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  • FIRST POST
    • MSE Martin
    • By MSE Martin 12th Jul 06, 8:22 PM
    • 8,109Posts
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    MSE Martin
    Report Endowment Misselling Compensation SUCCESSES
    • #1
    • 12th Jul 06, 8:22 PM
    Report Endowment Misselling Compensation SUCCESSES 12th Jul 06 at 8:22 PM

    This thread is especially to report your successes taking on the banks/insurers to get compensation for missold endowments.

    The aim is to show others that it is possible and it works.

    Please report your successes here, if possible in the format

    Bank/Provider:
    Compensation:

    The story: (just a few sentences)
    • Read the article
      Act now on missold endowment (includes when and how to claim at no cost to you and without giving a claims handler a cut!)
    Please don't use this thread for general discussion on endowment misselling compensation - go through the article's discussion links for that.

    Last edited by MSE Helen Saxon; 22-09-2014 at 2:22 PM.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.

    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
Page 47
    • dunstonh
    • By dunstonh 15th Jan 16, 4:16 PM
    • 89,919 Posts
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    dunstonh
    hi there thanks for the reply i have been looking on the site for any information and you posted on 25th january 2015 that friends providents early time bar letters failed to meet the required standard and that from 2001 onwards they were doing time bar. so this is what my query is that our reprojection letter july 2000 was not sufficient to start ball rolling so it should have been our 2002 letter that commenced the ticking clock?
    Originally posted by cazashone
    Some of the earliest timebar letters were deemed insufficient to start the time bar clock. However, the 2001 versions were (and the 2001 versions replaced the 2000 versions. So, instead of being able to time bar by 2003 they had to wait until 2004.

    When did you put your original complaint in? (before or after 2004)
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • cazashone
    • By cazashone 15th Jan 16, 8:00 PM
    • 5 Posts
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    cazashone
    friends provident time bar
    we wrote complaint letter april 2004. and friends provident told us that july 2000 letter gave us three years to complain and we had received letter july 2002 which had potential to give six months but they advised we had to reply by july 2003 Both letters were update on mortgage endowment plan which said high risk. So with first one giving five options last one being wait and see I have contacted Friends Life regarding the time bar letter and they advise that as there was a leaflet with the first letter called your endowment plan and delivering your needs. This advised that the option of wait and see only refers if there was a surplus at 8%. in our case we had a 2,000 shortfall and 14,500 at 6% and 24,200 at 4%
    • dunstonh
    • By dunstonh 15th Jan 16, 9:14 PM
    • 89,919 Posts
    • 56,594 Thanks
    dunstonh
    we wrote complaint letter april 2004. and friends provident told us that july 2000 letter gave us three years to complain and we had received letter july 2002 which had potential to give six months but they advised we had to reply by july 2003 Both letters were update on mortgage endowment plan which said high risk. So with first one giving five options last one being wait and see I have contacted Friends Life regarding the time bar letter and they advise that as there was a leaflet with the first letter called your endowment plan and delivering your needs. This advised that the option of wait and see only refers if there was a surplus at 8%. in our case we had a 2,000 shortfall and 14,500 at 6% and 24,200 at 4%
    Originally posted by cazashone
    I suspect you are too late for this. The person that succeeded in overturning it did so in court. You are past the 15 year point for court action now.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • cazashone
    • By cazashone 6th Feb 16, 4:49 PM
    • 5 Posts
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    cazashone
    re Friends life time bar
    hi there i notice you say we are out of the 15 year ruling when does that start is it at beginning of policy or from the date which you found out that you were missold policy. Also we have been trying to get the FOS to reconsider reopening the case due to what we have found about the time bar letter of 2000 not being sufficent but they are relucatant to reopen after our original complaint ten years ago any suggestions. We were ill at the time of their response in october 2006 which gave us two weeks to provide further medical evidence for mitigating circumstances. If the reprojection letter of 2000 is not good enough our complaint in march 2004 would have been in time as thier stronger second reprojection was august 2002 then we got red letters in november 2004 and october 2005 after we had complained to friends provident and FOS
    • cazashone
    • By cazashone 7th Feb 16, 3:43 PM
    • 5 Posts
    • 0 Thanks
    cazashone
    Regarding being time barred 2003 i have also been looking into ombudsman rules and FSA consultation paper 2003 states that The reprojection letter in association with a FSA fact sheet, provides the first reasonable point where consumers are likely to have the specific knowledge of their situation.

    So as we only got this leaflet with 2002 letter surely this should be start of our time bar three years , so my complaint march 2004 would have been within two years of this information? So do i have a case to go back to the ombudsman to reopen the case they telling me over ten years too late to complain 2000 letter wait n see options not good enough. Ive heard abut the fifteen year rule but not exactly sure what it means? .
    • dunstonh
    • By dunstonh 7th Feb 16, 4:37 PM
    • 89,919 Posts
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    dunstonh
    Ultimately, you are in the hands of the ombudsman. The Friends court case did not set a precedent and whilst the FSA later set some guidelines, it does not mean that those that acted prior to that automatically get their time bar made void. Indeed, we see similar today with some firms that have been successful in timebarring packaged bank accounts and PPI complaints because of earlier documentation that doesnt match the later requirements was good enough.

    If you cant persuade the ombudsman then it is game over.

    Ive heard abut the fifteen year rule but not exactly sure what it means? .
    It doesnt apply to the ombudsman. However, it does on taking legal action.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • cheekymonkeynotts
    • By cheekymonkeynotts 4th Oct 16, 5:08 PM
    • 11 Posts
    • 1 Thanks
    cheekymonkeynotts
    My parents had an endowment policy with Scottish Amicable, Prudential took over them.
    The policy was mis sold by an agent.

    They have paid all of this, but is there still nothing they can do to get money back they have paid?
    • dunstonh
    • By dunstonh 4th Oct 16, 5:42 PM
    • 89,919 Posts
    • 56,594 Thanks
    dunstonh
    My parents had an endowment policy with Scottish Amicable, Prudential took over them.
    The policy was mis sold by an agent.

    They have paid all of this, but is there still nothing they can do to get money back they have paid?
    Originally posted by cheekymonkeynotts

    Your post isnt clear. Are you saying they have already complained and had a payout?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • cheekymonkeynotts
    • By cheekymonkeynotts 6th Oct 16, 7:57 PM
    • 11 Posts
    • 1 Thanks
    cheekymonkeynotts
    Hi
    They had to get an extra mortgage to cover the shortcomings which was 15k mortgage.

    Not sure who to complain too as it was rejected many many years ago?
    • dunstonh
    • By dunstonh 6th Oct 16, 8:39 PM
    • 89,919 Posts
    • 56,594 Thanks
    dunstonh
    They had to get an extra mortgage to cover the shortcomings which was 15k mortgage.

    Not sure who to complain too as it was rejected many many years ago?
    Originally posted by cheekymonkeynotts
    You cant complain again. It is a once only thing. After which are you barred from any future complaint.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Christabelle
    • By Christabelle 10th Nov 17, 1:13 PM
    • 8 Posts
    • 1 Thanks
    Christabelle
    Bank / Provider: Abbey National
    Compensation : £4500
    The Story:

    This is the endowment belonging to my other half Kim. She and her ex-husband took the policy out for their first mortgage, then took a second endowment to 'top-up' on a subsequent move.

    Took approx 8 weeks from start to finish, and the policy(s) are still in force with 7 years till maturity.

    She used the info from this site to find out how to approach the Abbey without engaging the services of 'specialist' companies.

    She has said she is happy to offer blank copies of the letters to anyone who wants them.

    Originally posted by AndrewSmith
    Yes please re the blank letters as only just looking into this!
    • kingstreet
    • By kingstreet 10th Nov 17, 1:48 PM
    • 32,390 Posts
    • 17,392 Thanks
    kingstreet
    Yes please re the blank letters as only just looking into this!
    Originally posted by Christabelle
    Last here May 2016, so don't don't your breath.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • ClaimYourEnergy
    • By ClaimYourEnergy 29th Nov 17, 1:16 PM
    • 34 Posts
    • 6 Thanks
    ClaimYourEnergy
    Dear Martin,

    I have often heard about mis-sold PPI on your TV shows, but do not recall hearing about mis-sold endowments. However, I was reading an article about pensions on your site and followed a couple of links that led me to the "bad word endowment". This enlightened me to the problem I had had with my own endowment, and more importantly, highlighted that I *could* complain about it. As soon as I was aware I could complain about being "mis-sold" the endowment, I contacted Aviva straight away (the endowment was with Norwich Union in 1992), and after a few phonecalls and explaining our case in an email, we were awarded just over £7500. (Our position did come under "exceptional circumstances", but it is possible others may also be in the same position.)

    PLEASE can you highlight the point about mis-sold endowments from this time frame (on your TV shows), as there maybe others who, like my wife and I, were unaware that we could even make an "official complaint". NOTE: I am now aware that some NU customers would have been sent "warning letters", but we never received one. This may be the same for others because (like my wife and I), they may have taken matters into their own hands to resolve the "problem" before being "officially updated" by the provider. i.e. In the case of my wife and I, after noticing a problem with the "value" myself in 1999, we decided to save and pay off our mortgage in 2004. Therefore, we never received any "warning letters" and knew nothing more about it until I read on your article on your web site.
    Last edited by ClaimYourEnergy; 29-11-2017 at 1:20 PM. Reason: Format, Spacing, Clarity
    • dunstonh
    • By dunstonh 29th Nov 17, 1:47 PM
    • 89,919 Posts
    • 56,594 Thanks
    dunstonh
    I have often heard about mis-sold PPI on your TV shows, but do not recall hearing about mis-sold endowments.
    The endowment issue is largely considered closed now. Very few endowments are still running and over 3/4 of those are timebarred from complaint. Plus, the uphold rate on endowment complaints was only around 25-35% range. It was a big issue a few decades ago but pales in comparison with PPI.

    Martin has little time and a lot to say. So, he has to use his time wisely. There is little point mentioning endowment now. The latest FOS stats show that endowments accounted for under 1% of complaints. Motor insurance gets 8%. Mortgages 7%. Savings accounts get 1.5%. In volume terms endowments had 1511 complaints. SSAS has 1574. Yet most people wouldnt know what a SSAS is. More people complained about money transfers, travel insurance and buildings insurance amongst other things.

    The complaint uphold rate on those endowment complaints was just 14%. So, very little success.
    So, his time is best suited on issues which affect the most people. And that isnt endowments.

    NOTE: I am now aware that some NU customers would have been sent "warning letters", but we never received one.
    The warnings were contained within the annual statements.

    I'm surprised to hear of a recent Aviva complaint success as they could apply the timebar to most of their endowments and most of those became barred over 10 years ago. You mention exceptional circumstances. Maybe that is why yours was considered.
    Last edited by dunstonh; 29-11-2017 at 1:54 PM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. 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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