firm wont pay mis-sold endownment

kymmy_2

We have had our endownment reviewed by the ombudsman who have gone in our favour and awarded us a money claim of around 4,500 but the firm which is in our town say they cant afford to pay us we have sent them out a solicitors letter saying we will take it to a small claims court, but they have wrote back and said they still wont pay whatever the outcome,this appeal has been going on for 4 years,last year they changed there name to veritas they were called turner scott partnership but the guy that sold us the endownment in 1994 has since left, so they say there not liable even though the ombudsman said they are.I dont know what to do next help kymmy

Bufger

take them to court. They will eventually have to pay if they are found liable. Keep the letter stating that they still wont pay no matter what the outcome. You're not in the wrong here so dont worry yourself over it, just keep fighting the slow fight and get your solicitor to guide you.

ILW

kymmy wrote: »

We have had our endownment reviewed by the ombudsman who have gone in our favour and awarded us a money claim of around 4,500 but the firm which is in our town say they cant afford to pay us we have sent them out a solicitors letter saying we will take it to a small claims court, but they have wrote back and said they still wont pay whatever the outcome,this appeal has been going on for 4 years,last year they changed there name to veritas they were called turner scott partnership but the guy that sold us the endownment in 1994 has since left, so they say there not liable even though the ombudsman said they are.I dont know what to do next help kymmy

Are you sure that legally they are still the same company?

dunstonh

If the new firm didnt take on the liabilities of the old, then they would not be liable. However, if it was just a change of name then they would be. The FOS isnt necessarily right in these cases. They may just be making assumptions based on limited information. However, you would expect the firm to present the evidence to the FOS to show they are not liable.

You can also report the firm to the FSA. The FSA will take action and even close down firms that cannot meet their liabilities and refuse to pay out redress set by the FOS.

kymmy_2

if they prove not to be liable, does that mean i dont have any means of recovering my shortfall at the end of the day, i was mis sold it but wouldntt know how to recover the claim ,also they didnt change the company until march 08, i started my appeal in 05 it was ongoing, its like ive had the rug pulled from under my feet,any feedback would be so helpful cheers kymmy:eek:

EdInvestor

Report the matter to the FSA.

www.fsa.gov.uk

http://www.fsa.gov.uk/pages/Doing/Regulated/Law/index.shtml

savemoney

Bear in mind that if you do take them to court from moneyclaim web site they do inform you that you have to be confident that they have the funds to pay. If they refuse to pay extra costs will apply Bailiffs etc

http://www.hmcourts-service.gov.uk/onlineservices/index.htm