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An IFA conned me.....

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Comments

  • SouthCoast
    SouthCoast Posts: 1,985 Forumite
    TEP = traded endowment policy.

    Thanks for that.
  • silvercar
    silvercar Posts: 49,805 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    The value of the TEPs plus FCSC compensation of up to 50k could clear a lot of the debt.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Dogloverx6
    Dogloverx6 Posts: 3 Newbie
    If only ....
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    Have you thought about bringing a civil case? You can take someone to the county court and have judgement passed. If you win there are instruments for use in getting your debt repaid such as a charge over the guys assets.
    I have taken 2 non paying clients to court in my 19 years and won both easily.
  • ILW
    ILW Posts: 18,333 Forumite
    Conrad wrote: »
    Have you thought about bringing a civil case? You can take someone to the county court and have judgement passed. If you win there are instruments for use in getting your debt repaid such as a charge over the guys assets.
    I have taken 2 non paying clients to court in my 19 years and won both easily.

    Sounds like the IFA was a limited company.
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    ILW wrote: »
    Sounds like the IFA was a limited company.

    I know, but can you not pursue a director in a personal capacity? I do not know.
  • Annisele
    Annisele Posts: 4,835 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Conrad wrote: »
    I know, but can you not pursue a director in a personal capacity? I do not know.

    Generally not. The point of setting up a limited company is that the liability of its members (shareholders) is limited to the amount invested in the shares.

    There are very limited circumstances in which a director can be held liable for a limited company's debts, but usually only when the director has given a guarantee (eg if the company borrows money from a bank, the bank might ask for a personal guarantee from a director).
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