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financial advisors

(16 Posts)
seasider Fri 28-Sep-12 21:11:58

Hi - my mortgage should have been paid up next year but due to a dodgy endowment there will be quite a large shortfall. In addition whilst DP was out of work earlier this year what we spent on credit card etc increased. I think I need the help of a financial advisor to decide the best way forward. Am I best looking for one who charges fees ( any idea roughly how much?) or one who is fee free but gets commission from companies and may not therefore recommend the best deal. I would be greatful for any suggestions. thank you

JO4 Fri 28-Sep-12 22:43:14

It is generally recommended that you should go for fee rather than commission.

If it is debts rather than investments you are looking for help with, wouldn't the CAB be able to help? At least in the first instance.

johanna Fri 28-Sep-12 22:46:56

Yes, go for fee.
Happy Birthday jo4

janeainsworth Fri 28-Sep-12 22:47:38

I agree with JO4.
I think in any case, that being paid by commission is going to be outlawed soon - all advisors will have to charge upfront fees and there are worries that this will put a lot of people off getting appropriate advice.

Greatnan Sat 29-Sep-12 08:27:55

If anyone has debt problems contact the CCCS which is the Consumer Credit Counselling Service. It is a free government funded body and the people there are very helpful.

janeainsworth Sat 29-Sep-12 12:28:55

seasider your problem has just been aired by Paul Lewis on Money Box Radio 4 started 12 o'clock today.
You should be able to catch it on iPlayer later.
I think you definitely need good advice, at least talk to your mortgage lender, before they want to talk to you.
Good luck.

annodomini Sat 29-Sep-12 13:29:44

In addition, to the CCCS, the CAB gives good financial advice - I would say that, wouldn't I?

JessM Sat 29-Sep-12 13:54:45

independent FAs make their money on commission from products like pensions etc. So they should not be asking for an upfront fee for advice.

They are experts on where to invest, how to save etc. Not entirely sure that is what you are looking for. But things like whether to cash something in or not - or whether to start drawing income from a private pension. That seems to be their bag.

seasider Sat 29-Sep-12 22:29:55

sorry don't think I made my position very clear. Though we had to utilise credit cards when DP unemployed twice in a few years we are on top of all our bills payments etc just no savings really now. I just need to decide how best to fund mortgage shortfall and possibly pay off the cards as well so we are not paying interest. Perhaps I really need a mortgage advisor? thanks for all your responses.

cashone Wed 17-Oct-12 06:55:25

A good financial adviser can help you identify goals, set an overall financial plan and avoid disasters. They can make sure things get done, when they need to be done.
Being well-prepared will help you get the most out of a financial adviser. Look for someone who has the right skills and experience for your needs.

seasider Thu 18-Oct-12 23:51:47

thanks for the advice where do i find one? is personal recommendation best?

Ariadne Fri 19-Oct-12 03:37:31

Hello, seasider! I don't have any advice, just wanted to say hello, because I don't think I have seen you around for a while. Hope everything is OK? I know things have been difficult for you.

tanith Fri 19-Oct-12 09:43:53

seasider we had the same problem 6yrs ago but were kept well informed by our Mortgage provider so we changed our mortgage from endowment to repayment mortgage and then we managed to overpay a little and it finishes in 2yrs when OH retires.. maybe talking to your mortgage provider would give you some ideas as well as the finacial advisor good luck with it

seasider Sun 21-Oct-12 00:34:48

Hi Ariadne I have been lurking but things have been pretty busy over the last few months so not been on here as much. DP has a new job now which hopefully will be more permanent so things should settle down now. Thanks Tanith I have spoken to a mortgage advisor this week and he has found some possible solutions for us which include taking out a repayment mortgage to cover the shortfall.

glammanana Sun 21-Oct-12 12:40:16

Hi-seasider yes it's good to see you back here,I am so pleased that you may have had you problem sorted it just goes to show how clever everyone on here is doesn't it ? flowers

seasider Mon 22-Oct-12 00:19:40

thanks Glamma. It's good to be back and good to have been missed! smile