Did your Advisor tell you Endowments are risky?

Crazy_Saver

treliac wrote: »

Crazy Saver

I know you have said before, but can you just remind me of how long your case has been with the Ombudsman already? I know it's going to be a long haul and we're likely to be hanging around on this for ages.

Also, as you've agreed, there's not going to be much interest in this thread from someone who is completely happy with their mortgage product but lots of people look at different posts even if just out of interest and I'm surprised there aren't a few more telling us how open, honest and wonderful the advice they were given had turned out to be.

treliac

Hi treliac.

On lunch break at the moment.

Will post times and dates later.

Crazy Saver

Retired_I.F.A.

Treliac"... I would still need to discuss it face to face to properly understand what each line means and how it adds to the final figure but think I would get there with some help"

Crazy Saver... "...It's still difficult for me to fully understand what you have written.

If either of you or both download msn messenger(free) and plug in a cheap microphone(£3-£4) pm me and i'll give you my email address I can then talk you through it. Messenger is clearer than the phone, free and great if you have relatives/ friends abroad.

As I said in the other thread I sold loads of pension linked mortgages far more than I ever sold endowment ones. Possibly I sold the very first pension linked mortgage to myself in '81 extending my term to 36 years. They took time to explain and understand and there is a risk which likewise had to be understood and if accepted they were and still are the ultimate repayment method. I said i'd try and summarise it but I dont believe I can without typing loads and loads. Talking is so much quicker and what if questions can be answered instantly.

Crazy saver... "It must be difficult for you to understand how ordinary people off the street like myself could have been so gullible, when you understand the financial world so well."

I dont believe you are gullible you just never understood what you signed up for. I'm just a guy who learned his trade like any other. I left school with cse maths, I'm no genius, I just learned how to explain what most people found difficult to comprehend because they were never taught "real world maths" ie about money"

Retired_I.F.A.

Just thought, you wont understand a word I say if your from down south.
I only speak true English: with a black country accent. There's non of that poncy bbc /queens english up here.

Crazy_Saver

Retired_I.F.A. wrote: »

If either of you or both download msn messenger(free) and plug in a cheap microphone(£3-£4) pm me and i'll give you my email address I can then talk you through it. Messenger is clearer than the phone, free and great if you have relatives/ friends abroad.

As I said in the other thread I sold loads of pension linked mortgages far more than I ever sold endowment ones. Possibly I sold the very first pension linked mortgage to myself in '81 extending my term to 36 years. They took time to explain and understand and there is a risk which likewise had to be understood and if accepted they were and still are the ultimate repayment method. I said i'd try and summarise it but I dont believe I can without typing loads and loads. Talking is so much quicker and what if questions can be answered instantly.

Thanks for your offer Retired I.F.A., but I feel I'd be taking liberties if I contacted you privately.

I dont believe you are gullible you just never understood what you signed up for. I'm just a guy who learned his trade like any other. I left school with cse maths, I'm no genius, I just learned how to explain what most people found difficult to comprehend because they were never taught "real world maths" ie about money"

The irony is, we thought we did understand:o

Now if you asked me how to run a West End Theatre, that would be a different kettle of fish;)


"CSE Maths", now there's a guy who lives in my world - cse - you don't hear that mentioned much these days. I've got quite a few of those myself.

Thanks so much Retired I.F.A.

Crazy_Saver

Retired_I.F.A. wrote: »

Just thought, you wont understand a word I say if your from down south.
I only speak true English: with a black country accent. There's non of that poncy bbc /queens english up here.

Does that mean you sound like Ozzy Osborne?!!!

Retired_I.F.A.

Oh god no ! He's a brummie with all sorts of chemicals in whats left of his brain. I'm a Wulfrunian miles and miles away all of 15 or 16. My brain is still intact it's my blood thats a bit abnormal it's 60% Banks's Mild


spose if I put on my telephone voice i'd sound like Noddy Holder he's black country.

Crazy_Saver

I'm sitting here trying to imagine them both talking.

They both sound the same in my head - too much Old Speckled Hen maybe!:beer:

Or maybe I just live too far South!

Crazy_Saver

treliac wrote: »

Crazy Saver

I know you have said before, but can you just remind me of how long your case has been with the Ombudsman already? I know it's going to be a long haul and we're likely to be hanging around on this for ages.

Also, as you've agreed, there's not going to be much interest in this thread from someone who is completely happy with their mortgage product but lots of people look at different posts even if just out of interest and I'm surprised there aren't a few more telling us how open, honest and wonderful the advice they were given had turned out to be.

treliac

Hi treliac.

Our first letter of complaint to the FOS is dated 11th October 2006.

First adjudicator’s report stating complaint not upheld received 12th April 2007.

Obviously we challenged this and received a second report with the same conclusion on 25th April 2007.

We asked for the case to be referred to an ombudsman and received notification of this on 3rd May 2007.

We finally received copies of all correspondence between the FOS and the firm in question on 18th June 2007.

The correspondence was quite an eye opener and we therefore submitted a second final submission letter on 16th August 2007.

Received a letter on 13th November 2007 saying our case is still waiting to be reviewed in preparation for consideration by an ombudsman.

16 months and waiting!:huh:

That's not including the 2 months spent corresponding with the firm direct before turning to the FOS for help.

Hope this is helpful to you.

Regards

Crazy Saver

Retired_I.F.A.

acksunts n beer, nah yowm talkin abahrt me tu fhavrit subjeks me wench.

Noddy used t drink in a pub dahn thee rood frum me guz by the naim of the trumpit althoo its propa nahm is summart else. Twoz n still is a Jazz pub. Ozzy ud drink enyfin eny weeha e dow no wheea he's at nah let aloon when he wes yunga.

Tha spekooled en ay a bad pint ov ad me a few of um, bu rit's a bit flat Yow cor beet a gud yed on a bevy n a plart uf fagguts n pays it's bostin.


Yeah looking at what I've just wrote you would struggle talking to me unless you did a bit of shakespeare in them west end theatres as the black country accent is the nearest to how shakey talked in his day.

vinno65

Retired_I.F.A. wrote: »

Amazes me how so many people never read their low cost with profit endowment policies as on every one ever printed it states the g-teed amount payable on death and the lower g-teed amount payable at maturity.

It amazes me how so many advisors never pointed this fact out at the point of sale. I wonder why?

regards Vinno