Daphne Soule from Manchester received £400 - Halifax
Mrs Soule had been through a difficult period in her life following the loss of her daughter and went to Halifax to ‘put some money away’ for her grandson as her daughter had wished. The bank was only too pleased to help but tied up Mrs Soule’s money for five years in an Investment Bond which had a guarantee at the end of the term if the funds were left in place. Being financially naive and trusting Mrs Soule was happy to agree. However, Mrs Soule required access to this money within the five years in order to support her grandson and was forced to make withdrawals when they were required.
The complex nature of the investment was confusing to someone who had never invested previously and Mrs Soule had no idea of how much money was left for her and asked us if we could help. After reviewing Mrs Soule’s case we established that after taking into account the withdrawals she had made there was a profit on her investment of £1,300. Mrs Soule was grateful that we had been able to explain to her what had happened and she had peace of mind that her situation was not as bad as she first feared.
However, we still believed Mrs Soule would have been financially better off keeping her money in a deposit account and reported these findings to Halifax who agreed and paid Mrs Soule £437 in compensation.
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