Need some advice. I'm not a financial adviser so not sure
which way to jump.
the problem is a very good friend of mine. had 20K all
the money she had from a legacy. she only has a small
income. so financial adviser recommended she put it in
Scottish mutual Bond. Paying her £100 a month income.
2years ago bond was frozen no payments out. so no income.
& no interest. Now told no payments for 4 years. and penalty
for withdrawal £4700. She wants to know if she should withdraw
or leave it in. My gut feeling is she should pull it out. and put it in a high
interest account. she can't afford to lose it all. I work on the fact that giving
financial advice to friends is a sure way to lose them.
But she appears to be getting a load of bull**** from the company.
TIA for any replies.
which way to jump.
the problem is a very good friend of mine. had 20K all
the money she had from a legacy. she only has a small
income. so financial adviser recommended she put it in
Scottish mutual Bond. Paying her £100 a month income.
2years ago bond was frozen no payments out. so no income.
& no interest. Now told no payments for 4 years. and penalty
for withdrawal £4700. She wants to know if she should withdraw
or leave it in. My gut feeling is she should pull it out. and put it in a high
interest account. she can't afford to lose it all. I work on the fact that giving
financial advice to friends is a sure way to lose them.
But she appears to be getting a load of bull**** from the company.
TIA for any replies.
