We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Miss sold IRSA

camkick
camkick Posts: 25 Forumite
in Reclaim bank & credit card charges
Can any one point me in the direction to claim back a miss sold IRSA. A friend is being threatened with bankruptcy. He was told by his bank manager that for his own safety he should take out an IRSA at 5.8%. He was not told all the facts. What options are open to him?

Comments

  • dunstonh
    dunstonh Posts: 118,399 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    What is an IRSA?
    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.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    1,000 Posts Combo Breaker
    dunstonh wrote: »
    What is an IRSA?

    According to Google it is an InfraRed Science Archive - something to do with astronomy.
  • camkick
    camkick Posts: 25 Forumite
    It is insurance for small businesses against interest rates going over a set amount
  • camkick
    camkick Posts: 25 Forumite
    This will give you a lead in:-


    http://www.moneysavingexpert.com/news/banking/2012/06/banks-guilty-of-mis-selling-to-small-businesses
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    1,000 Posts Combo Breaker
    Okay - in that case he complains to the bank that sold it.

    How many employees does his business have?
  • dunstonh
    dunstonh Posts: 118,399 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I always avoided the commercial side. So, I will bow out on this one.
    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.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    1,000 Posts Combo Breaker
    Not really my scene either - I am simply trying to find out if the business can go to FOS.
  • camkick
    camkick Posts: 25 Forumite
    Not sure how many employees
  • siwelnitramrm
    siwelnitramrm Posts: 4 Newbie
    FOS - not an option 2 year + waiting list contact resolute-consulting 0871 328 0218. they are IRSA claim specialits working with james Ducker who broke the whole saga on SKY - with bankruptcy looming essential action is taken.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 347.7K Banking & Borrowing
  • 251.8K Reduce Debt & Boost Income
  • 452.1K Spending & Discounts
  • 240K Work, Benefits & Business
  • 616.1K Mortgages, Homes & Bills
  • 175.3K Life & Family
  • 253.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture