I was a local bank manager for 23 years. I decided to leave that job as I’d become unhappy with the role and what was expected of me. I found it very hard to find a job with a similar salary, and became self-employed.

I faced so many pressures as a result of this and I ended up having a breakdown. My marriage broke down and our house was sold when I was divorced. With my share of the money I bought a modest terraced house and had a small amount of money left over.

The cost of a cold call

It was towards the end of my recovery period – I could see the light at the end of the tunnel but I wasn’t quite there – that I had a cold call about an ‘investment opportunity’. I don’t know how they made contact with me. All the paperwork looked very impressive – it was beautifully typed and on high quality paper. They said they were in the business of buying property in London to turn in to luxury flats, and were offering a fixed return of 8%.

They pressed me and pressed me. In the end I went for the minimum investment they would take, which was £1,000.

The first interest payment didn’t materialise. Whenever I phoned them, it just said the line had been discontinued. I reported it to the police, who said that sadly I was one of many people who had been taken in by this and there was very little chance I’d get my money back. I didn’t hear any more from the police about it in the end.

Now I’m ultra-cautious

As an ex-bank manager I felt like an absolute twit for falling for this, even though I was at a low point when it happened.

I know I was lucky that I had the cash to invest and thankfully I didn’t put all of my savings in to it.

I’m now ultra-cautious – even more cautious than you’d expect a bank manager to be! I’ve never mentioned this to my daughters as I wouldn’t want them to think less of me.

Have you been affected by any of these issues?

 

This blog represents one individual’s experience; personal circumstances differ – if you have been affected by any the issues in this blog and want some advice about your own situation please contact Independent Age’s Helpline on 0800 319 6789.

 

The views and opinions expressed in this article are those of the author and do not necessarily reflect the policy or position of Independent Age.

Share this article

Print this page

Print this page