Derogatory Status

rmcroy86

takman wrote: »

I'm not insisting you do anything I'm just giving you my opinion based on whay you have posted. I also don't think you are struggling I just think you can re-distribute your money to get a better return and have some which you can access immediately for situations like your £200 bill.

I have asked some questions and you have not answered them which is fair enough. You say you have a very good fiancial advisor. But just consider how much interest you are getting on an account which you have to give 45 days notice to withdraw from.
Then consider that you can get multiple accounts that pay 5% interest on balances and give instant access to the money.
I can't imagine you are getting much more than 2% on your account so why would you not put at least some of your money into 5% accounts?.

Also if you don't have a credit card then get one because this would have enabled you to pay for the bill and then pay it off interest free at the next statement date which would have meant you could have used the money from your next payday if needed.

Ok look, I will ask my FA about these 5% savings accounts. At this moment in time there is very little point as I will be emptying the account shortly to put down our house deposit.

meer53

rmcroy86 wrote: »

Citizens advice have told me it is illegal and got into great detail about the specific rule they have broken?

What law was broken ?

meer53

rmcroy86 wrote: »

Ok look, I will ask my FA about these 5% savings accounts. At this moment in time there is very little point as I will be emptying the account shortly to put down our house deposit.

Depending on how much you're contributing, the mortgage lender will want to know where your funds have come from, that will involve you providing bank statements. Be aware.

rmcroy86

meer53 wrote: »

Depending on how much you're contributing, the mortgage lender will want to know where your funds have come from, that will involve you providing bank statements. Be aware.

My house deposit is 90% from royalties from my books. Nothing worrying there.

rmcroy86

meer53 wrote: »

What law was broken ?

This is what citizens advice sent me..

Consumer rights act

Misleading actions

5.—(1) A commercial practice is a misleading action if it satisfies the conditions in either paragraph (2) or paragraph (3).

(2) A commercial practice satisfies the conditions of this paragraph—

(a)if it contains false information and is therefore untruthful in relation to any of the matters in paragraph (4) or if it or its overall presentation in any way deceives or is likely to deceive the average consumer in relation to any of the matters in that paragraph, even if the information is factually correct; and
(b)it causes or is likely to cause the average consumer to take a transactional decision he would not have taken otherwise.