Endowment compensation query

MSE_Martin

May i just correct a subtle distinction

I didnt' quite say

"If you've got an endowment and haven't put in a compensation claim, why not?"

I said or words to the effect can't remember exact


"If you've got an endowment and were missold, which means you weren't told your endowment mightn't be able to meet your mortgage, and haven't put in a compensation claim, do it quick, you may be able to!"

And i absolutely stand by this. Many people were duped by a greedy and illinformed financial services industry and should seek compensation. I also then suggested don't go to claims handling companies but read https://www.endowmentaction.co.uk from Which. You'll see the notes on the Richard Hammond bit on the front page of the site.

Martin

Debbie1

dunstonh wrote:

Doesnt that mean that if 7% wasnt achieved you wouldn't have enough? You could slip up on that comment.

Just checked and the policy documentation shows 7% as the 'assumed growth rate' .

I don't recall there being any talk about it not being enough - as said earlier, he said I would get a lump sum or pay off the mortgage early.

defender_of_the_weak

Couple of points

Did you start the endowment before your mortgage?

Were you single with no dependents?

Some complaint companies will make the difference between winning and losing, some add nothing, a bit like financial advisers really.

Portaility of endowments as a reason for sale is a complete crock dreamed up ny marketing departments and ill informed sales people.

Debbie1

defender_of_the_weak wrote:

Couple of points

Did you start the endowment before your mortgage?

Were you single with no dependents?

Some complaint companies will make the difference between winning and losing, some add nothing, a bit like financial advisers really.

Portaility of endowments as a reason for sale is a complete crock dreamed up ny marketing departments and ill informed sales people.

Endowment was started at same time as mortgage and yes, was single with no dependants....does it make a difference?


Interesting point.......my endowment value has increased by more in the last year than it did in the two years previously added together. That said though, can't wait for next update as my 'alert letter' (sent last year) said at the end that if I want to complain I must do so by May 2006.