I have an endowment mortgage and a fixed rate one at that, so I am stuffed. Like so many others I am now paying way above the present Bank of Brown, sorry England, interest rate and stuck with it for another 4 years.
My mortgage endowment won't pay off my mortgage and when everyone was taking action for mis-selling my company was sending me letters saying how well it was going, all on target to pay out as expected.
Do I keep throwing good money after bad, hoping that things will improve, or do I say enough is enough and cut my losses.
I phoned my endowment company and spoke to a guy with the thickest Indian accent you can imagine, he was using the cheapest telephone head set and sounded as though he was in the shower, of course I don't know that he wasn't.
I am good with accents but it took total concentration to understand what he was saying and I still failed, so I waited until he finished speaking and asked my question.
He launched into reading his screen something about FSA, 4%, 8% , agreed standards, could go up as well as down, any figures quoted were only valid for 2 seconds and then only if there was a ding in the month or was it an R. After 4 minutes he stopped talking.
So how much will I get, I have no idea but all the numbers he said were well below what I was told 22yrs ago.
Two years ago if my endowment grew at 4% it would pay out well over my needed sum, yet now a growth of 4% will be well under my needed sum. Something doesn't add up. It must be that counting has changed since the bankers screwed up the system. Perhaps 4 is the old 1, which could be good news if my mortgage is calculated using the same math.
It's not our fault, is it, we trusted people to advise us about our finances and it turns out that they were at best wrong and at worst crooks.
Strange how the same crooks who crashed the financial system are the ones who moved the call centres to India so no one can find out what is happening to their money.
My mortgage endowment won't pay off my mortgage and when everyone was taking action for mis-selling my company was sending me letters saying how well it was going, all on target to pay out as expected.
Do I keep throwing good money after bad, hoping that things will improve, or do I say enough is enough and cut my losses.
I phoned my endowment company and spoke to a guy with the thickest Indian accent you can imagine, he was using the cheapest telephone head set and sounded as though he was in the shower, of course I don't know that he wasn't.
I am good with accents but it took total concentration to understand what he was saying and I still failed, so I waited until he finished speaking and asked my question.
He launched into reading his screen something about FSA, 4%, 8% , agreed standards, could go up as well as down, any figures quoted were only valid for 2 seconds and then only if there was a ding in the month or was it an R. After 4 minutes he stopped talking.
So how much will I get, I have no idea but all the numbers he said were well below what I was told 22yrs ago.
Two years ago if my endowment grew at 4% it would pay out well over my needed sum, yet now a growth of 4% will be well under my needed sum. Something doesn't add up. It must be that counting has changed since the bankers screwed up the system. Perhaps 4 is the old 1, which could be good news if my mortgage is calculated using the same math.
It's not our fault, is it, we trusted people to advise us about our finances and it turns out that they were at best wrong and at worst crooks.
Strange how the same crooks who crashed the financial system are the ones who moved the call centres to India so no one can find out what is happening to their money.
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