As part of the annual review we carry out for all clients, we spotted a Critical Illness plan, set up a number of years ago by a former adviser. So far, the plan had not paid out, despite Matthew suffering from a heart attack.
At the same meeting, Matthew raised the topic of a secured loan, which he had taken out some years ago. The loan had been used to replace the family kitchen, but was expensive, with a high rate of interest.
Ideally Matthew would have repaid the loan from his savings. However, these had been depleted in recent years due to the cost of sending his children to university.