My wife an I put most of our savings into a stock market investment and we lost around £200,000 that we put in. We only recuped around £3,000 of our original investment. Our financial adviser advised us on this investment, but it has all gone wrong. Naturally I was mad at the advisor and all he could say was sorry. We saw our investment losing value gradually, but our adviser kept saying that we should be patient and that things would get better, but they never did, despite us foolishly trusting him. We're both really mad and angry, but now we have to deal with reality.
We still haven't finished paying the mortgage on our house. We only have savings of around £10,000 left. I'm feeling so depressed and fed up with life. I have worked so hard all my life and now I and my wife are in such a difficult situation. Luckily our daughter is now working at 23 years old, but our 17 year old son who wants to go to University will have to fund himself now as we can't afford it. We feel we have let our whole family down and we're furious with the financial advisor. We have bills and loans to pay off and I don't know how we can pay them all off. Should we declare ourselves bankrupt? How are we going to get ourselves out of this mess? Is our retirement going to be a real struggle now?
Added (1). We live in London and we're thinking of moving to a cheaper place in the country to live and work. But we really don't know how things are going to work out now. We're so worried about everything.
Added (2). Thanks for your advice, £200,000 is equivalent to $270,000 in US money, so it is a lot of dosh as far as we're concerned. We're quite distraught, but we have to somehow move on and resolve all our other financial problems that are still pending.
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