Help please

Pobby

Last year,on the advice of people here and others I surrendered my Scottish Life with profits endowment plan.It was doing very badly and although I havn`t claimed,it would appear to have been mis sold.
I received a cheque for £28,883.58.
Today I have received a letter from them saying that i have been over paid.and that the MVA was miscalculated and I need to pay back £2,126.06!!!!!!!!!!!
Theres a bit of a guilt trip about about how it may affect other policy holders in the fund
So what to do.can they force me to pay this back.Their mistake.Frankly I am sick and tired of the whole endowment business and I really don`t feel inclined to rush to get my check book out.
What to do?

Sorry for posting twice.not sure which is the correct board to air this on.

silvercar

Not sure whether you are obliged to return the money as your decision to sell was based on the price they gave you. Had they valued it lower you may have made a decision not to sell.

3 options:

Return the letter marked "gone away":)

Tell them that based on the value the policy should have been worth you now wish to reconsider your decision to sell. Ask them how they would go about reinstating the policy on the basis of continueing the premiums and on the basis of making it paid up. (should keep them busy for a while).

Tell them you have spent the money and will agree a suitable repayment plan eg 50p a week.

Pobby

I requested a final figure before I went ahead and surrendered.The sum of £28,883.58 was given to me over the phone.I had requested the same some time earlier and was given a lower sum so as you can see the quoted figure of £28,883.58 seemed like a good deal.

Pobby

Have contacted the FOS and they are putting in a complaint.