Act now on mis-sold endowments: new article

MOTORCYCLE

The terminal bonus is policy specific. Its based on timescale, target growth rates used and when taken out.

Its largely dependent on the performance of the stockmarket more than any other asset class. Although other asset classes do have an impact. It accrues as you go along.

Will no-one help,reply to my post please.(Stopping payments!)

Thanks

Jangill

This is my first post so apologies if I have got it wrong. We took out an endowment in 1991, this is due to mature in 2011, obviously it is not going to reach the target we were promised, and yes we have had the letters from Norwich Union/Aviva advising us of the shortfall. We signed up via an IFA, a one man band who passed away a couple of years after we took out the endowment, as we understood that all complaints had to be directed to the person you signed up through, we buried our head in the sand and never claimed. Is there a remote chance we can make a claim ? if so how do we go about it.

dunstonh

Is there a remote chance we can make a claim ?

I doubt it as Aviva have been active on the time bars. Most of theirs were time barred by 2007.

if so how do we go about it.

Contact Aviva and ask them if you are timebarred from complaint. If yes, then its end of the road, if not, then you complain to the FSCS. (the FSCS will check for timebar so you cant get round that).

numanor

I am new to this forum so sorry if I mess this up, but here goes. I have an endowment policy which in 1996 I had taken a loan of £4k against the policy.I had not paid any interest on it ,as I thought I would let it roll on and I would pay it off when the policy matured, which is in 2013.

Recently I had a letter from the provider charging me £11k INTEREST , so in effect £4k is going to cost me £15k. Surely this cannot be right. Can anyone please advise me on my rights regarding this. And if there is anything I can do to challenge their ridiculous interest charges.

I am sick to my stomach at the thought of having to pay £11k interest. Please anybody HELP!!!!!!!!!!!

dunstonh

Surely this cannot be right.

Sounds about right. The interest rate on policy loans is not cheap. Typically somewhere between a personal loan and a credit card.

if there is anything I can do to challenge their ridiculous interest charges.

Its a little bit late now to be honest.

You could complain but I am sure they will just tell you that you were told the interest rate and accepted it.

HighVelocityRabbit

cardpark wrote: »

Hi all,

Sorry if I am on the wrong forum but I have an Endowment Mortgage (£18,000) that was sold to me in 1986, with one year left to run. My shortfall as of 2008 is £7657....
If anyone can help, my question is about the 'termination bonus' which the company (Royal Life/Phoenix) say might be paid at the end of the term.

We recently had a 25-year Royal Life/Phoenix mortgage endowment policy mature. It did have a substantial shortfall (about 20% less than target of £26k), but we did receive a terminal bonus of about 30% of the value of the policy (guaranteed sum plus annual bonuses). No guarantees your policy will do the same, but at least Phoenix do seem to be awarding Terminal bonuses to some policies.

cheshpair

made a claim against abbey in 2005, ombudsmen found in my favour asked me to sign an acceptance form for the compensation, whoopee we thought aspecially as abbey apparently turned down 98% of claims, so we signed sent it back waited for the cheque, a letter from abbey a few weeks later informs us that because the comparison with a repayment is in our favour no compensation! talk about being tricked, now we discover it finishes next year with a shortfall, can we possibly claim small claims possibly and out of interest does anyone think the adjudicators may not be all that independent

steedy

An endowment policy I took out in 1985 has now ended. It was setup to pay my mortgage of £15,000 but the final payment offer made to me is <£10,000. I have still to accept this figure and wondered whether I would still be able to make a compensation claim against the company (Scottish Provident - now Phoenix) if I go ahead and accept, or does acceptance mean that I would be precluded from any further action against them? Any advice gratefully received.

dunstonh

I have still to accept this figure and wondered whether I would still be able to make a compensation claim against the company (Scottish Provident - now Phoenix)

On what grounds?

if I go ahead and accept, or does acceptance mean that I would be precluded from any further action against them?

You can still attempt to complain (although a 1985 case is pre-regulation) and you havent stated what grounds for complaint you have (as shortfall is not grounds for complaint).

kenj_2

Has anyone had any experience of the agruement that if your endowment mortgage was taken out with a Scottish company you have 5 years to complain about mis-selling rather than 3 years under English law.

Does this hold up in practice, and if so if you were told you were time barred under the three year rule and were not advised that there was a difference for Scottish Companies (Alba Life, Pheonix, etc) would there be a case for further complaint?