Help Who Do I Trust!

stressedoutmum

After following the advice from the whizz kids on this site about my under performing endownment I have spoken with 3 independent financial advisers hoping to help me arrive at a decision. Each one has given me a different reply. My policy is currently between 6-12,000 under with 7 years to go. Its with AXA and is unit linked. One FA advised me to cash in and use money towards mortgage, the next advised me not to sell but not to pay any more in and use whatever I get in 7 years time towards the mortgage and the other has said don't do anything just keep paying as these normally don't mature until the last 2 years. I want the mortgage paid off in 7 years as planned but now I don't know what to do. If at least 2 of them had the same reply that might have helped - any suggestions please. :eek:

Compensationitis

Cash it in if it is unit linked, when did it start? this is deja vu.

stressedoutmum

Yes its deja vu because I referred to this site for info and u replied to my messages thanks. Can I ask why you recommend cashing in and does your recommendation come with good background knowledge. Don't mean to be cheeky just like to make sure its from someone who knows what they are talking about after all the info I have had from the IFAs. Thanks.

Compensationitis

There are IFAs and there are IFAs, just like there are lawyers and there are lawyers, good and bad all over the shop unfortunately. Some have been in the industry for a short while and think they know the ins and outs of a cat's wotsit.

With 20 years in the industry up until retirement I know all the problems and most of the solutions.

I agree with the first IFA and think the other two should be shot at dawn.

I can't remember when yours started though.... please remind me.

stressedoutmum

August 1988.

Compensationitis

I would like to help you make a complaint against AXA.

stressedoutmum

Have got a 'miselling' claim in with the Ombudsman. The company that sold us the policy no longer exist so its was referred by the FSA to the FSO! I have not complained to AXA yet - can I do both

Compensationitis

Yes, nothing to do with mis-selling.

stressedoutmum

Fantastic - how do I go about it then?

EdInvestor

Hi SOM,

Yep, still suggest you cash it in, sorry, I know you want it to pay off the mortgage in 7 years, but it just won't. You've been sold a pup

Cut your losses and move on would be the way to go IMHO.

If Compo can help with a claim, go for it, but as it's offshore I suspect you're wasting your time.

Compensationitis

Latent Damages Act, when I know the full details we can have a crack at it.