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“Took out a 'with profits policy in 2000 and put...”
Written on: 17/01/2011 by markaylott (6 reviews written)
Took out a 'with profits policy in 2000 and put £40,000 into it on the advice of a 'financial adviser'. After a few years this policy stopped paying out any bonus at all and when i enquired why was told that because of the economic climate ( where have i heard that before). I asked that i could take my money out as it was paying no interest at all only to be told that there would be a massive penalty for doing this , but after 10 years i could do this with no penalty , so i decided that i had to wait. On the anniversary of 10 years i withdrew £46752 and closed it down. This equates to about 1.5% over the 10 years and in my opinion is a form of robbery.
The company originally invested with was Royal Sun Alliance who then changed it to Pheonix part way through.
If anybody is thinking of investing with these people, I would certainly not recommend it if you want a good return
AVOID......... AVOID............ AVOID. P.S I have only given them 1 star as it would not allow me to give 0
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