Quizzes & Puzzles0 min ago
Endowment mortgage compensation.
No best answer has yet been selected by Kathyan. Once a best answer has been selected, it will be shown here.For more on marking an answer as the "Best Answer", please visit our FAQ.
We contacted a financial adviser who told us that we had a case and he did all the letters for us, but we got nowhere with the original company as they had changed hands. We tried the company who had taken over and got nowhere with them either, they just wouldn't reply. He recommended that we go through the Financial Ombudsman, and they put us on to the FSCS. We haven't heard back from them yet. We were just wondering what level of compensation we could possibly get.
Assuming you are mis-sold and compensation is offerred it is based on the position you are in now based on the position you would have been in had you taken a repayment mortgage. It is a complex calculation but essentially it compares your actual financial postion with the financial position you would have had, had you been whittling the capital down month by month. It is not simply the amount of the short fall.
But before any of that you need to establish that miss selling took place and also who is responsible. Are you saying your policy, ie the policy itself is now managed by a different company?, forget brokers agents etc. If so it will be very difficult to get them to take responsibility for another company.