Scottish Life/Royal London Profit Builder Endowment

AnotherJoe

elvina wrote: »

Hi AnotherJoe

The advisor never suggested anything other than an endowment with interest only mortgage so I dont know if I could have afforded it. My complaint is that I was told something would happen and it hasnt. I am barely making back my investment let alone making any interest on it. If I had paid it into the bank I would have got more back!

Endowment with IO would have been cheaper than repayment. That's why they were so popular. If that was the max you could spend, then you couldn't have afforded a repayment.

So, you now live In a house courtesy of that advice. You've also been paying less than if you had a repayment. You could have overpaid the mortgage in later years to catch up, you weren't powerless as you make out, many of us reverted to repayment later on when it became clear from the numerous red letters coming through the post that the endowment wouldn't pay off the mortgage fully. No reason you couldn't have done this you've had nearly 20 years to make up the difference and in the meantime you've been paying less.

elvina

Nothing is missing here as you think it is dunstonh. The facts are the facts. Endowment taken out 24 years ago, paid my money on time every month. Was meant to cover a £27,200 mortgage. Had reassurances from financial adviser that it was a good product and sales leaflets also implied the same. Didnt know that there may be a shortfall till 12 years after I took out policy. Spoke to Scottish Life many times to try to get an accurate estimation of the final figure and got told they couldnt give one. I tried to sell the policy a few times and couldnt. 1 year before it ends got a letter saying that I could get between 13,100 and 13,900 which is barely what I paid in let alone any interest. These are the facts, nothing missing.

dunstonh

Spoke to Scottish Life many times to try to get an accurate estimation of the final figure and got told they couldnt give one.

Investment returns are always an unknown. That is why projections give 2 or 3 examples of what you may get back. This is why they can not give you an "accurate "figure.

1 year before it ends got a letter saying that I could get between 13,100 and 13,900 which is barely what I paid in let alone any interest. These are the facts, nothing missing.

Fair enough. Its just that I have seen some Scot Life endowments and they were nowhere near adrift as far as yours.

elvina

Thanks dunstonh. I really wouldnt be complaining but it really is a massive difference, less than half of what it was meant to cover and that is assuming I get the current projection.