Investment Company says delay in payment

cloud_dog

Why not just ring them.... 0161 763 7070

Chambers78

I have told her today she need to contact them ASAP - I have only just found out that this was all done over the phone in the first place

xylophone

I have told her today she need to contact them ASAP - I have only just found out that this was all done over the phone in the first place

They each opened full SIPPS and made investments over the phone?

They just picked the company out of the phone book/off the web?

When you write that they are living in a bilet do you mean a "buy- to-let"?

Chambers78

No sorry billet (as in Lodge type thing, caravan on brick base) probably not relevant - it was because someone said apparently modest income. Just wanted to show that they are not secretly loaded.

To be honest I feel so sick about the whole situation - it appears that someone phoned them so sounds like cold called and after further investigation today found out a company called neglectassist are already going after them for compensation for other dodgy pension and investment advice - wouldn't let me post link as new user sorry

Linton

One thing seems odd to me. It seems this investment was in a SIPP, otherwise there would be no need for Liberty to be involved. If the money was from an inheritance how did it get into a SIPP? You cant just deposit any available lump sum. To get the tax relief the money needs to be covered by earned income. From what the OP says, there wouldnt be £80K of earned income available. And if you dont get the tax relief there isnt much point in using a SIPP.

So was a SIPP involved? If so how and why?

xylophone

From what the OP says, there wouldnt be £80K of earned income available. And if you dont get the tax relief there isnt much point in using a SIPP.

Looking at post 10, it seems that each of the in-laws had a SIPP back in 2012 and at that time each invested £22656 of the cash in the SIPP in the Gravity Child Care Bond.

Perhaps at that time they had sufficient "relevant earnings" to contribute a lump sum to the SIPP?

Or perhaps each of them already had contributions within the SIPP and contributed as much as possible at that time?

Or contributed even though they knew that there would be no tax relief?

It is very difficult to say what exactly has happened here - perhaps the in-laws could give the OP permission to contact the company on their behalf.

it appears that someone phoned them so sounds like cold called and after further investigation today found out a company called neglectassist are already going after them for compensation for other dodgy pension and investment advice -

It seems to me that at all costs he should prevent their dealing with the above?

Chambers78

Honestly I don't know. My MIL does not want my FIL to find out yet as he has health problems so she is emailing me and texting me but I am not able to have a proper conversation with her about it. They live a good 3.5 hours away so I am finding this all very stressful and keep getting drip fed info from her which is not helping. I have no clue about SIPP or investments hence why I came on here looking for some guidance.

From what I can gather they had inheritance. They invested some of it and got that I think last year but also had a call from Liberty SIPP in 2012 I believe looking at the statement (which is a pdf typed up page from GCC that does not look particularly official) and for some reason known only to them decided that this was a sound investment (if I had known or my husband had known we would have said anything that offered pretty much double pay out in 5 years was to good to be true. Husband vaguely remembers her telling him that they were reinvesting money and when he asked her what interest rates she told him she wasn't sure. We (wrongly) assumed that they had a financial adviser - we had no idea that this was all through a company phoning them.

First I heard was MIL panicking asking if she could borrow money from me short term as the payments had been delayed that she thought would go into bank on Tuesday but she had had an email saying it was delayed - it didn't sound right to me so I told her to forward the emails from me so that I could actually see what she was talking about.

I am trying my hardest to unravel some of the mess and misunderstanding. The statement details posted are just directly copied and pasted as are the emails (I have just tried not to include inlaws names.

My feelings now are that they have been cold called and possibly been convinced this was a good idea when clearly they had no clue what they were doing. My initial investigation and comments on here are all suggesting that no good is coming from this. This was the email from GCC person who yes I know seems to be only actual employee from gcc - which in itself speaks volumes.

From: Nicola Fairweather <nicola@gccmanagement.co.uk>
Date: 3 May 2017 at 17:06:06 BST
To:
Subject: RE: Investment
Good afternoon Mrs

Please accept my sincere apologies, but as was confirmed to you by Liberty yesterday, there have unfortunately been unavoidable delays with returning funds to some clients' SIPP accounts.
GCC Management Ltd is currently meeting with the accountants to finalise, and file YE 31st March 2017 accounts.
As soon as these are finalised and filed GCC Management Ltd will be preparing repayment schedules for each client who has fallen due, and sending them to Liberty.
A further up date will be sent to Liberty at the end of this week.


Regards
Nicola

Chambers78

Sorry Xylophone - Do you mean Neglect assist to avoid? They didn't cold call them it was Liberty Sipp I think that called them in past. Neglect Assist advertised through the times about pursuing people who had lost money through Liberty Sipp (i found this whilst trying to investigate and I text her details) so if you know they are also a bad company please let me know.

Linton

Is this of interest? It's the companies house list of charges against 2 properties owned by GCC in respect of loans. Here's the rightmove details for the sale of one of them.

AnotherJoe

Chambers78 wrote: »

No definitely no payout on this as yet and now mother in law has tried emailing liberty at the email address and it just gets rejected. I tried as a test (incase it is just MIL) and it is rejected again.

You say "no payout" but in a later post MIL phoning asking to borrow money since payments haven't come through yet which implies their payouts from previous years have been made. Otherwise surely they would have been panicking years back?

So, were the payouts for previous years made made, is it just 2017 that hasn't been made?
Did they physically get any of these below paid into their SIPP?

Initial investment £22656, received 1st May 2012.
Year 1 interest @ 18% £4078.08 <<-2013?
Year 2 interest @ 18% £4078.08 <<-2014?
Year 3 interest @ 18% £4078.08 <<-2015?
Year 4 interest @ 18% £4078.08 <<-2016?

My suggestion is, get MIL to provide a letter stating you can act as her authority on this SIPP so that Liberty will talk to you. Then speak to them directly. Getting info second hand wont be helping you.