Arklife PIP - originally SSIA

[emily_moss]

Hi

After my SSIA maturing date I continued with my €254 contribution into the PIP with Arklife. Like most investments it has lost a lot of money recently. I don't know the details about the PIP, but I do know it is a half and half low and medium risk investment. Anyway, my plan was to cash in the majority of it in in early September as I need some cash. I spoke to my local Arklife representitive about the loss and my options. She suggested leaving it alone and taking out a short-term loan instead for the €10K I need soon. She said that because share prices are so low at the moment it will work in my favour because I can buy a lot more shares with my money now and when the market recovers I will make a killing basically.

Surely it not a simple as that? Am I being fooled?

 

[ClubMan]

I spoke to my local Arklife representitive about the loss and my options.

No point expecting independent, professional advice in your best interests from a tied agent in my opinion.

She suggested leaving it alone and taking out a short-term loan instead for the €10K I need soon.

Although that may not be a bad idea assuming that charges are not excessive on this product and cannot be bettered elsewhere (UI have a sneaking feeling that they can though) and you are happy to invest in the current funds for a longer term.

She said that because share prices are so low at the moment it will work in my favour because I can buy a lot more shares with my money now and when the market recovers I will make a killing basically.

There's an element of truth in that but there's also an element of sales pitch.

If in doubt get independent, professional advice.

 

[capall]

If you were in an equity SSIA then over the 5 years you made a good return.
Even with the current drops you still should be showing an overall reasonable return ?


The advice you got was good advice if you can afford to invest longer term. Could you not get a credit union loan for a year or 2

 

[emily_moss]

Yes I could get a credit union loan and AIB said they could sort something out for me too, maybe reduce my contributions to the PIP if I had to and take out a loan.

At least I know now that it wasn't complete rubbish I was being told!!