Missold FSAVCs

Can I suggest you look on Martin Lewis' site, he always has good advice

They do say that these companies who do miss-selling, take a big chunk of the money, if any, gained.

It can be a bit of a scam, like the No win, no fee accident companies.

They usually ask you to take out an insurance policy to cover costs if the claim fails.

Then they will do an order nitial assessment and proceed if they think there is a reasonable chance of success. If not you’ll find it difficult to get them to proceed - but you’ll have bought the insurance anyway!

If the claim succeeds expect to pay around 40% of the returned money to the claim company.

I stupidly bought some AVCs n the 80s n the advice of my Union🙁

I was also mis-sold and was told that by someone from the company that initially set up the fsavc. He didn`t know that and quickly shut up when I told him

However I was savvy enough to change where I put that bit of money and have never followed up the mis-selling and won`t be doing that now as I was quick off the mark

I think unless you were given (in writing) a guaranteed figure at maturity, that you’re on a sticky wicket.
I imagine a lot of GNs were caught out in the 70/80/99s by endowment mortgages. We were told the investment would clear mortgages, with enough left for a new car and several holidays! Unfortunately, it became clear that due to market forces this wasn’t to be, but I can’t ever say we were mis-sold - we just took a gamble that didn’t pay off.
My sis-in-law used a company to find her late DH’s pensions - he was clueless and couldn’t remember what he had or where! I believe they took 1/3rd in commission.

A general piece of advice is that if it is an advert on Facebook it is best avoided. After reading some comments on one such post I posted a comment myself asking if the company was getting actual compensation or just helping people retrieve money still sitting unclaimed in their AVC - which they could have accessed via the AVC provider directly. My comment disappeared very quickly.

I separately googled the company and also checked their independent Trustpilot reviews which were very positive. Looks like they take 35% commission which is actually fair enough. If they can get me 65% of some money that I didn't know was even due then that would be fine by me. I'll see what they say.

We got 15k back from a 'missed endowment' ...the company wernt able to 0rovide the ombudsman with any of our documentation so the ombudsman sided with us....it got us back on track with a repayment mortgage without extra that pain for a nice holiday....but I would go to these no fee no win places

They just phoned. Apparently they work on a no win no fee basis. Got to be worth a try. They are sending out a form.

Georgesgran

I think unless you were given (in writing) a guaranteed figure at maturity, that you’re on a sticky wicket.
I imagine a lot of GNs were caught out in the 70/80/99s by endowment mortgages. We were told the investment would clear mortgages, with enough left for a new car and several holidays! Unfortunately, it became clear that due to market forces this wasn’t to be, but I can’t ever say we were mis-sold - we just took a gamble that didn’t pay off.
My sis-in-law used a company to find her late DH’s pensions - he was clueless and couldn’t remember what he had or where! I believe they took 1/3rd in commission.

I stupidly bought some AVCs n the 80s n the advice of my Union 🙁
The Civil Service operated two schemes as well at the time.

I imagine a lot of GNs were caught out in the 70/80/99s by endowment mortgages.
Yes, two endowment mortgages, one was just a small amount for an extension. That firm made good the amount of the loan (thank you Legal and General) but there was a shortfall on the main mortgage.

The paperwork has arrived from that company and seems very straightforward. No win no fee so I've got nothing to lose by giving them the go ahead to check out the FSAVCs I was sold.

It was always made clear that endowment mortgages held an element of risk. The big returns were dependent on the stock exchange and financial markets continuing to grow as they had in the immediate past.

For those who took out these policies in the 1950s/60s they did get big returns. Several friends of my parents did very well out of them. But too many people just heard the good news and promises and just didn't take on board the warnings surrounding them.

We tried to avoid endowment policies because we heard the warnings, but on 2 occasions did because the offer of a mortgage came with a requirement to take a policy out. . Ours managed to cover the mortgage but we never got the big returns we were told were possible, but then I never really expected them.