Mortgage Advisor in Provisional Liquidation

[xanadu]

Hi

We previously filed a complaint with the FSA against the company who misold us an endowment mortgage.

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.

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

[Loosehead]

Firstly I assume it's the company that sold you the endowment, not the endowmwnt company itself that went bust. Need more info, are you saying that the endowment is not on track to repay the mortgage? Looks like the forms are for any creditor that wants a slice of any pie that's. Sounds to me like you are claiming the endowment was not appropriate to your needs, if so you generally have to claim compensation agianst the issuer, the agent is a separate entity. Again more info needed for a better answer:

1. Who backs the policy (ie prudential, Sun life someone big)

2. What is your complaint, why do you think you where mis sold?

3. When are the start and end dates of the policy?

4. Who sold you the policy? IFA for example

5. Who has gone bust?

[Didwot]

The FSCS only become involved where a defaulting advisor has become insolvent. This appears to have happened. They are working with a large backlog of clais at the moment, and the sooner you get your claim in to thme the better. Write or telephone to them, and they will send you a Form to fill in which will make the forms from the Liquisator look simple, and an explainatory booklet. The sooner you start the process the sooner they will deal with the claim, although it may well take months (or even years).
As to the Liquidator, unless there is some money to be distributed to the Creditors in the liquidation it will make little difference how you fill the forms in.The Form 4.7 is not that complicate. and as to the value of the claim is suggest you write "damages for negligent advice estimated to be �.............." filling in whatever figure seems reasonable. There is no need to return the proxy form if you do not want to.