Act now on mis-sold endowments: new article

maccon

Can anyone please help here?? I was mis-sold a Standard Life endowment in 1993 by Mortgage Advisory Centre (MAC). I complained directly to them, which was rejected. I then complained to the Financial Ombudsman who took over 2 years to find in my favour, instructing Mortgage Advisory Centre to pay compensation and interest within 28 days. 21 days later the MAC went into liquidation!! My claim was then taken up by FSA who then advised that, as my claim was prior to 1994, it was not against Mortgage Advisory Centre Limited, but Mortgage Advisory Centre, the partnership. Went back to Financial Ombudsman who said they could do no more, even though they did not pick up on this point, and I should take independant action against the directors of the firm at the time. I then wrote directly to Robert McGrail, c/o First Mortgage, Walker Street, Edinburgh to receive no response. I am unsure how to take this forward with independant action, and also what level of compensation is due as this may affect a small claims court action. Furthermore, could someone please advise if I am now time barred from claiming compensation?? Please help as do not know where to turn to now!!

Lindawh

Hi, can you tell me where abouts on Which it is. Many thanks

clix

we were sold an endowment mortgage in the late 80's by what was then the woolwich and now Barclays bank. We applied for a refund and supplied them with our account number. However they have since destroyed our records and we were not able to give them a policy number as all we had left was the dd info from our bank statements of the time which was the account number. They say they cant pay out without a policy number do we have a case ?

dunstonh

clix wrote: »

we were sold an endowment mortgage in the late 80's by what was then the woolwich and now Barclays bank. We applied for a refund and supplied them with our account number. However they have since destroyed our records and we were not able to give them a policy number as all we had left was the dd info from our bank statements of the time which was the account number. They say they cant pay out without a policy number do we have a case ?

Insurance companies do not destroy records. However, they will need sufficient data to do a search. Name, address (past addresses) and dates of birth are required.

If you are writing to the lender, they have no hope of finding it. You need to get the data from the insurance company.

TeeVeeBee

I bought my Endowment Mortgage in March 1988 from Abbey National who were tied in to Friends Provident at the time. I claimed that "negligent misstatements were made and the policy was misrepresented to me" [Financial Ombudsman's words] at the time. When I was informed in 2001 that my endowment would be at least £14,900 short and no lump sum.

I then started the process of seeking compensation from Abbey National. A year later and after many letters I was informed by the Financial Ombudsman that I had no claim. Which I had to accept.

In the last 5 years I have followed the 'endowment debate' and realised that many folk [including a friend] had been compensated in similar circumstances to me. I now realise that it was due to my naivety and not giving all the evidence and facts, that I did not succeed.

CAN I START THE PROCESS AGAIN? or is there another way I can 'sue' Abbey National/Friends Provident? Perhaps through the Small Claims Court?

Lyndafootsie

Hi
Can anyone give me some advise,I have sent te first letter complaining of mis sold endownment to the IFA company detailing my reasons.I have had aresponse saying that they do not agree and that they have followed all the proper procedures.
Where do I go from here?
I spoke to them after there responseand found them to nbe quite rude.
Any advice would be gratefully recieved.
Thanks

dunstonh

Answering last two posts in this one.

Lyndafootsie wrote: »

Hi
Can anyone give me some advise,I have sent te first letter complaining of mis sold endownment to the IFA company detailing my reasons.I have had aresponse saying that they do not agree and that they have followed all the proper procedures.
Where do I go from here?
I spoke to them after there responseand found them to nbe quite rude.
Any advice would be gratefully recieved.
Thanks

The response they have given should tell you that you can go to the FOS if you are not satisfied with their reasons why you are rejected. Although, if your case was pre-regulation, they would not include that option as it wouldnt apply to you.

CAN I START THE PROCESS AGAIN?

No. You only get one attempt unless new information comes to light.

or is there another way I can 'sue' Abbey National/Friends Provident? Perhaps through the Small Claims Court?

No, you would have timed out on that option. Plus, you would have to prove mis-sale and thats a lot harder than the method that the FOS use (where the company has to show it wasnt mis-sold).

broomfield

I have been offered compensation but am unable to check the figures supplied by the lender. I need to know the amount that I would have paid off on a repayment mortgage of £75,000 taken out in September 1986. Surprisingly, the Ombudsman Service do not actually check the figures submitted to them.
Any help would be greatly appreciated.

dunstonh

I need to know the amount that I would have paid off on a repayment mortgage of £75,000 taken out in September 1986.

The figures use a defined calculation and you should be given the figures input as part of that. Part of the calculation includes comparing it against a repayment mortgage. That includes not only what the balance would be now but also the difference in monthly costs. Endowment mortgages were typically cheaper than repayment mortgages (one of the most common reasons for doing them).

Surprisingly, the Ombudsman Service do not actually check the figures submitted to them.

If the correct calculation is used, why should they?

rambo65

zippedup wrote: »

rambo

my husband and i had an endowment with colonial who then changed name to winterther. we havent proceeded anything yet.

can anyone advise me if its too late now?

Did you hear anything from winterhur we have just rcvd a quote:beer: