Mr C came to us back in February this year asking us to investigate his mis-sold Regular Premium savings Endowment with Merchants Investors after seeing an advert which sparked his interest.
Mr C had no paperwork whatsoever, all he knew was he’d paid approximately £50 per month from the early 1990’s. We told him we would start by doing a policy information request to Merchants Investors. This would allow us to review what policies he had and then we could put together a detailed letter of complaint.
Merchants Investors came back to us asking the client to supply ID because they held a different date of birth. Client quickly supplied this, and it was sent to provider.
After a detailed conversation with Mr C with regards to the sale of his plans and his personal circumstances at the time we found out that Merchants Investors had used the wrong date of birth because they had told Mr C he would need to be a little older than he was to start this type of Savings plan.
A detailed letter of complaint was sent to Merchants Investors which included that he didn’t need to save over such a long term and did not require the life cover within the plan.
Merchants Investors had no option but to uphold the complaint with Mr C receiving a full refund of premiums plus interest resulting in a total offer of £6262.50
Mr C was shocked and that we had been able to locate his plan numbers let alone get him a full refund.