recd standard questionaire for mis sold endowment - help

foxyuk

just recd the standard questionaire... help reqd

bear in mind at the time i was a 1st time buyer whos mortgage was thru dunfermline bs so signed up via there advisor for legal and general policy

q14- if u had not taken out the mortgage on endowment basis, give dets of how u would have done instead ie captal repayment/rented instead/ lived with parents

how can u answer this question being a 1st time buyer in 1986 i was relying on advisor???

Compensationitis

Just put 'capital repayment method' in there.

foxyuk

ive written

if i knew that it would not have paid off (i was assured it would) i would have looked at other options. why would i have taken a risk?? bearing in mind it was my 1st mortgage and u recommended the advisor

Compensationitis

There was no perceived risk in those days, a repayment mortgage isn't GUARANTEED to repay the loan, with any method of repayment it is your responsibility to ensure the loan is repaid on the agreed date.

You should be put back in the position you would have been had you chosen the repayment method so don't worry.

foxyuk

what makes u think that they will give me compensation for the difference???

the questionaire is a nightmare...

i dont know what i earned 20 years ago...

Compensationitis

Who sent you the questionnaire?

If you ask your lender for a copy of the mortgage application form and/or the MIRAS form you will know what your earnings were, they may even have copies of your payslips!

The adviser should have a file and you are entitled to a copy of it, I keep everything on file from payslips to application forms.

But in your case I would expect the FOS to find in your favour regardless of what you earned, did you say 20 years ago? If so the rules were completely different at that time.

foxyuk

1986 ---£25000, low cost endowmernt build up ... sold by dunfermline

b/society...it is a legal and general policy with profits....... the advisor was in the branch

dunfermline b/society sent us the questionaire and a form to sign for them to get legal and general records

Compensationitis

I have been dealing with someone on another discussion board who has the same problem as you but with a Guardian policy.

This BS didn't really know what it was doing in her case, much confusion.

Del_Boy_Gupta

The Thing About The Form Is To Just Obtain Some Iformation At The Time, From Your Recollection- Hell I Can't Recall What I Earnt Two Years Ago So To Remember 20 Years Past Would Be Mighty Difficult. As Someone Who Sees These Forms Regularly I Would Say Just Approximate Where You Cant Recall Otherwise Say Dont Know- The Salary Question Is Just To Check Affordability. As A Ftb , Did You Hold Any Other Investments? If The Answer Is No Then Even Fro A Pre A Day Case Ie Pre 29/04/1988 The Chances Are That It Will Be Upheld In Your Favour.

The Main Thing Is Re Question 14, If You Can Answer It As Cap Repayment It Shows That You Are A Non Risk Taker, Which Counts In Your Favour.

By The Way- You Didn't Hear Any Of This From Me!

foxyuk

my reply to q14 is now-

if i knew it would not have paid off(i was assured it would) i would have looked at other option.. why would i take the risk?

you recommended the advisor as it was my 1st mortgage

of course i would have taken capital repayment i would not have taken risk if known