Act now on mis-sold endowments: new article

mayb_2

Logic will definately break your heart on this one then. I still think it is worth getting all the paperwork and they have to supply this if you ask for it under the DPA. This doesn't sound like a straightforward sale by an Accountant to a client does it. I wouldn't give up until all avenues had been exhausted.

I still cannot get to grips with the way all these finance people are so protected by the laws. It is something that, if taken as a group action to the courts, could perhaps be changed by case law. If it was sold in such a way that it would be classed as a missale by an FA or agent, then it should still be classed as a missale by who so ever sold it. Our mortgage endowment had been sold to us by an FA working for an Estate Agent and the finance company had changed hands several times. The finance company picked this up and paid out recompense without a murmer. Why can't all the others act in this way? It would so help to keep confidence in the industry. The FSA was set a task of achieving this but contribute only to the mistrust we now all feel.

Having said that as I and others know to our cost, only mortgage endowments appear to be covered at all, as anything else cannot be pinned to a return amount promised. It is obvious with a mortgage that the amount was intended to cover that and they can't get away from that fact. Then at the same time they deny that other endowments were missold too. As if there could possibly be a difference. They could still pay out redress on these, based on the premis of how much return you could have received if your money was in a savings account during that period in time. Not that, that would be enough to make up for the real losses incurred by those of us who had them.

It would not cost them their reputation or more than a reasonable amount of money, so why do they get away with burying these sales and in our instance, breaking financial regs by not telling the client what is happening to their money or that the fund invested in had been closed?

SWINGONRAY_2

Hi am posting this in the hope someone can offer some advice.

MY husband and i were mis sold an endowment by independent financial advisor who has since disappeared ! What do i do next ? the story so far is -
We were mis sold Woolich Life policy in March 1994, surrendered policy July 2003. Wrote to Woolwich in Redhill,Surrey in 2004 when we discovered we could complain. Through media we understood poilcies were taking up to 2 years to be sorted out so we left it until April 2006 and wrote to woolwich,Redhill again. This time the recorded delivery letter was eventually returned stating they had moved. Emailed Woolwich asking for new address and attached original letter, they replied saying it had been passed on and gave me new address for Woolwich - they had moved to barclays in London. Sent letter through recorded post to Barclays in London. Still no reply. Have just writen a new letter attaching orginal stating i will not give up and can they respond to me. Do i have a hope ????

dunstonh

MY husband and i were mis sold an endowment by independent financial advisor

That isn't likely. You say the policy was Woolwich Life. Woolwich don't use IFAs. They had a tied salesforce so you would have used an insurance agent and not an IFA. It does pay to get your facts right when making a complaint. If it can be shown that your information is incorrect, inconsistent or even lies then if a balance of probability decision needs to be made, it can work against you. Especially if you use a style of wording in your complaint that is adamant you were told this or that.

Insurance companies keep the old addresses running on redirect so it doesn't really matter if you use an old address.

Can you clarify if you got a response from your 2004 letter?

You don't need to put the complaint in writing. You can put it in over the phone. So ring them up and register the complaint.

SWINGONRAY_2

No Real Contact In 2004 , Just My Letter Returned With Crayon Marked All Over It Saying Woolwich Had Moved Away.

dunstonh

I would phone them up to get your complaint registered on their systems and tell them you have contacted them before and got no response. Then take it from there.

treliac

If you change from I/O to repayment (having paid on interest only basis for several years), the mortgage will be extended for so much longer. Should the calculation of redress for mis-selling take into account the fact that much more interest will have to be paid on the loan over the extended life of the mortgage, particularly if the redress is calculated some years after the changeover?

- Just trying again with this. If anyone can suggest or advise how it works, I would be very grateful. Thanks ....

mayb_2

I think the answer is logically it should but in practice it doesn't. They will look at where you would have been at this point if you had taken out a repayment mortgage at the outset, and then redress the balance between where you would have been and where you are at a point in time.

Ripped_off_6

Baskervilleboz wrote: »

Morgan Green Cold Called us Ref Serps contracting out . Mr Foolish here just lost £500 to MG despite them saying that if a claim was not worth pursuing then they will refund monies.

What happened next may be happening to thousands of others.....

Suprise, Suprise.... It all ended up with Ombudsman and Morgan Green saying they are suprised at the verdict..... but there is NO REFUND !!!!!

It will not cost any more (!) if we can provide further information Re Serps contracting out info. Seems like a dead duck.

We feel stung.

Have heard that COLD CALLING by companies like this is illegal ; If so Who do we contact for further advice please?

We were lead to believe that this was failsafe BEWARE it is not! We suspect that many cases are being referred to Ombudsman and then rejected.

Could it be be that after the 14 day cooling off period MG know that the Ombudsman may/ will be involved and Morgan Green will not be able to refund unsuccessful claims under this scheme.

If so they will not tell you.

The understanding is that they only pursue claims that will have have any success - We believe this may be a neat sidestep by MG when the Ombudsman is involved and MG will NOT be refunding based on any Ombudsmans negative verdict .... Is this not miss-selling ? This outcome was never explained in the cold call or at any other time by Morgan Green. We were lead to believe that they will only pursue cast iron outcomes - This is sadly NOT the case! BEWARE!
:mad:

Hi Bob
I have sent you a message regarding these gross people of Morgan Green. I to was pestered for 3 months onn there cold calling campaign. There were and helpful and as per the comments of the Ombudsman didnt really have a case to answer. I am thinking quick bucks sell!. There refund scheme looks great on paper! then again so does my fantasy football team and there crap, lol.
I am waiting final response from them tomorrow I will let you know the outcome. If not a good one, I am now waiting response form the ministry of justice. I also paid by credit card and beleive that if you pay by card and dont get the service you pay for you can claim through the card company and they can then persue the company for the money owed.

Maybe that answer is in here somwher I will surf.

Speak soon

Retired_I.F.A.

treliac wrote: »

If you change from I/O to repayment (having paid on interest only basis for several years), the mortgage will be extended for so much longer. Should the calculation of redress for mis-selling take into account the fact that much more interest will have to be paid on the loan over the extended life of the mortgage, particularly if the redress is calculated some years after the changeover?

- Just trying again with this. If anyone can suggest or advise how it works, I would be very grateful. Thanks ....

As far as I know, redress puts you back in the same position as if you had taken on a repayment mortgage in the first place. Yours I think you have previously said was a pension linked mortgage so lets say it was done over 32 years for a figures sake as it was likely to coincide with retirement. Should the complaint be upheld then the redress should put you in the position you'd now find yourself in if you had taken on a 32 year repayment mortgage.
However had the salesman who convinced you to change lets say a typical 25 year original term mortgage to a 32 year one then the redress would be as putting you back into that original term.

What term you chose switching back to repayment is your choice and does not come into it.

p.s. Wish i'd sold you that pension linked mortgage, you'd have understood it and laughed at those that took on endowments, then and now.

mandy01

I wondered if any has any advice regarding applying for mis sold endowment if you no longer have a mortgage. I have recently written to the compnay that sold me an endowment that is not performing to the level I was told it would and will not meet its target. I no longer have a mortgage but wondered if this will effect my application. I did include in my letter to the company the little sketches that the advisor sketched showing only that the investment would go up. They have now sent through their quetionaire and there are questions on there like my new earnings which are far more than they were and questions regarding my past mortgages. Although I am not married I co habit with my partner and on the form it asks for 'Partners earnings' I feel that this should not come into the scheme of things and should not be included does anyone agree?