Flexible Mortgage Plan!

JANSPAM

Hi All,

I took out a Flexible mortgage plan in 1999 for £59,500 with Legal and General, the Adviser who sold me the plan was told at the time that under no circumstance did I want another Endowment as I already had two and they were both performing badly, he advised that the F.M.P was the best thing going and it was NOT a Endowment it was based on an ISA a savings plan. Needless to say, Hindsight is a wonderful thing, this Adviser(using this term in the looses of fashions) was nothing but a liar and if given the chance I WOULD say this to his face! I was promised the earth, early repayment, money left over and free life, terminal illness and critical illness cover all part of the plan. He told me that he worked for Legal and General but he was able to in his words "use all the market" he showed me several different plans from different companies but Legal and General looked to be the best. Now I learn that it is an Endowment even though there is no mention of the word Endowment on the paper work I was given when I took out the Plan.
I have been in touch with Legal and General and they say I was miss sold the "ENDOWMENT" :mad: NO! its a Flexible mortgage plan!:mad: and they have offered me £1,300. There are two things I need help with.
Firstly:- Should I now cash in the Flexible mortgage plan (A.K.A) endowment, I've been told the plan is worth £19,500 plus the £1,300 and do I put it in a long term ISA with a good interest rate. If I go down this type of route are there any implications regarding Tax etc. or do I leave it where it is. It has 12 years left to run.
Secondly:- I know I signed the forms saying I had read the information the "adviser" had given me but I really didn't understand everything in the bumph! I thought this guy was and had to be honest regarding the products he was offering and that he would tell me the truth. When in fact he knew exactly what to say to get the sale. Is there any action I can take against Legal and General over the misleading term "Flexible Mortgage Plan" when it turned out to be an Endowment under a different title and that's what they are calling it now!
Any advise would be much appreciated.
Regards,
Janspam.

maninthestreet

If this was an endowment, have you been receiving annual statements from L+G stating whether or not it was 'on target' to pay off the mortgage?

JANSPAM

I did receive annual statements but they only told me what was in the "pot". It was only recently I received notice that the plan was not 'on target'.