Act now on mis-sold endowments: new article

treliac

Scaredy_Cat wrote: »

And when you say people lie, it could be me or the sales rep... fair enough but in the absence of any proof either way, why should they automatically rule in Halifax's favour? Purely because of the date as far as I can tell.

Too true. There are just too many accounts posted on these threads alone for the balance of probabilities to stack up in favour of the very clear fact that advisers/sales people used completely disreputable and dishonest tactics to sell their products to 'earn' their commissions.

(For when the outcry appears - I know there are honest people selling mortgages, but there have been, and still are by all accounts, a great deal of dishonest ones.)

Scaredy Cat, I really don't know whether there is any further route for you to take this. In the past various suggestions have been made such as going to your MP and to court, although the latter would be of no help as the costs would be enormous and the need to prove your case even greater than with the FOS. The only possibility that could be hoped for lies with the pressures that are still around (there are petitions and action groups still campaigning) for further action for people who are suffering mortgage mis-selling losses.

It's worth considering too, that there are people around who still do not realise the situation they are in, so the whole thing is not going to go away even if most people are now theoretically time-barred.

Scaredy_Cat_3

Thanks for the sympathy, Treliac. I guess I just need to put it down to experience - I keep hoping things will change every time I see another headline about people getting compensation!!!

Coolchick

It is my job to assess Mortgage Endowment complaints, and the amount of 3rd parties that actually slow the process down and don't appear to have a clue themselves is amazing. The whole purpose of compensation is to put the customer back in the position that they shouldv'e been in at the point of sale. Therefore, by the 3rd parties taking sometimes 35% PLUS VAT of the redress offered does not acheive that.

So if you still have time to complain I recommend going direct to your provider, and if you are still not happy you can refer the case to the FOS - which is all the 3rd party would do anyway.

The provider will look at ALL aspects of the sale even if you only say in your complaint "you feel the plan has been mis-sold"

I hope this helps!

jamsandwhich

Hi,
First time poster of the site but have just spent hours reading throught the threads and am hoping someone may be able to help / advise.

We have an endowment policy with Standard Life which was most definately mis-sold - when we took it in 1995 as first time buyers we were determined to have a repayment mortgage but the guy said that at our age and by the time we come to pay it off the markets will have changed. We have since changed to a repayment mortgage but keep the endowment on as a savings policy in the hope that it will mature well.

I need to dig out the paperwork and check again but we have in the past couple of months tried to claim for the shortfall but have been told by SL that we are now time barred as of August 2007 - is it too late to try and claim? They have copied a letter stating the time to claim by but we don't have this letter although we have every other letter they have sent and we don't remeber receiving this one.

Really just want to know if there is any way we can pursue this as it looks like we may only get back what we have paid in.

Thanks.

dunstonh

we are now time barred as of August 2007 - is it too late to try and claim?

Yes. That is the point of the time bar.

They have copied a letter stating the time to claim by but we don't have this letter although we have every other letter they have sent and we don't remeber receiving this one.

You are told multiple times over the years when its due to time out. So, even if you miss one, you should have had the others. However, the process is automated with most of the notifications being included with the statements.

jamsandwhich

Thanks for taking the time to reply. TBH don't know how I missed it, but it is a lesson in life to read, read and read again!!

Lynn_Jones_2

Has anyone got any information or comment on the website entitled,"Cartel Repayments?" According to the Mortgage Finance Gazette a law was passed to protect mortgage borrowers from unscrupulous selling of debt- release- by- increasing mortgage / borrow- 11- x -your- salary advice. This website looks to me to be also an unscrupulous company of solicitors who may run off with your money.
But the law change looks rather interesting! I'd LOVE your thoughts on this, Martin.

dunstonh

Lynn_Jones wrote: »

Has anyone got any information or comment on the website entitled,"Cartel Repayments?" According to the Mortgage Finance Gazette a law was passed to protect mortgage borrowers from unscrupulous selling of debt- release- by- increasing mortgage / borrow- 11- x -your- salary advice. This website looks to me to be also an unscrupulous company of solicitors who may run off with your money.
But the law change looks rather interesting! I'd LOVE your thoughts on this, Martin.

This thread is about endowments. However, in answer to your question, you may like to take a look at this warning that the OFT published recently and decide if it fits what you are referring to.

http://www.oft.gov.uk/news/press/2008/consumeralert

pablo1827

I have an endowment policy with standard life maturing in 2015 which at the last reveiw is facing a £10000 shortfall.I tried to claim commpensation about 3 yrs ago but as the policy was sold to me by my solicitor in Scotland i was told that i could not claim through the FOS but had to take my case to The Law Society of Scotland.They ruled at the time that the solicitor who sold me the policy had ceased to be a partner in the firm and that the firm had no records of the of the conversation that had taken place. I realise i might be timebarred now but is there any avenues still open to me.This policy still has another 7rs to run and i dread to think how much more will it lose by then.

dunstonh

pablo1827 wrote: »

I have an endowment policy with standard life maturing in 2015 which at the last reveiw is facing a £10000 shortfall.I tried to claim commpensation about 3 yrs ago but as the policy was sold to me by my solicitor in Scotland i was told that i could not claim through the FOS but had to take my case to The Law Society of Scotland.They ruled at the time that the solicitor who sold me the policy had ceased to be a partner in the firm and that the firm had no records of the of the conversation that had taken place. I realise i might be timebarred now but is there any avenues still open to me.This policy still has another 7rs to run and i dread to think how much more will it lose by then.

The Scottish law society rules are totally different to the FSA rules.

If it was an FSA regulated firm then you would almost certainly win by default as firms would have to show that the advice was good. No documentation works in favour of the consumer. However, with the Scottish Law Society I seem to recall that you have to show that it was sold incorrectly. Plus, even if you do get a result, their liability to pay out is tiny in comparison compared to FSA firms.