Misselling of bonds

jimjames

ViolaLass wrote: »

The fact that it was not the most suitable product for your husband doesn't necessarily mean that it was mis-sold if he was clearly told what the product was and still said yes to it.

I might want an ice cream but if someone tells me that they have a pork sandwich and I agree to take it, I can't complain that it was mis-sold just because I really wanted an ice cream.

Strangely enough, miss-buying never seems to be mentioned.

Clint163

ViolaLass wrote: »

The fact that it was not the most suitable product for your husband doesn't necessarily mean that it was mis-sold if he was clearly told what the product was and still said yes to it.

Yes what did he know about investments? Just like many fools that trusted the banks and their loyal workers with our hard earned savings.. Your only hoping this person has your best intrests at heart. This is how they make you feel during their interviews

I might want an ice cream but if someone tells me that they have a pork sandwich and I agree to take it, I can't complain that it was mis-sold just because I really wanted an ice

Only difference is, we ain't talking about pennies it's thousands of pounds.

Clint163

dunstonh wrote: »

yet, using a CMC takes longer than complaining directly. So, the "too busy" excuse is bogus.

Sorry that is nonsense, firstly people that have went through their life in normal jobs that have been careful with their money and have no knowledge in the financial industry relied upon the professional people within the finance industry to help them with their finances. not knowing there was greed behind their intentions.

People who think they cant complain (if you believe such an absurd thing) but then find out they can complain are meant to be told by CMCs that they can complain free of charge directly. Perhaps the claims companies mis-sold them too.

Think the fact that these companies exist prove you wrong. Plus the amount of people have and continue to use them prove you wrong too.

Clint163

DrSyn wrote: »

Clint163

Thank you for answering some of my questions.

I am sorry Q3 upset you. I said "if he was weak willed", not that was he was weak willed.



Your answers raise some other questions.

1. Your husband is a" busy man.
Why did he not take the quicker option of phoning the bank and telling them to stop pestering him, instead of taking the longer one of sitting through a sales pitch?

Typical!! busy man. He waited until I kinda lost it and due to my explosion I arranged for him to be in for an arranged phone call. I can assure you I did complain to each person that called as it was hard to get him in and suggested them to write instead, but their response was apologetic but it still continued. But in honesty we actually felt that complaining against banks, councils etc was non excistent and would be logged and put to bed.....end off!!!

2. Both of you did not "have a clue" what the info he was given ment.
So what steps did either of you take, to find out what it was all about. Or did he just hand over £10,000 to the bank for something neither of you understood?

We understood that it would make more money in the bond rather than the his savings account. Apart from that we knew nothing of this product. I am an interrogator and my husband told me about his interview and we were happy thinking he was a sound guy looking out for our future benefits,

3. Your husband knew their was a penalty but not the amount.
What steps did he take to find its value and what was the result?

Only when he found a property and decided to surrender the policy did he realise how bad this product performed and how he felt he had been wrongly advised. When he was speaking to another bank rep whilst surrendering his policy his response was ' oh you mean the bonds without profits' and laughed. Not at any point was it highlighted that we could complain. It was all wrong and banks preyed on ignorant and uneducated hard workers and gained on their vulnerability

4. Was all your concern by any chance triggered by a claims company calling you?

Yes. We didn't even know we could complain. We then used search engines and read many articles surrounding Simular circumstances.

Clint163

jimjames wrote: »

Strangely enough, miss-buying never seems to be mentioned.

Read the thread. We were not looking to buy. The banks hounded us for a sale. So not quite as clean cut.

pathtofreedom

I understand you're upset and feel you have lost money but as the others have said I don't think you will get it back.

I too was with lloyds and went through them phoning me all the time. I phoned back after one of these calls and put in a complaint and got them to change my settings to stop the sales calls. The next time they called I put in another complaint and got 20-30 quid (I can't remember exactly) as they agreed I shouldn't have been called.

As for what you ended up investing with, this is what judge judy would call stupid tax. You didn't read and fully understand what you were signing up too. When you tried to get out of it again you didn't read and understand the penilties involved. If this had been a mortgage deal with an early repayment charge say, you also wouldn't be able to say you were miss sold or anything, as it is up to you to fully understand everything you're signing up to.

So yes it is unfortunate you didn't wait and cashed in early, which has meant you have lost money, but this is a good lesson for you. Always read and understand everything, if you buy a house don't trust the solicitor to do everything for you, or a broker, or the bank, or the estate agent, or the surveyor... do your own research, ask lots of questions especially about fees, payment charges etc, read everything more than once especially if it doesn't make sense to you before you sign anything, to make sure you know what you're agreeing to.

dunstonh

Clint163 wrote: »

Think the fact that these companies exist prove you wrong. Plus the amount of people have and continue to use them prove you wrong too.

People are stupid. That can't be helped.

Claims companies have it easy. If the person managed to be mis-sold in the first place, then chances are the claims company can BS the individual and mis-sell their services too.

Yes. We didn't even know we could complain.

Yet in multiple places in the documentation, Lloyds gave you the address and contact details of where to complain.

I understand you're upset and feel you have lost money but as the others have said I don't think you will get it back.

I think there is a case. However, the OP is going about it the totally wrong way and with rubbish reasons.

mollycat

Clint163 wrote: »

Read the thread. We were not looking to buy. The banks hounded us for a sale. So not quite as clean cut.

OP, I have absolutely zero sympathy for you and find your attitude baffling.

I'm 53 years old and can honestly say I've never knowingly chosen to buy something because someone else has "hounded" me to.

I'm a huge fan of the forum but TBH, threads like this, (briefly), fill me with despair.

What on earth has happened to us that we cannot use the intellect given to us to consider options, exercise freewill, and then simply be responsible for the actions we take?

Reading T&C's would appear to be redundant now as the expectation if something goes "wrong" is that it's someone else's fault and the person should be compensated in some way.

Now; can I have the pork sandwich and the ice cream?

lovinituk

Clint163 wrote: »

Read the thread. We were not looking to buy. The banks hounded us for a sale. So not quite as clean cut.

Utter tosh and rather pathetic really! Did they hold a gun to your head?! Maybe you should both take a responsible adult out with you next time.

Clint163

pathtofreedom wrote: »

I understand you're upset and feel you have lost money but as the others have said I don't think you will get it back.

Thank you. However, I have also been told that each case differs. That I know is true. I made another post a few years back about a totally different products, it was about a Ppi complaint. I again had loads of negative responses from a the same one that responds to this post. Only for their comments to be wrong. I won my case and awaiting on lloyds getting back to me with their calculations. They admitted I was missold. I had no evidence apart from what my sar request provided because it was away back in 1994. So as much as I look for a bit of understanding or Simular cases as others I have learned that you have nothing to loose when making a claim.

I too was with lloyds and went through them phoning me all the time. I phoned back after one of these calls and put in a complaint and got them to change my settings to stop the sales calls. The next time they called I put in another complaint and got 20-30 quid (I can't remember exactly) as they agreed I shouldn't have been called.

Big difference my partner moved in with me. I didn't have an bank account with lloyds so was not on the system. So my complaints were non existent.

We're talking o

As for what you ended up investing with, this is what judge judy would call stupid tax. You didn't read and fully understand what you were signing up too. When you tried to get out of it again you didn't read and understand the penilties involved. If this had been a mortgage deal with an early repayment charge say, you also wouldn't be able to say you were miss sold or anything, as it is up to you to fully understand everything you're signing up to.

We relied on the advice from banks who made us feel they had our best interests at heart,

Thing is no financial gain on a repayment mortgage. Endowments then that a different story they were all to do with who had the biggest commission rate. So hard selling it was.

So yes it is unfortunate you didn't wait and cashed in early, which has meant you have lost money, but this is a good lesson for you. Always read and understand everything, if you buy a house don't trust the solicitor to do everything for you, or a broker, or the bank, or the estate agent, or the surveyor... do your own research, ask lots of questions especially about fees, payment charges etc, read everything more than once especially if it doesn't make sense to you before you sign anything, to make sure you know what you're agreeing to.[/QU

we are not all financial astute and rely on paid professions to help small print in all services to be explained to us on lamen terms. Not everyone is educated to understand the small print. We rely on those who are providing the service to make it clear to us and assume their intentions are to our best interests. Thank god the fca and the ombudsman became involved to regulate these greedy banks.