Act now on mis-sold endowments: new article

Crazy_Saver

mayb wrote: »

Hi Crazy Saver - I have been looking about for you too. I have been around but not found anything to get really stirred up about lately. How about you -did you get any good advice about your endowment situation. Anything new on that? I am crossing everything for a win on the premium bonds in June myself.

Hi mayb,

Our final submission letter went off to the FOS last week in preparation for our case being forwarded to an ombudsman. I had to chase them up to get acknowledgement of receipt, they couldn't find it at first but luckily we'd sent it recorded delivery. It turned up eventually!

But, when we finally received a reply in writing they said that they would be sending a copy to the "firm" for their records. I queried this immediately and asked them if it was common practice. Their reply was

Yes, it is common practice to send copies of submissions to the other party to the complaint, under the rules of natural justice.

I replied asking why the rules of natural justice didn't apply to us, as we had never received any copies of correspondence between the FOS and the firm?

I have since received copies of their correspondence since the date of the adjudicator's decision, but I have had to ask again for everything before that date.

And they say they are not biased:mad:

Regards

Crazy Saver

rambo65

Here goes maybe
Winterthur life have not paid up on the mis sold endowments as we were too late in following it through(3 year thing) but the trouble we had was my daughter was very ill first they thought it was tuberculosis then later had to have a lymph gland removed by that stage everything like endowments went out of the window - I just wanted to now if anything like that had happened to anyone else with this company? Spoke to ombudsman they were really nice but said too late in trying but if it had been before (3yrs) we would have won

mayb_2

Rambo 65 there are certain circumstances where you can appeal against the three year rule.

This link was posted a while back by one of the regulars on this site - it might give some advice.

http://www.thisismoney.co.uk/mortgages/endowments/article.html?in_article_id=417111&in_page_id=55

I know what you mean about everything being unimportant when your child is sick. My son had Meningitis one year and he came out of hospital just before Christmas - it was the best (and only) present we had that year. It took months for us all to pick up our lives again. I do hope your daughter is better now. The Ombudsman's comment just goes to emphasise just how unjust the time bar rule is. How can they come up with stuff like that?? I do hope you manage to get some recompense for your mortgage. Good luck.

mayb_2

Well Crazy Saver I have been banging the biased drum on this site for longer than I care to remember. We only received the other sides correspondence to the Ombudsman regarding our endowment assurance policy, and the very little evidence that they had produced in support of their case, after the Ombudsman had reached his final decision. The CIS on the other hand had a letter from the Ombudsman each time we made a challenge - inviting them to respond to our claims. We didn't see any of this until too late either. Quite often the CIS had no answer to offer the Ombudsman to our questions so the Ombudsman made up some excuses for them. When we tried to challenge the Ombudsman's service through their very 'secret' complaints procedure, we found that they closed ranks and found no fault with their own service. Not much of a suprise really - institutions who are responsible for policing themselves are unlikely to find themselves at fault.

We should have complained to our MP but we were just exhaused with the whole process which had taken over two years by this stage - took the little money we had got and went on a wonderful holiday instead. I don't regret that at all - We just take it one day at a time now and will work it out somehow. We might get one of those lifetime mortgages and leave the mortgage to our children - they think thats a great idea the house is worth more than we owe so they will still be quids in.

Eventually your house will be worth much more than your mortgage and your children will have grown up and you will find some way round it all.
We are so grateful that the company we had our endowment mortgage with put their hands up straight away and paid out without a murmer. I have heard that their attitude to complaints changed in later years though.

Keep in there and don't let it get you down.

Crazy_Saver

Why are these things never straightforward............

E-mailed FOS again today to chase up correspondence. They must be so sick of me!

I know many posters on this site are of the opinion "move on-learn from it-forget about it-you should have known better" etc., etc., and sometimes understandably so.

I am not in this so much for the money any more, I am aware that it has probably gone forever and I am in the process of re-organizing our finances so that hopefully we won't be paying our mortgage right up our retirement which is what the adjudicator is suggesting we do.

The reason I am still persuing the complaint is because I am a stickler for honesty and fighting for "the little man", (otherwise known as a loudmouth I suppose. At work it's always me who people ask to raise points in meetings, although I always listen to all points of veiw and will only fight for what I believe to be fair).

Ideally, I would like the advisor that we dealt with to be honest and admit that she wasn't exactly 100% honest with us. Maybe she didn't blatently lie, but she was definately economical with the truth. I would also like to know if we are the only people to complain about her, or the firm that she still works for. I know it wouldn't affect my present circumstances but it would be interesting if it turned outh that there were quite a few complaints brought against them.

I am also aware that not everyone is as honest as me and there are some who are just jumping on the compensation bandwagon, and the system that I am battling against is as stringent as it is because of these people. But, at the end of the day, how can I back up my case if I am not given access to the other party's comments or statements until after a decision has been made? Especially as they have had access to our correspondence all the way through!

They could be saying/fabricating anything they want at the end of the day, and we would be none the wiser.

Regards

Crazy Saver

ginger_nuts

I took out a" Low cost" mortgage fron standard life (via halifax ) in 1991
It was for £16600 but current value is about £5,000 .It is a 25 year policy so still has a few years to run

can I claim anything

rambo65

mayb wrote: »

Rambo 65 why don't you explain your problem with winterther life and see if anyone can help you. The missale is all to do with what happened to you when you bought your policy and even if the company is not particularly known to anyone you might still get some advice on here.

Ref above I have downloaded letter but everyone on this site says dont say mis sold what do I say? then? That is what it was?

awhitmore

Hi,
Mrs Phatram here,
We had 2 endowment policies, one for the original house purchase, the second when we topped up our loan for home improvements. We put in a claim on both policies and were paid out by Abbey Life (2nd policy). Friends Provident, who sold us the first policy THROUGH Abbey National (as they were tied to them at the time) refused any compensation. We thought this strange at the time - how could one firm accept liability but the other not - but Friends Provident refused to budge. How do we stand now? Have things changed at all? The worst thing was that I was employed by Abbey National at the time of taking out both Loans!
Thanks, hope someone can advise.

soolin

Very bad spam...reported

Grahampoor

Hi there i hope im doing this right ?!
I would like to ask what, if anything we can do about an endowment that was signed in 1986 before the FSA umbrella started ,that was signed up by a company called peter rainbow .We have contacted the company about being miss sold and they say that they will do nothing ,and that all we can do is go after the guy that sold it to us ,as they used an independant FA at that time . because of the year i believe that the FSA & the ombudsman wont get involved ? Is there any hope for me ?