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    • Kath H
    • By Kath H 10th Apr 18, 7:22 PM
    • 2Posts
    • 0Thanks
    Kath H
    Missold insurence.
    • #1
    • 10th Apr 18, 7:22 PM
    Missold insurence. 10th Apr 18 at 7:22 PM
    Hi Team
    I need advice please.NEW TO THIS GROUP.
    So basically I took out a policy to pay of my mortgage at the end of it's term.
    I phoned Scottish provident to see how much I had on the policy because I wanted to change from an interest only mortgage to a repayment mortgage and because . Scottish Provident told me it was a critical injury/death policy. I know I didn't say that is what I wanted I just signed what the financial advisor from a firm called Total Solutions Ltd told me to. I contacted the company who sold me the policy straight away and explained my situation but all they said was that they don't have an office in my town anymore and the man who sold me the policy had died a few days ago?????
    So at the moment I am 50 with a 78000 interest only mortgage and I am freaking out about how I am going to pay.
    Please could someone give me some advice?
    Sorry if this is a repeat but I wasn't sure I had sent it earlier .
    Kath H
Page 1
    • k3lvc
    • By k3lvc 10th Apr 18, 7:28 PM
    • 2,376 Posts
    • 3,933 Thanks
    • #2
    • 10th Apr 18, 7:28 PM
    • #2
    • 10th Apr 18, 7:28 PM
    Your other post is here and contains all the info you need
    • John-K
    • By John-K 10th Apr 18, 8:31 PM
    • 654 Posts
    • 1,023 Thanks
    • #3
    • 10th Apr 18, 8:31 PM
    • #3
    • 10th Apr 18, 8:31 PM
    I hope that others will be along soon with more expertise, but for now, do you have a copy of your original paperwork?

    It sounds like you took out a policy to pay off your mortgage in the event of your death, not to pay it off at the end of your term, so you need to read what you signed first of all. The payments for the two are likely to have been very different, can you say how much the policy was for, how many years it was over, and how much the payments are?

    You still have about twenty years of your working life left, so this amount could well be manageable even if you!!!8217;ve not bought what you thought you had. Interest rates are still low, so servicing the debt is likely to cost only about 200/month in interest for Now.

    Don!!!8217;t panic. I!!!8217;m only a few years younger than you, and I have a much larger interest only mortgage that I!!!8217;m managing just fine.
    • dunstonh
    • By dunstonh 10th Apr 18, 9:10 PM
    • 94,567 Posts
    • 62,551 Thanks
    • #4
    • 10th Apr 18, 9:10 PM
    • #4
    • 10th Apr 18, 9:10 PM
    I know you have the other thread going and having two on the go can get confusing. However, you added a bit of new info.

    I just signed what the financial advisor from a firm called Total Solutions Ltd
    From what I can see from the FCA register, they didnt have financial advisers. They were not a financial advice firm. They were an insurance firm only. The FCA register has current status and history going back to 2001 (when it was created). There are no financial advisers showing as ever being registered with that company. Financial Advisers hold a control function and would show on there.

    Insurance agents do not hold control functions and can still give advice on insurance. So, that is more likely what happened. However, the firm ceased to be authorised on 21st July 2017 and its current status with companies house is in liquidation. So, you can forget about complaining to the company as there is no company.

    The company never held any regulatory permissions or agencies to put in place investment class products. So a) they could not have sold you an investment product b) endowments had stopped being sold in the UK mainstream by 2004. This company only started in 2006. So, they couldn't have sold an endowment anyway.

    So, going for a missale is about like going into an apple store, buying a iPhone and then complaining after the event that they didnt sell you an android phone. Or going to a motorbike shop. Buying a motorbike and then 20 years later, complaining that they didnt sell you a car with 4 wheels.

    There doesnt appear a missale here.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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