Act now on mis-sold endowments: new article

dreamylittledream

turbobob wrote: »

Agreed but I meant on the capital reduction if they accepted the offer and used the redress to reduce their mortgage balance.

Part of redress should always be to cover any ERC charged for paying the redress payment and the surrender value of the policy off the mortgage.

subsection C of RU89

AUSSY_2

defender_of_the_weak wrote: »

Because which were too lazy to do any proper research. They asked the claims standard council to send a form to their members ( I hasten to add this is not a club I want to join) The lady from which did not even remember that she followed me on a BBC feature regarding claims companies

I would be very surprised if MKFP apply for authorisation as they seem to be part of Sesame. You might want to raise it at the next regional meeting dunston

No we dont charge an upfront fee

Look up endowment companies on Guardian jobs and money

MKFP who are also claims firm serpsreviews (not be mistaken by serspsreview, proper pensions review company) claim they dont charge anything at all so how do they make money (whats the catch ?) ,nothings for free.If you go on google they are Tekram Goldberg ,are they the same outfit or connected , they don't appear to be authories to do claims either, sounds doggy to me what do think

AUSSY_2

defender_of_the_weak wrote: »

Because which were too lazy to do any proper research. They asked the claims standard council to send a form to their members ( I hasten to add this is not a club I want to join) The lady from which did not even remember that she followed me on a BBC feature regarding claims companies

I would be very surprised if MKFP apply for authorisation as they seem to be part of Sesame. You might want to raise it at the next regional meeting dunston

No we dont charge an upfront fee

Look up endowment companies on Guardian jobs and money

MKFP who are also claims firm serpsreviews (not be mistaken by serspsreview , proper pensions review company) claim they dont charge anything at all so how do they make money (whats the catch ?) ,nothings for free.If you go on google they are Tekram Goldberg ,are they the same outfit or connected , they don't appear to be authories to do claims either, sounds a bit doggy to me what do think

turbobob

Check whether a claims business is authorised at http://www.claimsregulation.gov.uk/search.aspx

lucyspoon

:j

Just wanted to post that yesterday after a long long wait and an investigation etc etc we were notified that we would receive
£13,641.81 for having been missold an endowment.
Got a bit of a hangover this morning!!!
Happy Easter........................and thank you for such a brilliant site - over the years you have saved us a fortune and I have recommended
my friends and they all use the site too :T ............................brilliant!!!!!!!
so happy!
:rotfl:

olsenpa2

I was going to report this in the successes thread but, I'm not sure.

Bank/Provider: Norwich Union (originally Provident Mutual)
Compensation: £800 on a £44,000 endowment taken on in March 88
The story:

Maybe I'm just greedy (yes), but I filled in the forms recently and NU have offered ~£800 plus expenses if I want to convert to a repayement.
There calculation is on the difference betweeen what I would have spent up to now on a repayement mortage v what I have spent on the endowment. i.e. to get me back into the posistion as if I'd gone down the repayment route.

It looks like they suggest cashing in the endowment and using that capital get a repayment for the remaining amount.

£800 seems small compared to the other success stories (being greedy again).
Should I cash in the endowment? All past advice has been to keep going to the end.

Any links to the software they use to calculate the amount?

P.

dunstonh

£800 seems small compared to the other success stories (being greedy again).

Generally, Norwich Union endowments are not bad. Indeed, in your case, just being £800 could mean that yours is in a suprlus position because the surrender value is likely to be higher than £800.

Not all endowments are bad and the better ones get little or no redress paid. Also remember that just because the endowment is in a shortfall position on a projection, it doesnt mean there will be a shortfall. With Profits endowments in particular are notoriously inaccurate on projections and NU ones often understate the likely outcome. Especially since NU tweaked the projection figures and removed amber warning to ensure virtually all the endowments can then be started under the timebar rules.

Any links to the software they use to calculate the amount?

It is called mortgage fundamentals. They use the correct method and unless the data input is incorrect you wont get it changed.

mayb_2

There is a link to the software on the Which site but you need to pay £50 to get access to this, it is the same as the system used by the Ombudsman.

It is as dunstonh says, your mortgage has not suffered as badly as some others have experienced with theirs so the payment is not quite so high.

I, personally, would be wary of leaving my money with any investor at the moment as the financial markets are taking a heavy pasting at this time with the sub prime market fiasco finally coming home to roost.

If you are happy to risk your arm on this one, that of course is your decision. But, as you will be put into the same position with a repayment mortgage as you would have been if you had always had one - changing to a repayment would at least mean that you have the assurance of knowing that your mortgage would indeed be paid at the end of term. They will also be paying the cost of setting this up. Nobody could promise you the mortgage would be covered otherwise, or that there would be a surplus so I would want to know that at least there was no chance of a deficit.

I would assume that you should also put the £800 into the mortgage as otherwise you will in effect be borrowing that much more and so paying interest on it until the mortgage is paid.

Good luck whatever you want to do.

learning_in_earnest

I have a 25yr endowment mortgage due to mature in 3 years.

I have received two, perhaps three red letter notices during the course of the last 18 months or so, BUT, haven't done anything about them as the way I read the notices, all the information seemed to be aimed at people who had endowments tied to a mortgage, which mine isn't.

I was told by the adviser when i took out the policy that not only would it cover the mortgage, but that it would DOUBLE the amount of the mortgage cover i required

Having now read the site info, I am wondering if I have missed the boat?

I have all the paperwork relating to the endowment, but having today looked at the red letters again, it says I must claim by January 2008.

Have I boobed, or can i write explaining that I have in effect only just become aware that I COULD claim - if in fact I am right in saying I can not have amortgage tied to the endowment?

Any help would be greatly appreciated.

Thanks.

dunstonh

Have I boobed, or can i write explaining that I have in effect only just become aware that I COULD claim

You are too late. You would have to have a good reason (and that typically means out of country for 3 last years or in hospital for most of it or wrong address so you never were told).