Investment Company says delay in payment

Chambers78

No by since payments haven't come through yet I mean literally the full payment.

Please see below an up-to-date statement of your Gravity Child Care investment.
Initial investment £22656, received 1st May 2012.
Year 1 interest @ 18% £4078.08
Year 2 interest @ 18% £4078.08
Year 3 interest @ 18% £4078.08
Year 4 interest @ 18% £4078.08
Total interest accrued to 1st May 2016 = £16312.32
Interest accrued 1st May 2016 – 25th January 2017, 8 months @ 18%/annum = £2718.72
And 25 days @ 18%/annum = £279.25
Total interest accrued to 25th January 2017 = £19310.29
Total value at 25th January 2017 = £41966.29
Yours sincerely
Nicola Fairweather

That is one statement

Please see below an up-to-date statement of your Gravity Child Care investment.
Initial investment £19902, received 1st May 2012.
Year 1 interest @ 16% £3184.32
Year 2 interest @ 16% £3184.32
Year 3 interest @ 16% £3184.32
Year 4 interest @ 16% £3184.32
Total interest accrued to 1st May 2016 = £12737.28
Interest accrued 1st May 2016 – 25th January 2017, 8 months @ 16%/annum = £2122.88
And 25 days @ 16%/annum = £218
Total interest accrued to 25th January 2017 = £15078.16
Total value at 25th January 2017 = £34980.16
Yours sincerely
Nicola Fairweather

Both were a 5 year plan and both due to be paid at the end of plan on 1st May 2017. It was when none of the money went into bank and she chased that she received email saying delay in payments.

Linton - just makes me think that they are selling house to re-coup but in reality how much will that actually go to investors and am beginning to think my in-laws were not the only extremely silly people to do this.

Joe - I have asked her to do this now - thanks. I may actually be able to get to the bottom of it that way

coyrls

AnotherJoe wrote: »

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.

The statement also says:

Total value at 25th January 2017 = £41966.29

which implies that no payments have been made, rather they have been rolled up to a "Total value".

Linton

Chambers78 wrote: »

.......
Linton - just makes me think that they are selling house to re-coup but in reality how much will that actually go to investors and am beginning to think my in-laws were not the only extremely silly people to do this.

....

I havent seen any evidence of the houses being sold. The rightmove details were from 2011 when the house was put on the market but I think was eventually sold by auction. I guess this is when GCC bought it. The first charge against the house was in 2013 to Liberty Trustees Ltd oddly enough and another name.

Chambers78

Thanks for the useful replies. Apparently she spoke to someone at Liberty who is going to chase gcc again but wont hold my breath as they were suposed to give schedule today. Have told her to either give consent for me to talk to them or get someone involved who actually knows what they are talking about. Thanks again

xylophone

Do you mean Neglect assist to avoid? They didn't cold call them it was Liberty Sipp

I misunderstood what you had posted - I had thought you meant that they were now being cold called by yet another party.

You have been checking out this link?

http://www.neglectassist.co.uk/areas-of-expertise/investment-and-pension-mis-selling/financial-loss-self-invested-personal-pensions-sipps-liberty-sipp/

Chambers78

Have sent link and she phoned them and they are taking on the case

xylophone

I have been looking at this

http://citywire.co.uk/new-model-adviser/news/ucis-casts-shadow-as-fca-cracks-down-on-pension-switchers/a865812

John Fox (pictured above), founding director of Liberty Sipp, said unregulated firms would not make it through his company’s scrutiny either.

‘The IFAs we deal with are all part of the due diligence process,’ said Fox. ‘We look at what their permissions are.’

And yet the comments on the Neglectassist site seem to indicate that a number of high risk and unregulated investments have been accessed through Liberty SIPP.

Did your in laws switch a pension into the SIPP?

Chambers78

Yes just asked and they transfered pension. Not left over inheritence like i thought.

AnotherJoe

Neglectassist looks to be very new, none of the examples show they have got money back, they are all cases in progress. Doesn't look good for Liberty though unless it all comes down to the IFA.

Would be interesting to hear exactly how OPs PILs ended up at Liberty with these suspect investments. Who specifically recommended this ?

xylophone

Yes just asked and they transfered pension. Not left over inheritence like i thought.

This answers the question in post 36!

Your in-laws each had a personal pension.

In 2012, they were cold called by unauthorised and unregulated "advisers" concerning a pension transfer?

The "advisers" acted as introducers to Liberty SIPP.

The pensions were transferred into Liberty SIPP and a high risk investment
( the corporate bond) purchased within the SIPP.

They expected to be able to draw down from the SIPP on maturity of the bond.

There has been a default (possibly temporary) on redemption of the bond.

Does that just about sum it up?