have no info who sold my endowment,can i still claim?

deb54

I was sold an endowment policy 18 years ago annd have been told by Standard life there will be a shortfall. I cant remember who sold us the policy, Would it have been someone to do with cheltenham & glouster? I dont think ive got any papers to do with it. HELP!

EdInvestor

Contact Standard life.They will tell you who is recorded as the seller.

geri1965_2

The problem as I see it is that if you can't remember who sold it to you, how can you remember what advice they gave you at the time?

I have a similar problem, I know who sold me mine but I can't for the life of me rememeber what they said at the time. I'm assuming they never mentioned a possible shortfall (or I don't think I would have taken it out, as a nervous first time buyer) but how can I prove that?

deb54

I know! how can I remeber when it was 18 years ago! since then Ive had 2 kids and a divorce. and yes like you say I'm sure they never mentioned a shortfall. So do we apply for compensation or not?

dunstonh

deb54 wrote: »

I know! how can I remeber when it was 18 years ago! since then Ive had 2 kids and a divorce. and yes like you say I'm sure they never mentioned a shortfall. So do we apply for compensation or not?

You are complaining about the advice given. As such you are saying that things were or were not said. You acknowledge that you cannot remember so any complaint you make would be on a potentially fraudulent basis.

At least you are honest that you cannot remember. I cannot remember the vast majority of appointments I did in the 90s individually. I recall the processes and what would have been said and documented but I couldnt tell you how the conversations went for each one. I have seen a number of complaints over the years (as we are shown example complaints and outcomes as a way to protect ourselves in future) and there are loads of people that have an amazing recollection of exactly what was said. That is until its something that would work against them and suddenly they cannot remember that bit. Selective memory is a major problem with long term complaints.

You need to decide if you going to be honest or not. Thats what it really boils down to at the end of the day as it will require you to say in your complaint that it was mis-sold because.... if you cannot remember then you will be making it up. Your choice...

deb54

Thanks for your advice, I'm too honest to tell lies so I've decided not to claim. one other thing though, should I cash in my insurance policy? I'm a bit short of money due to both my children at uni. i hav 8 years left on the policy, surrender value now is £12,000 they guarentee the sum of £18,000 at maturity. Should I try to keep it on?

EdInvestor

Post some more info about the policy

Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date
Maturity forecasts
Interest rate payable on mortgage

EdInvestor

deb54 wrote: »

I know! how can I remeber when it was 18 years ago! since then Ive had 2 kids and a divorce. and yes like you say I'm sure they never mentioned a shortfall. So do we apply for compensation or not?

Ask yourself the following question:

Were you told there was a risk the endowment might not pay off the mortgage?If you were told about this risk, would you have agreed to the endowment mortgage?

If you were not told, the policy was unsuitable for you because it did not match your attitude to risk.That's all you need to say in your complaint.

Many people (perhaps the majority)were told the endowment would generate an extra cash sum on top of the mortgage.They were not told there was a possibility the endowment would fall short of paying off the mortgage, much less generate extra.

This is the basis for most successful endowmewnt misselling complaints.

Most companies cannot defend endowment complaints because they have destroyed the files.It is the companies that are required to prove the complaint has no merit, not you.

ohmsoft

Can I just add that you may well not have to lie - the seller will send you a questionaire to complete. If it asks "were you advised of the risks of a shortfall" - simply answer "I certainly don't remember being advised of this!".

The remainder of the complaint investigation will be based on your circumstances at the time ie did it fit your risk profile, can they evidence what was discussed.