Can I claim about financial advice 15 years ago

wendfd

I know its a long time ago but I have not previously made an attempt to claim compensation as my complaint doesn't fall into any of the normal categories.
In 1998 we were sold a Pension Mortgage by Allied Dunbar. We were re-mortgaging to raise some money for my husbands business. At the time we knew nothing abut mortgages and were only concerned about the size of the monthly repayment.The product we ended up agreeing to was a 5 year deferred interest pension mortgage, the interest rates at the time were 13%. Even then I remember querying the sanity of this with the financial advisor. After about 3 or 4 years the repayments were too high and we reverted to a normal repayment mortgage. I believe we have a complaint because my husband already had a private pension in place. It was bad advice as the pension as we know now would not have covered the mortgate, and the deferred payments meant our mortgate had a huge lump sum added at the end of the 5 year fixed period.

Any advice would be appreciated

dunstonh

You can complain. However, they may well timebar you as you have three years from being reasonably aware of an issue or 6 years from the event in question to make complaint. The fact you took action 3-4 years later works against you as it would be 3 years from then.

Even if they agree to review the complaint, they would only be looking at that 3-4 year period and the difference between an interest only mortgage and repayment mortgage over 3-4 years is typically very small as you repay little in the way of capital in the short term.

By all means, give it a go but be prepared to be knocked back as out of time.

holly_hobby

You have 3 yrs from when you first realised the advice, and sale of an additional pension plan, was/may have been unsuitable, which as you say was just 3 or 4 yrs after the original sale 15 yrs ago (giving us 2001/2002), meaning you had until 2004/2005 to raise your concerns re the sale .... unfortunately that time has now well passed.

And re the rolled up interest (?) mge advice wasn't regulated until Oct 2004.

Sorry, realise this may not be what you wanted to hear.

NB - just to close, pension mortgages weren't/aren't in themselves necessarily bad or poor advice in respect of using as a mge repayment vehicle, BUT there are several factors to consider when giving/accepting such recommendations.

Hope this helps

Holly

kingstreet

Deferred interest? 13%?

1998?

Are you sure? 1988 or 1989 maybe, not 1998?

wendfd

kingstreet wrote: »

Deferred interest? 13%?

1998?

Are you sure? 1988 or 1989 maybe, not 1998?

Yes your right 25 years ago. :eek:

No chance of complaining then.

holly_hobby

Sorry Wend. window's definately closed on this one I'm afraid .........

Have a large Pimms and put Wimbledon on ... that'll hopefully take the sting out of it

H x