Investment Company says delay in payment

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Comments

  • macca1974
    macca1974 Posts: 218 Forumite
    Having had a very brief look at their previous accounts, it looks like the borrowed about £9m and haven't been making the money to pay this back when it is finally due (which might be the reason that their accounts have not been filed yet). I'm no accountant, but the previous accounts that have been filed wouldn't fill me with confidence when it comes to an investment.

    Pretty high risk investment to be honest, lending a company money on the promise of an 18% per annum return, so hopefully your in laws knew what they were getting into and acknowledged that 90% return over 5 years didn't come without a risk.

    If they were advised to go into this, then a conversation with the financial adviser who recommended the SIPP / investment might be in order. This sounds like an unregulated job.
  • xylophone
    xylophone Posts: 44,140
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    https://www.libertypensions.com/

    Did your in-laws receive advice on making this investment?

    Is this their only private pension provision?
  • Chambers78
    Chambers78 Posts: 19 Forumite
    Only through Liberty from what they have said, they have no idea about this sort of thing and no have no other private pension only state.
  • AnotherJoe
    AnotherJoe Posts: 19,622
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    Ouch. I feared this would be the case, whenever you see a heading with a company name this is par for the course.

    There was some idiot here a few weeks back trumpeting about how his "guaranteed" investment of 8% must be OK as he's been paid every year for the last 3 (different company, same idea, but 18% should have raised massive alarm bells with an IFA if not a naive couple).

    They should look at who to make a complaint to, they may be able to get compensated via the IFA as this is obviously not a suitable investment for people like this (and people for who it would be theoretically suitable wouldn't touch it with the proverbial)
  • Chambers78
    Chambers78 Posts: 19 Forumite
    This is what I was afraid of. Not sure how to go back to them if they have really lost everything. I feel awful for them. Thanks all for the replies
  • xylophone
    xylophone Posts: 44,140
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    This is what I was afraid of. Not sure how to go back to them if they have really lost everything. I feel awful for them. Thanks all for the replies

    Don't jump the gun and panic them. The situation is not yet clear.

    If your in-laws received advice on making this investment, the first step would be to contact the adviser to discuss the matter?
  • Chambers78
    Chambers78 Posts: 19 Forumite
    I have told them to contact liberty for more of an explanation and if no more detail a copy of the complaints procedure as a starting point.
  • Chambers78
    Chambers78 Posts: 19 Forumite
    Oh and phone pension advisory service to see if they can help them
  • dunstonh
    dunstonh Posts: 116,040
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    If they dont know who the agent is, as often on the scams it is hidden, they can ask Liberty who is the agent/adviser for the pension.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Chambers78
    Chambers78 Posts: 19 Forumite
    The womans name at GCC is Nicola Fairweather and Kirsty Green at Liberty. She has email trails from both of them
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