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Gan pep/ jupiter isa
cotswoldmark
Posts: 1 Newbie
Hi - hoping someone can help - my first time onto MSE.
My wife and I took out a mortgage back in 98 - young and naïve at the time! We were told that we need to take out a Personal Equity Plan from memory to protect us from Redundancy. At the time we took everything as gospel , but with the news on mis-sold PPI's I'm questioning whether we were mis-sold.
Do PEPs come under the same category as PPIs? Our PEP (£173/month, total £2345) was later transferred over to Jupiter as an ISA in July 1999. We later stopped this when we took out another mortgage early 2000s.
Any help appreciated.
Regards
Mark
My wife and I took out a mortgage back in 98 - young and naïve at the time! We were told that we need to take out a Personal Equity Plan from memory to protect us from Redundancy. At the time we took everything as gospel , but with the news on mis-sold PPI's I'm questioning whether we were mis-sold.
Do PEPs come under the same category as PPIs? Our PEP (£173/month, total £2345) was later transferred over to Jupiter as an ISA in July 1999. We later stopped this when we took out another mortgage early 2000s.
Any help appreciated.
Regards
Mark
0
Comments
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No. They share a couple of letters in the acronyms but are entirely different. A PEP is a form of saving plan.0
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If you were sold a PEP (Personal Equity Plan) as redundancy insurance you were definitely miss sold
. A PEP is a savings/investment vehicle.
No PEPs definitely do not come under the same category as PPIs anymore than saving £2 coins in a piggy bank comes under the same category as PPIs.
Can I suggest you Google PEPs or ISAs to gain more understanding as to their nature and purpose otherwise you risk looking rather silly if you were to complain that you were miss sold.0 -
Do PEPs come under the same category as PPIs?
PEPs were a tax wrapper for investments. They were reclassified as ISAs some years back when the rules for PEPs and ISAs were synchronised.
PPI is an insurance typically covering debt.
Things with P in the name do not mean they are mis-sold.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 -
Post of the day! Haven't laughed this hard for ages!0
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