Act now on mis-sold endowments: new article

TOBRUK

Thank you for your reply dunstonh, well I am sending it to the address (head office) which appears on top of the correspondence of the mortgage woolwich statements I have received. It has my details and account number of mortgage etc. Surely someone would have replied even if they were to say wrong address?

dunstonh

Dont send it to the mortgage company. Send it to the endowment company. The mortgage company may have no record of the endowment policy and not know who to forward it onto.

TOBRUK

The endowment company originally was the woolwich but changed to Barclays (I only noticed through receiving a statement) a few years later. So do I send it to Barclays or the woowich endowment company, as it was Woolwich I had it with originally? If that's the case, they wouldn't be the people who originally sold me the endowment! I don't understand, as I was sold the endowment in the woolwich building society - if I send a complaint to barclays, surely they can't take the blame for something woolwich building society adviser did?

dunstonh

The life company of the banks/building societies are different companies within the same group. I started out many years ago as tied agent for a bank and in the branch I wasnt allowed to see any client details and I wasnt allowed to provide the bank any details that I had. Even though we had the same logo on the letterhead.

So, you send it to the last known address of the life company, not the lending company.

TOBRUK

Thank you so much for that dunstonh - I would be waiting for a reply for months, not only that, I would have sent copy of the letters and complaint to the ombudsman - can you imagine!

Hope you don't mind giving me just another piece of advice? Do I take it that I don't have to explain to them (Barclays Life Assurance) that they did not sell me the original endowment? Seems unfair that they will take the brunt! Also, do I tell them that I had sent the Woolwich the original complaint letter on 13th January?
Sorry to bombard you with questions - I don't have a clue about what to do about these things.
Thank you again so much

dunstonh

Barclays Life took on responsibility of Woolwich Life. Much in the same way Scottish Widows deals with LTSB Life and previously Black Horse Life complaints or Norwich Union deal with Commercial Union or Guardian. Or Friends Provident deal with London & Manchester.

As you see its not uncommon.

TOBRUK

Following your advice dunstonh, I have now changed the address on complaint letter to Barclays Life and will post it tomorrow. I have not mentioned that I have previously sent a complaint to the Woolwich as it would be irrelevent. I do hope however that I am not too late in issuing a complaint.
Thank you again for your help and patience - very much appreciated.

marto

well done DUNSTONH for taking time out to help someone in need this is the true meaning and spirit of these forums well done once again

TOBRUK

well done DUNSTONH for taking time out to help someone in need this is the true meaning and spirit of these forums well done once again

Hear hear! I only registered yesterday, first time on the forum and was unsure whether to ask for help here or not - I am so glad I did! I can't believe someone responded so quickly and put me on the right road. It's difficult to know what to do and where to go when faced with something as complicated (to me) as endowments and such.

Victors_Bruvver

I think I have been remarkably stupid and not addressed this subject before as I thought it did not affect me. In October 1982 I took out an endowment for £27,455 to mature 25 years later in 2007. Five years later I moved home and I used the original endowment and took out a further policy from the same assurance company to enable a “top up” on the mortgage by £15,500. Sounds very messy but the bottom line was that I needed a mortgage of £43k and, rightly or wrongly, went about in this way.

I have no problems with the second endowment, as I went into it that with my eyes wide open and did not ask, or receive, advice as to should, or shouldn’t I proceed with it. I am therefore resigned that it may have a small projected shortfall, but by then, we will be sold up and downsized with, hopefully, money in the bank.

As the original policy matures next year with a lower end projection of 4.0% or £32,400 in total which includes a bonus of £4,955, I was “fairly” happy with this. However, looking through this forum it has suddenly occurred to me that I think that I should have made a mis-selling complaint based on the fact that the agent showed both my wife and I a projection that was, at the time, “mega bucks” – a little more I seem to remember than the figure I quote above!

I have checked with the Prudential who now hold these policies and they tell me that whilst I have a red warning on the second policy, nothing has been sent on the first as it was going to pay out a bonus so there was no need. I still think that I can make a claim but before I make myself look truly stupid with the people I am claiming from, I would like to ask for someone’s help & opinion here please.