Contractor Financials

[jamesbrown]

Thought I would update this thread with my current experience of Contractor Financials.

I am applying for a mortgage, and there mortgage advice seemed very good. However now that I have applied, the service is appalling. They are never available to answer the phone, never get back to you, and rarely answer emails. The process has been going on for the best part of 3 months, and the occasional contact I have with them results in the line "they'll make a decision today", followed a few days later but a request for some other peice of paper work they have not bothered to ask for in time. As a result, our chain may well fall apart as we are now holding the whole thing up (and the people on the end are moving into a new build).

You would do much better getting the financial advice, and then going direct to the lender.

See here too:

http://forums.contractoruk.com/busin...inancials.html

It appears to be a common theme.

[amoeba]

Thought I would update this thread with my current experience of Contractor Financials.

I am applying for a mortgage, and there mortgage advice seemed very good. However now that I have applied, the service is appalling. They are never available to answer the phone, never get back to you, and rarely answer emails. The process has been going on for the best part of 3 months, and the occasional contact I have with them results in the line "they'll make a decision today", followed a few days later but a request for some other peice of paper work they have not bothered to ask for in time. As a result, our chain may well fall apart as we are now holding the whole thing up (and the people on the end are moving into a new build).

You would do much better getting the financial advice, and then going direct to the lender.

[Swiss Tony]

. I don't know why another respondant said there were not many funds to choose from as there are plenty; maybe 20 or so; how many do you need?

A good stakeholder pension should have about 80+ funds, on the other hand a SIPP has as many as you like. Mind you need someone to make sure the right funds are picked and get it reviewed regularly, at least every 3-6 months I would say.

[Cooperinliverp00l]

They seem good for things they have done for me. I too had a pension set up with them which seemed straigh forward as i didn't (or don't remember) have to do anything. I also had some CI set up (2 policiesa) and they were good at doing that.

[absoft]

Parasol Pension

I have also used them for a stakeholder pension with Scottish Life. The good part is that for a 40% taxpayer, you save this plus Employers NI meaning that you save around 48% by which I mean you can put a £1,000 into the pension instead of receiveing £520 in the bank after tax and NI. The scheme can be managed on-line including switches.
I have had a couple of instances of contributions being missed and Scottish Life were not too helpful, also Scottish Life did not seem to appreciate at first that it was a stakeholder pension and that I could stop and start contributions; however Parasol Financials have sorted these issues out and the last few months have been problem-free. I don't know why another respondant said there were not many funds to choose from as there are plenty; maybe 20 or so; how many do you need?

[reginald]

I also used them when I was with Parasol they flogged me a stakeholder pension with Scottish Life - maybe not the best around in terms of funds available etc. but its charges are capped at 0.8% which suits me for now - but I will also be transferring out to a SIPP soon though.

Not used them for mortgages - bought my flat for cash

[rootsnall]

Has anyone used Contractor Financials AKA Parasol financials. They claim to sort things out very quickly but so far this has not been my experience for a mortgage. I was thinking about getting them to sort a pension for me but not sure now. Has anyone had any more positive experiences?

I setup a Standard Life pension through them a few years back when I'd just returned from overseas and didn't have a Ltd. They seemed quite efficient but its a much bigger outfit now. That pension has a 0.7% pa fee cap on it, watch out for them trying to sell you something thats more lucrative for them than you. When I last investigated ditching the Ltd I think Parasol just had a standard 'employee' pension scheme for use through their umbrella, you couldn't use your own option (!? not sure on this). If you can use your own option then I'm now putting money in a sipp via sippdeal, they have been very efficient so far but it requires a more hands on approach from yourself to manage it.

[Sockpuppet]

I'll say no. I ended up phoning them alot when I was after a mortgage. They were ok just didnt keep you in the loop and seemes more concerned about getting the credit card details for the valuation fee more than anything.

[VinnyB]

Has anyone used Contractor Financials AKA Parasol financials. They claim to sort things out very quickly but so far this has not been my experience for a mortgage. I was thinking about getting them to sort a pension for me but not sure now. Has anyone had any more positive experiences?