mis-sold ISA mortgage?

hllnk001

Hi, I believe we were mis-sold a previous mortgage. However it started 14 years ago and we closed it 10years ago. Are there time scales? I know who the mortgage was with but not the name of the financial advisor..do I have any chance whatsoever?

dunstonh

Typically, you have three years from being reasonably aware of an issue or 6 years from commencement.

You probably ended up better off. Just 4 years would have seen very little paid off on a repayment mortgage but a regular ISA from 2000 to 2004 would have done quite well.

Thrugelmir

No such product as an ISA mortgage. An ISA could be used as a repayment vehicle. Up to you you to monitor the performance to ensure that it would be sufficient to repay the capital debt.

Why do you believe it was missold 10 years later?

hllnk001

We lost at least £1000, we were sold an investment ISA

hllnk001

We were 18 and very green, we believed the financial advisor when she said she had never heard of anyone losing money, they always ended up with more they paid in.
Just never thought about it until now,...

Thrugelmir

hllnk001 wrote: »

We lost at least £1000, we were sold an investment ISA

But you cashed it in. That was your decision. Stock markets go up and down. If you had left the money invested what it would be worth now?

dunstonh

We lost at least £1000, we were sold an investment ISA

That isnt grounds for complaint. You broke the contract early. There was probably an initial charge allocated to it.

We were 18 and very green, we believed the financial advisor when she said she had never heard of anyone losing money, they always ended up with more they paid in.

At the point you took it out, that was correct.