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Deposits with Friends First

  • 20-01-2009 10:23am
    #1
    duracell
    Closed Accounts Posts: 37 ✭


    Are deposits with Friends First(i.e. 10 year investment plan, currently with 5 years left to run) covered by the Governments 2 year guarantee


Comments

  • #2
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    That doesnt sound like a deposit - sounds like an investment fund


  • #3
    duracell
    Closed Accounts Posts: 37 ✭duracell


    homer911 wrote: »
    That doesnt sound like a deposit - sounds like an investment fund

    Thank you so much for your helpful comment Mr. Homer Sir.:rolleyes:

    I still had to deposit money into it.

    Any one else who knows the answer please, I would be grateful for your reply.


  • #4
    Time Magazine
    Registered Users, Registered Users 2 Posts: 8,452 ✭✭✭Time Magazine


    You got the correct answer, I think.


  • #5
    duracell
    Closed Accounts Posts: 37 ✭duracell


    The Economist wrote: »
    You got the correct answer, I think.

    How it can be the correct answer. It does not answer the origional question I asked.

    Why bother making a silly reponse like that. All your doing is increasing your post count and making this thread too long.

    Please stop adding non relevant posts to threads that you obviosly have no interest in.

    Anyone actually know the answer to the quetion I asked, pretty please?


  • #6
    ZYX
    Registered Users, Registered Users 2 Posts: 882 ✭✭✭ZYX


    duracell wrote: »
    How it can be the correct answer. It does not answer the origional question I asked.

    Why bother making a silly reponse like that. All your doing is increasing your post count and making this thread too long.

    Please stop adding non relevant posts to threads that you obviosly have no interest in.

    Anyone actually know the answer to the quetion I asked, pretty please?
    You have the correct answer already. The answer is no, based on the info you have given. Deposits are covered by the guarentee scheme, investments are not. A 10 year investment plan sounds like an "investment plan" rather than a deposit.


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  • #7
    duracell
    Closed Accounts Posts: 37 ✭duracell


    ZYX wrote: »
    You have the correct answer already. The answer is no, based on the info you have given. Deposits are covered by the guarentee scheme, investments are not. A 10 year investment plan sounds like an "investment plan" rather than a deposit.

    Thanks for the almost straight answer.

    Are Friends First considered a a safe investment company (relative to whats going on in the banking/stock markets at the minute). I haven't read or heard much about the risk to investment plans etc in the current banking/stock market crises. I'm not talking about the risk relating to share values dropping = investment value dropping here. My plan has a guaranteed payback of initial investment after 5 years (which it has reached) more the question are Friends First "considered a safe place to have an investment, are they liquid.


  • #8
    ZYX
    Registered Users, Registered Users 2 Posts: 882 ✭✭✭ZYX


    duracell wrote: »
    Thanks for the almost straight answer.
    I don't really see how I could have been clearer. What part of "The answer is no, based on the info you have given." do you have a problem with. Perhaps in future if you want an answer that is more than "almost straight" then ask a clearer question and don't simply criticise every reply you get.


  • #9
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    I'm back again!!!

    You dont seem to understand what an investment is! We dont know the fund you have invested in, but chances are its not managed by Friends First. In which case they have simply taken a commission for passing your money to someone else. The solvency of Friends First is pretty much irrelevant. Investments can plummet as well as fall!

    If you are having to ask this type of question, you shouldn't have taken out the investment in the first place.

    BTW, FF is owned by Eureko, which is approx 40% owned by Rabobank (AAA rated)


  • #10
    duracell
    Closed Accounts Posts: 37 ✭duracell


    ZYX wrote: »
    I don't really see how I could have been clearer. What part of "The answer is no, based on the info you have given." do you have a problem with. Perhaps in future if you want an answer that is more than "almost straight" then ask a clearer question and don't simply criticise every reply you get.

    Jeez, so many chips on so few shoulders in this forum. I had no problem at all with your answer ZYX, in fact I thanked you for answering my question concisely.

    Why bother adding the little dig "A 10 year investment plan sounds like an "investment plan" rather than a deposit".

    I had already pointed out in a previous post that even though it was an investment, I still make regular deposits to it.

    Hence you gave an almost straight answer, but thanks again anyway in case i didn't seem grateful enough the first time.


  • #11
    duracell
    Closed Accounts Posts: 37 ✭duracell


    homer911 wrote: »
    I'm back again!!!

    You dont seem to understand what an investment is! We dont know the fund you have invested in, but chances are its not managed by Friends First. In which case they have simply taken a commission for passing your money to someone else. The solvency of Friends First is pretty much irrelevant. Investments can plummet as well as fall!

    If you are having to ask this type of question, you shouldn't have taken out the investment in the first place.

    BTW, FF is owned by Eureko, which is approx 40% owned by Rabobank (AAA rated)

    Unfortunately....

    Look , again your not really being very helpful here are you.

    1.) I know what an investment is duh.
    2.) You dont need to know the investment fund I have invested in. It is irrelevant. (See point 4)
    3.) Don't make assumptions "chances are its not managed by Friends First"
    It is. Even if it wasn't ,my contract is with FF so it is just a tad relevant.
    4.) Read the entire thread before you reply. I stated my initial investment was guaranteed as the plan had reached 5 years +. So no danger of my investment plummeting then...
    5.) Ireland is AAA rated also, but may not be for much longer, so dont see the relevance to this reference either.
    6.) The question I asked was, Is investment (formerly known as a deposit) guaranteed by the government. I now know thanks to ZYX that it isn't. How does asking that question = I should not have taken out the investment in the first place.


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