FSCS Application Form   YIKES!!!!!

I wonder if anyone can give me any helpful tips on filling this form out.

We have just received this as the Company that we were advised to buy our endowment through have dissappeared or turned into a very similarly named company.

Sounds very suspicious already I suppose as that means they dont have to pay out any compensation.

Its difficult to remember everything you were told 17 years ago,we were young and wanted out first place together but I am very certain that we were not told of any other options and also that this endowment may not pay off the mortgage.

A couple of other questions,

Is this a good sign that it has actually gone to the FSCS.
How long will the process take from them receiving the form?
If we do get compensation am I right in thinking it is worked out by the differance between having an endowment and a repayment mortgage over the last 17 years.

Many Thanks

Replies

  • dunstonhdunstonh Forumite
    107.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    Is this a good sign that it has actually gone to the FSCS.

    If its an FSCS claim form then yes.
    How long will the process take from them receiving the form?

    6 months to a year.
    If we do get compensation am I right in thinking it is worked out by the differance between having an endowment and a repayment mortgage over the last 17 years.

    More or less.
    We have just received this as the Company that we were advised to buy our endowment through have dissappeared or turned into a very similarly named company.

    Sounds very suspicious already I suppose as that means they dont have to pay out any compensation.

    Correct.

    It means that companies like mine have to pay your compensation when we had nothing to do with it. It really really gets on my nerves that i have to pay compensation for policies that I didnt sell or have any involvement in.

    These phoenix companies are no doubt still getting the renewals paid on the policies sold by the original company. Yet they only have to cover the FSCS levy rather than full liability of the policy claim.
    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.
  • AngelaAngela Forumite
    1.5K Posts
    DD

    Thanks for the prompt reply.

    Sorry that our situation that this company have put us in causes you distress in the business that you are in.

    You are always so helpful to people on this forum.
    Even when it must annoy you about some of the things you reply to.

    Many Thanks
This discussion has been closed.
Latest MSE News and Guides