Gilliat Financial Solutions

unitedsavings

I invested some money into a UK Range Deposit Plan 2 and the 7 year period has now ended. I received a closing statement which showed that I had £4,235.44 due but not paid. When I telephoned to ask why I had not received this they said that the letter was mailed out before they knew that the investment was not going to pay out. This is confusing. Has anyone experience this or any advice. Thank you

Reaper

It sounds like this is a structured product which pays out a fixed amount provided certain conditions are met, such as the FTSE staying within a certain range (I haven't checked this particular one).

They probably listed the potential payout but the conditions were not met and so it didn't pay out.

Structured products are not suitable for many, they are aimed at sophisticated investors as there are catches. If you are not in that category I suggest avoiding them.

UPDATE: I see it paid out years 1-4 but not 5, and no idea on 6

unitedsavings

It did make a reasonable pay out previously, so I don't have any qualms with the product. It was more to do with the fact that I had received a letter saying that I am due the 4k but then after calling them, like you say conditions were not met. If I hadn't of received the letter I wouldn't be questioning it. Thanks for your prompt response Reaper, I appreciate it.