Too quick or too slow?

fileygirl

i was misold a mortgage in 1994. i complained to the company in April 2004 when i realised this was a problem ( i had recieved letters informing me but hadnt realised how serious this was - just had 2 babies!), of course i was out of time. In June 2004 the FSA made changes to the time limit rules saying complainants must be informed they only have six months left to complain. If i had complained 2 months later would i have had a case? Did i act too slowly or too quickly? Seems so unfair, everyone else seems to have been paid out...somebody say something to make me feel better please!.......kids have turned out nice though!

luckyfool

Were you missold a mortgage, or do you believe you were missold an endowment?

fileygirl

i think both. Because of the adverse publicity at the time i raised my concerns with the mortgage advisor (who was based in the same office as the estate agents selling our property) about endowment mortgages. He brushed this off as media hipe and said that endowment mortgages were still the best way forward for us as we were hoping to accumulate a lump sum at the end of our mortgage term. I feel particlarly bitter about this as i actually raised the issue of poor performing endowments at the time.

maninthestreet

You can complain about the endowment itself being mis-sold to you, but mortgage 'sales' were not subject to regulation back in 1994 in the way they are now.

fileygirl

Looks like i was just too slow then!

dunstonh

I feel particlarly bitter about this as i actually raised the issue of poor performing endowments at the time.

So, clearly it wasnt mis-sold to you then as you knew the risks.

fileygirl

Media reports told me there was a risk...but sorry dont believe everything i read in the papers! The financial advisor told me there wasnt a risk, was i wrong to believe him? yes obviously!

dunstonh

Illustrations in 1994 and the key features document were quite detailed at that point. The first page of the illustration would have shown one of the figures being in negative and a warning that the value could be lower or higher than the illustrations. Did you ignore those as well?

fileygirl

they certainly werent pointed out to me...but not one for reading the small print thats why i sort a proffiessionals advice...or perhaps it was pointed out to me and i thought what the heck let me cause myself a real mortgage headache over the next few years..........