dates on which they are supposed to have occurred. I note that the only update I received was in 2011, and it states that so far no 'Barrier Event' had occurred. I also remember that in subsequent communications with my new account manager over the past couple of years, and particularly last year, when my financial situation was so bad that we were discussing the penalties for breaking the investment early. I particularly remember him telling me that the investments had performed quite well - so well indeed that I would still make a profit after the penalty was applied. So even one year ago no 'barrier event' had been triggered.
It also seems strange that the bank did not notify me of either of these 'barrier events', it was actually during a telephone conversation to discuss other investment options once the OLED had matured that he let it drop during the same conversation two weeks ago. That was the first I knew of ANY such trigger, yet he then informed me that in fact there had been 2 such 'barrier events' within a short space of time!
We all know the state of the market, but this does seem something of a coincidence, doesn't it?
In case the image doesn't upload here is a link:
https://docs.google.com/file/d/0B4BvAEnsdxZsaTBKM0ZaYmExRGM/edit?usp=docslist_api

Archi_Bald

TGD wrote: »

I have some information on this that I cannot post but if you want to email me at scam email - I can send it to you.
TGD

OMG. Whatever you do, do not, ever, respond to personal email invitations of posters with less than at least 1,000 posts. Even then be VERY careful.

In the meantime, I have reported TGD as a spammer.

Archi_Bald

truth57 wrote: »

https://docs.google.com/file/d/0B4BvAEnsdxZsaTBKM0ZaYmExRGM/edit?usp=docslist_api

Your document requires permission. I don't think people want to give you their email address just so they can read an image that you didn't manage to upload.

Please try again with http://postimage.org/

Archi_Bald

What is OLED? Am I the only one who doesn't know? Google suggests it is most likely an organic light-emitting diode. In which case, I can understand its performance was less than expected.

truth57

Post image didn't work - please try this link:

https://www.dropbox.com/s/y0ztttwdzyi23e2/OLED_TERMS.jpg

I love the Google reference for OLED :-) :rotfl:

This is what it actually means:

Equity-Linked Offshore Limited Edition Deposit. My advice, avoid it like the plague!

truth57

Archi_Bald wrote: »

OMG. Whatever you do, do not, ever, respond to personal email invitations of posters with less than at least 1,000 posts. Even then be VERY careful.

In the meantime, I have reported TGD as a spammer.

Too late I'm afraid, I already responded....does that mean I'm about to be spammed with a multitude of offers for Organic LEDs? :beer: