Endowment Mis-selling

xwordmad

Hi, I am new to this site, so please excuse me if I have posted this message in the wrong place. For about a year I have been pursuing an endowment complaint through the solicitor I bought the policy through. They admit they have mis-sold it me and have asked for interest rates of the mortgage companies I have been with throughout its term... I was unable to supply one of the companies as it was so long ago. I submitted this info to the solicitor in November and since then heard nothing despite further letters and emails. Does anyone know how long it takes to settle these claims? Is there any set guide lines? Do I have to go through the Law Society now? Thank you in advance.

GIRLPOWER_2

http://forums.moneysavingexpert.com/showthread.html?t=4722

Have a read through this lot.. sure someone will be along soon to help with your question.

xwordmad

Thank you Girlpower for that, Hope someone can help soon... I am at a loss what to do.

defender_of_the_weak

Keep pursuing your solicitor in the short term. Solicitors are slow at dealing with these issues but if you have not had a response soon drop them a line regarding possible referral, but ensure you tell them you want to sort it out amicably. There is a danger that the firm may just turn round and say 'fine' and the whole process starts again thereby delaying the case again.

Difficult balancing act required here I am afraid

EdInvestor

Is it not normal procedure to use EITHER the actual mortgage rates paid, OR the Halifax SVR where they are not available?I understood that using the latter does not confer an advantage on either side and was widely accepted.

defender_of_the_weak

Only normal for financial advisers and institutions, solicitors dance to a different drum

xwordmad

I appreciate the advice. I spoke to the Law Society today and they suggest I write in, which I will consider if there is no responce shortly. If the solicitor does say 'fine' go to the law Society, does all the correspondence then become void then and the process starts again? (as they have already admitted in writing that they mis-sold). Also what does SVR mean please? Thank you.

dunstonh

SVR = standard variable rate.

DOTW can answer the other bit as he would know far more on that front.

xwordmad

Thank you, I look forward to your futher advices DOTW. All help greatly appreciated.

defender_of_the_weak

The original complaint remains upheld, but the law society process moves exceeding slow and this will obviously delay payment of your compensation. You can ttake the fist steps with the law society and this will take a few weeks for the paperwork to be dispatched etc so you can work on two fronts, try to resolve the matter with solicitor but also get moving at the same time

xwordmad

Thanks for the advice, sounds like a good a plan. Will keep you all posted.