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Alice H
Alice H, Solicitor/Partner
Category: Law
Satisfied Customers: 2850
Experience:  Partner in national law firm
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Told financial advisor wanted to download some equity on our

Customer Question

Told financial advisor wanted to download some equity on our home 9 years ago. He advised we sold our endowment and he set up a insurance DD which we believed would cover the payment due in 2015. We have recently enquired if the policy meets the amount owed only to find out the £110 per month policy he set up was for employment redundancy cover only and we now have the dilemma of finding £50,000 by May. There is no way we would have agreed to cash the endowment in without some financial security set up. We have contacted the advisor who can't recollect what he advised and claims he no longer has our records. Please can you advise.
Submitted: 3 years ago.
Category: Law
Expert:  Alice H replied 3 years ago.
Alex Hughes : My name is***** and I'm happy to help with your question today.
Alex Hughes : Were you given any paperwork?
JACUSTOMER-klq5rod6- : I believe he sold our endowment - he had the file so it's hard to say if they was paperwork. We agreed to sell the endowment at his advice
Alex Hughes : Understood. But when you sold the endowment did you enquire how the mortgage would be redeemed?
Alex Hughes : ?
JACUSTOMER-klq5rod6- : Yes I believe we did otherwise we would have made arrangements. We believed the insurance policy would cover it but when we contacted the insurers they advised it was for job protection only -
Alex Hughes : OK. And are you saying that
Alex Hughes : OK. And are you saying that in 9 years you never looked at the insurance policy to see exactly what you were paying for?
JACUSTOMER-klq5rod6- : No we believed it was to cover the morgage