Missold mortage - Is there any hope for us???????????

jlm_3

We are in the unfortunate position of having been missold a mortgage in April 1988 (facing a shortfall of over £9,000) and so from what I gather we are not covered by the Ombudsman.

To make things even worse the endowment is a Standard Life policy sold to us by an advisor employed by the firm of solicitors who undertook the conveyancy of our property. Although the firm of solicitors still practise, they no longer provide financial advice / sell mortgages (so they FSA say they are unable to help? ). We registered our complaint to both Standard Life and the solicitors in question but have been told that due to the date in which we took out the endowment we would be unable to claim.

We seem to have hit a complete dead end with our complaint and according to the WHICH website there appears to be no hope for compensation. Does anyone know if there is anything else we can do or is it just a case of tough luck?????????????

Compensationitis

What date was the advice provided?

What was the date on the illustration?

What was the 'on risk' date of the policy? i.e when did it start?

dunstonh

spot the "advice from solicitor" bit too. FSA regulation didnt apply in the same way.

virgin_moneysaver

we are in the same position - Standard Life endowment sold to us by an Estate Agent mortgage advisor who's no longer in business - Standard Life say not their fault & to pursue the MA & the FSA say that they only look at compensation claims from 1988/89 onwards so pusue the MA but he's long disappeared

jlm_3

Compensationitis wrote:

What date was the advice provided?

What was the date on the illustration?

What was the 'on risk' date of the policy? i.e when did it start?

I have sifted through all the paperwork we have and unfortunately I don't know the date of the advide, I can only assume it was sometime in March / April 1988. Neither do I have a copy of the illustration so again I don't know the date. The 'on risk' date of the policy was the 1st May 1988.