Think You Were Missold Your Endowment Complain Now!!!! [CLOSED]

MSE_Martin · 19 July 2005 at 11:55AM

This thread has now closed. Please use this new thread to continue the discussion.

If your endowment was missold (meaning not just that it will underperform, but you weren’t told it may underperform or were incorrectly advised) then the time is running out to make a complaint and get compensation.

This site isn't really about endowments, it's slightly off the MoneySaving products track. By far the best site out there for this is www.endowmentaction.co.uk which is run by the Consumers Association. It will guide you through the rules. It's very important you try and deal with this as soon as possible.

There are companies out there which advertise "we'll fight your endowment case for you" . Then they take a cut of whatever your compensation is. I'm not a big fan of these you're far better doing it free with endowment actions help, yet if you are at the end of your tether and don't think you will do it any other way, then its better than doing nothing.

However do check absolutely that you will not pay a penny if you don't get compensation and that even you do they will simply take money from your compensation and not charge a fee or make you buy an insurance policy.

ReportInvestor · 19 July 2005 at 12:17PM

This ABI survey backs up Martin's view on going it alone

Some are not convinced about the ABI's figures that ambulance chasing firms have a worse success rate than individuals acting on their own.

But the consensus in the press is to go for it yourself, and I agree.

Fairdo_2 · 19 July 2005 at 12:34PM

Judging by the way some of them have tried to advertise on this forum in such an underhand way, I know exactly what my opinion of these Ambulance Chaser firms are like.

I know I shouldn't tar firms with the same brush, but I cannot see a real benefit to these firms. Especially when there is free advice elsewhere. Both in Martins recommendation and through Which online. (Covered in a previous post I replied to)

defender_of_the_weak · 19 July 2005 at 9:37PM

Most cases are resolved in the clients favour (65-70% initial uphold rate) best thing to do is if you think your complaint is fairly normal, big company, staff member, no warnings of shortfall try it yourself. The odds are in your favour. If you do not fit into that category or have already been turned down consider professional companies but do not pay more than 15% of any compensation offered on a no win no fee basis

Kezza1_2 · 20 July 2005 at 8:03PM

Thanks Martin - the CA website produced a good letter which was easy to edit. We'll cross our fingers and see.

MSE_Martin · 20 July 2005 at 11:09PM

Great Kezza, it'd be wonderful to hear from you and others if you succeed.

Amethyst · 21 July 2005 at 8:17AM

Hi all,

We thought we had been mis-sold an endowment and wrote the necessary letters to our insurance company - they eventually agreed and we were given a cheque!

We did it all ourselves and did have some resistance from the company, but they had to agree in the end.

We just had to send all our documentation from the mortgage and insurance off to them - we sent copies.

Good luck, it does work.

Amethyst

billy_the_kid_2 · 21 July 2005 at 9:35AM

Undertook our own claim for miss selling with Black Horse Life, and won. BHL didnt put up a fight. My advice, try for yourself. Using a broker may be throwing some of your compesation away on a task that is not that difficult.

btk

robert_h_2 · 21 July 2005 at 9:36AM

i found the which? website myself after googling around. the letter creator page was a great help - i selected the options which i felt applied, and sent of the letter to the endowment company (let's call them P). P replied later, with their own form asking for more details, which I supplied. Every now and then, P would send an update letter stating the case was still under review, and a guestimate of when it would be completed.

Finally, I received a letter detailing all of their findings. They had included a copy of the original application document, which detailed some of the things I had made the complaint about. For example, had not assessed my attitude to risk. Seems in fact they had, but I had no recollection of this (it was 1996).

However, my misselling claim was upheld, and they paid out. The total money back from them, after the payout + cashing in the endowment was greater than all the money I had paid into the endowment (short of £60 a month for 9 years) so I was satisfied.

Overall, a simple process - send a complaint letter generated from the which? website (link in martin's 1st post), supply any additional information requested, and wait. I think it was over in 2 months.
Just checked:
endowment cash in check May 11th, I complained at the same time.
endowment payout check cashed on July 8th

My advice - dont use a company offering to complain on your behalf, and taking 25 or 30%.
Do use the which? website to construct your own complaints letter, and follow the process yourself.

good luck
Robert

egroeg · 21 July 2005 at 9:45AM

I find it somewhat ironic that the Consumers Association (Which) were actually recommending Endowments and are now assisting people in their claims against the companies/advisers. Likewise, I would be very surprised if a lot of the "ambulance chasers" were not previously in the Financial services industry and have seen an opportunity to make money. They do not need to be regulated by the Financial Services industry !!

EdInvestor · 21 July 2005 at 10:55AM

One related pointer at present if you are reviewing the state of your endowment: interest rates are widely expected to be cut next month, and mortgage rates at some providers are already coming down.

So the next few months could be the time to consider remortgaging to repayment, and possibly surrendering* the endowment to cut the total amount owed. If you successfully claim misselling, the compo money could be paid in too.

If you can get a good mortgage deal and you pay the endowment premiums in as well, you might be able to cut the size of the shortfall dramatically.

If you want to remortgage now but the endowment surrender or compo money won't be available till later, make sure the new mortgage deal doesn't have penalties for overpayment.

*Note that not all endowments should be surrendered - post separately for info.Standard Life With-profit endowment holders should not surrender before next year's planned demutualisation or they will miss out on their windfall.

Think You Were Missold Your Endowment Complain Now!!!! [CLOSED]

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