Act now on mis-sold endowments: new article

dunstonh

If the tied advisors who sold us this endowment was so confident in his product why did he find it necessary to lie on the fact find I wonder?

I cannot speak for one individual. Nor can you.

However, I do believe that most of the sales people believed in their product when selling it in the early years.

Probably up until 1998 that was the case. Post 98 you either had advisers who were low skilled and didnt see it coming or greedy and didnt care. An IFA should have seen it coming by around 1996 at the latest. A tied agent may never have seen it coming as they didnt have a clue how it worked in the first place.

Nobody would have gone searching the high street for a 5 or 7 times income mortgage if nobody was pushing them.

Really? You should read more of the mortgage posts in this section. Indeed, we have someone who posted yesterday asking for 8.65x. Mortgage advisers said no but another "consumer" told him to lie on his application by self certifying.

You have too much faith in consumers. They want, they lie and they are greedy just as much as any profession you want to pick on. If they want something, they will find a way.

Lending should be tightened up. Deposits should be mandatory. Owning a house should not be a right but based on ability. However its a retail industry and you just have to look at all areas of retail to see what damage is done in all areas. Take Tesco for example. If there are no rules to stop it from happening, then retailers will do something that they feel they can profit from.

Crazy_Saver

vinno65 wrote: »

Hi Dunston I'm back, I think what you are saying is that if the mortgage brokers hadn't arrange the mortgages (5-7 times income) then people would have gone elsewhere. The only place they could have gone is to loan sharks,
nice to know that the financial services industry has stepped in to save the public yet again! Hurrah!!

regards Vinno

Welcome back vinno;)

mayb_2

dunstonh = yes I can speak for the one person I met but I agree you can't. Yes companies therefore, do have to take responsibility for the actions of their employees particularly if a possible customer requests 8+ times his income as a mortgage - he is obviously too stupid to be given a mortgage of any sort and wont be able to pay it -. 'They want, they lie they are greedy - sounds like a commission hungry salesman to me! I am not stupid enough to believe the issues are totally clear cut dunstonh but I don't really understand why you don't think the finance companies should wipe the slate clean with these missales? Instead you justify their heading in another missale direction with sub prime mortgages and blame it on the greed of the consumer and his need for a place to live. Perhaps that is a development area for Tesco's or they could just give away more of their cardboard boxes.

Where do you sugest the undeserving of a mortgage live dunstonh? Perhaps in a rented house that will possibly cost them more particularly long term - how do they save for a deposit from there? If the finance industries do not look at this from another angle we may see less of them in future. In any other industry if you messed up like they did, you would not be picked up by taxpayers and sent on your way.

dunstonh

but I don't really understand why you don't think the finance companies should wipe the slate clean with these missales?

Figures indicate that around 1/3rd are mis-sales. However, that includes those that are not real mis-sales but where documentation is missing or inconclusive. So, why should the companies pay up on the other 2/3rds?

Where do you sugest the undeserving of a mortgage live dunstonh?

Rented - council or private. Do you suggest that people that cannot afford mortgages should have a mortgage?

In any other industry if you messed up like they did, you would not be picked up by taxpayers and sent on your way.

You mean like the aerospace industry, airlines or car manufacturing or the railways or steel, coal, telecoms, mail etc I guess you cannot mean those as they have all ended up with taxpayers money.

mayb_2

That was in the past dunstonh and probably where we went wrong - to privatise everything - it has left us with no industrial base, no apprenticeships, the wrong attitude to water (which now has to be advertised unless we forget what it is) and for some the other necessities of life including heating and a place to live. We pay taxes for our education and now have to start life with a loan to complete it, we pay for the NHS and have to go private if we get ill and need hospital treatment, we have to pay private dentists as not many are left on the NHS although presumably our taxes are still paying for this - I could go on an on and on - and probably will. Now we are 'nationalising' a bank of all things by proping it up with taxpayers money. I know where I would rather put my tax money and it is not in Northern Rock.

We have incomes based on targets and can't expect to stay in the same line of work, let alone with the same employer for more than a few years. There is no stability of life and it is not much to ask that you can have a steady job and a place to live, with change for some running water, heating and enough to eat.

How about council houses dunstonh - oh yes we replaced them with private rents and housing associations. Now you can join a list and if you live long enough you may get something to live in. Did you know the average age for leaving home now is something like 34! That will give you a few years away from your parents before they have to move in with you because nobody is looking after them in their old age, they had to sell their house for a pension and of course to pay off the mortgage they were left with when their endowments failed - after they remortgaged to help you buy somewhere to live.

Wooah I have to stop before I exploded - no to late I have exploded!!

In case you are wondering who I blame for all of the above it is government (all of them) and their short term decisions - about as long as they expect to be in power usually. Who are the backers of government - financial institutions and those who have money to buy power. So we come all the way back to greed and of course, power and greed the worse combination of all.

treliac

Has anyone been able to take further action of any type, having failed with the Ombudsman? If someone feels they haven't had justice, for whatever reason, is there anywhere else they can go, at all, that is not prohibitively costly?

mayb_2

Don't give up on this yet treliac you have a way to go but there isn't really anywhere but the courts and that would be expensive. I have consulted a solicitor recently about something else and the charge was £140 per hour. I should, I should, I should have been a solicitor!

I often wondered about my MP but he isn't anyone famous and I think you would need to be, to be able to take on the Government's own.

Never say die, you will win this treliac you just have to see it and believe it for now. Make plans for every scenario, especially the winning one and you will be ready whatever the result. Someone on here will have been there before you and give you good advice.

dreamylittledream

mayb wrote: »

Don't give up on this yet treliac you have a way to go but there isn't really anywhere but the courts and that would be expensive. I have consulted a solicitor recently about something else and the charge was £140 per hour. I should, I should, I should have been a solicitor!

I often wondered about my MP but he isn't anyone famous and I think you would need to be, to be able to take on the Government's own.

Never say die, you will win this treliac you just have to see it and believe it for now. Make plans for every scenario, especially the winning one and you will be ready whatever the result. Someone on here will have been there before you and give you good advice.

I suspect Vinno is the man to talk about this here....

The FOS were set up as a free alternative to the courts system and as such once you have exhausted the services process there are no 'free alternatives'. The court system is your only option.

That said depending on how you value your claim (and you will need to value it) you could bring an action in the small claims or the fast track county court system without significant legal costs (if you represent yourself of course...).

treliac

Thanks Mayb, you are an inspiration :A. I know we've got a long way to go yet. I'm just anticipating lies and trickery from the insurance company. They've stopped replying to us now we've gone to the Ombudsman, having bombarded us with letters to accept their measly offer right up to the cut off date they gave us to appeal. We're in the middle of completing yet another set of forms - it's getting like a part-time job.

We do know that we were mis-sold and that the company has handled our finances dishonestly and fraudulently. We will just have to hope that this is undeniably clear to even the youngest, most inexperienced and potentially biased member of the FOS!

In the meantime, onwards and upwards ......

treliac

mayb_2

That's the spirit treliac - never say die!