How to claim for endownment shortfall

chemsis99

We had an endownment policy to cover 70K, however we were ntified of a shoretfall and decided to cash in the endownment and change morgage to a staright repayment. I understand that although we have cashed in the endownment we can still make a claim

What is best, to claim ourselves or to use one of these comapnies who are advertising, is so which on. I have been contacted by EMC who work on a no win no fee, of whci the winning fee is 29.4%. Any advice much appreciated

defender_of_the_weak

29.4% way too much money. You can use the which website for nothing or if you don't have the time or inclination look around on the web. Tiscali money has links to various articles about claims companies as does the guardian jobs and money. Dont pay more than 15% in total if you do want to use a company.

As a matter of interest if you let me know who the policy is with I can probably give you an idea of your potential success rate, also when you cashed it in.

Lorian

And remember the claim is for being miss-sold a policy not for the shortfall. Don't go expecting any potential compensation paid will be of the same value.

chemsis99

defender_of_the_weak wrote:

29.4% way too much money. You can use the which website for nothing or if you don't have the time or inclination look around on the web. Tiscali money has links to various articles about claims companies as does the guardian jobs and money. Dont pay more than 15% in total if you do want to use a company.

As a matter of interest if you let me know who the policy is with I can probably give you an idea of your potential success rate, also when you cashed it in.

The policy was with Canada Life but sold via Manaulife Financial. Policy started April 95 for sum insured 70K. The policy was cashed in march/April 2003.

Thanks for any advice

dunstonh

I cant see any Manaulife Financial on the FSA register. It could be that they ceased to exist prior to FSA. Or there is a spelling mistake

DOTW, are you aware of any timescale on how long a surrendered policy can still put a claim in after surrender?

As it currently stands, in many cases, people who surrendered a few years back are likely to get higher compensation than those that remain with the policy now that many endowments are returning to green again or at least heading that way (and therefore have higher surrender values).

SBM_2

Sorry for butting in, but

If you have been missold an endowment, how do they work out a resonable amount of compensation, is there some industry standard that they use.


Cheers Sbm

defender_of_the_weak

Canada Life absorbed Manulife some years ago, they seem reasonably fair in dealing with complaints but overall my statistical sample is quite small.

Dunston, the oldest we have succesfully claimed for is a policy surrendered in 1992 but this varies wildly from company to company and many of them the financial institutions apply time bars not only ruthlessly but also deliberately incorrectly.

If you could shine a light on the practices of major financial companies who constantly advertise about treating you better or being a valued customer the CEOs chairman etc should but never would hang their heads in shame about the way they are ruining people lives.

If the olicy was cashed in in 2003, the chances are that the second red letter was missed and therefore timebar rules may not apply

chemsis99

No second red letter was ever received. So I guess I am ok to go ahead and make a claim. I have contaced a few comapnies and just waiting for claim packs etc and to find out what hey are going to chage in a case of a win.

Many thanks