Liquidation

madgranny

Hi

We previously filed a complaint with the FSA against the company who misold us a 25 year endowment mortgage in 1995.

We have just been advised that the company we are complaining about has gone into provisional liquidation.

We received a letter from the Provisional Liquidator requesting that we complete a Statement of Claim by Creditor form 4.7 (Scot) and a Proxy form and to return them by 15 September.

The forms are extremely hard to understand. We do not have a clue as to which sections apply to us or what details to include. eg The form asks for the amount we wish to claim. We do not know how much to put here as our endowment shortfall is an assumed amount. I assume that the amount would be how much we would have paid if we had been advised to go for a repayment mortgage instead but have not got a clue how to work this out.

We contacted the FSA and were advised that even though they would eventually pass our file on to the FSCS we would still need to complete the forms the Provisional Liquidator has sent to us.

Any advice on how to proceed would be much appreciated.

Cheers
Haze

jonesMUFCforever

Make an appointment with CAB who will help you fill in the forms AS LONG as you take all the relevent paperwork with you to the interview.
There is nothing more annoying than seeing someone then not being able to help because a certain letter they have received is in 'another bag' (no offence to lady posters on here but you do seem to have loads of bags!)
Eric

FOSman

You are not in a position to calculate RU89 (the amount of redress you can expect to receive). So, probably best to just to take the target amount, and minus from that the current surrender value.

If they pay it, then you're laughing. If it goes to the FSCS, they will understand your situation and advise you on the correct amount appropriately.

madgranny

Thanks for the advice. I'll do what you suggest and deduct the surrender value at present from the target amount. The FSCS have a notice on their site saying they are unable to say if they will be taking on any of this company's cases. Is this probably because the company have gone into provisional liquidation.
Cheers