Mis sold endowment/pension

healer1943

I have been contacted by a company called EMC saying that I was mis sold my endowment/pension policy many years ago.

14 years ago in the last recession, we sold back our house and rented it. The original mortgage policy was invested as a pension in to stocks and shares, the pension was obviously going to pay for the mortgage. If we had managed to keep the house, there is no way that the pension would have matured enough to pay for the outstanduing mortgage.

Firstly I am a bit concerned that this company has managed to obtain our private information - we even moved out of the house 3 years ago with no known forwarding address and also changed our telephone number (although we have an unusual name and are listed with directory enquiries).

I have waffled on a bit, but what I want to know is:

- Has anyone ever heard of the above company (EMC Coporation - Did leave telephone number) - are they kosher?
- Does the mis sold endowment policy cover pensions - the man that originally sold it to us, knew it was to pay off the mortgage.

I would like to say, that I am happy to pay commission to a company, if it is possible to get money back, but I don't want to go with a company that is not kosher.

Many thanks for your help

Healer

dunstonh

- Has anyone ever heard of the above company (EMC Coporation - Did leave telephone number) - are they kosher?

Cold calling is a breach of the ministry of justice rules for claims companies. Any company breaking the rules to contact you shouldnt be considered kosher. What other rules are they breaking?

Has this company done a review of your pension and do they know the background behind it or did they just tell you it was mis-sold? Some dodgy claims companies tell you that you have a mis-sale even if you dont just to get you to put a complaint in that may pay them money. Especially those that ask for an up front payment. They are the worst.

- Does the mis sold endowment policy cover pensions - the man that originally sold it to us, knew it was to pay off the mortgage.

The same principle of risk applies but its handled differently to endowments. However, the problem for you is that you sold the house back in the 90s. and personal pensions only became available in 1988. So, you would only have had it for a very short period and probably saw no loss. Most people who suffered losses have done so following the tech stocks crash between 2000-2002. You didnt have the pension mortgage at that time so you didnt suffer any loss.

I would like to say, that I am happy to pay commission to a company, if it is possible to get money back, but I don't want to go with a company that is not kosher.

You are never going to get your money back. Even if a complaint was upheld they look at the cost differences between a pension mortgage and a repayment mortgage for the period they were linked. With tax relief being much higher in the early 90s and investment returns generally higher and the very short period you had the link, it is unlikely you will see any redress paid. Plus, you may well be timed out seeing as it was so long ago.

healer1943

Many thanks for your advice dunstonh.