Act now on mis-sold endowments: new article

dunstonh

Can anyone please tell me if I have grounds for a claim even though the policies were not linked to a mortgage. All the policies are with Britannic which is now called Resolution.

Unlikely. Poor investment returns are not something you can complain about.

Art_2

dunstonh wrote:

Unlikely. Poor investment returns are not something you can complain about.

Guess the only person to benefit from these policies is the person who sold them to you ;-(

Regards,
Art.

Noswalnia

scotti wrote:

Hi, we were sold an endowment in 1989, unfortunately the financial advisor has declared bankruptcy and our claim is currently with the FCSC.

All paperwork was submitted in Sept 2005, we contacted them again this month for a progress report and were told that it will take up to another 6 months!!!

When I see that some are having claims settled within a couple of months it makes me wonder if I could be doing more to speed things along.

Any comment/advice would be most welcome.

Many thanks

scotti

I have a similar problem. I was sold a mortgage by MPI, a company in Nottingham (not to be confused with other MPI's). The company - never registered at Companies House - has dissappeared. I've enquired with banks, the tennants at the address etc., but to no avail. My claim is with FSCS, but they tell me that they are satisfied that a claim can be made against the companies "owners" but won't tell me who the owners are, where they can be contacted etc.

I'm at a loss what to do next - any ideas?

mayb_2

Can anyone please tell me if I have grounds for a claim even though the policies were not linked to a mortgage. All the policies are with Britannic which is now called Resolution.

Sotonsparky I fought a battle over one of these (we had more than one too) with company the Ombudsman and the FSA and this was over a matter of years. Unless you have something gauranteeing the amount promised they don't want to know. The performance of the policy cannot be the issue, the fact that you didn't know there was a risk is not even considered. With mortgage endowments the amount you were told to expect was at least the amount required to pay off your mortgage (with some people it was mroe) the companies could not deny this as a fact. With an endowment not linked to a mortgage they just claim they never told you a sum that you would receive at the end of it, and you cannot prove this is not true unless you have it in writing from them somewhere. Look back at your paperwork and if it is not there you do not have a leg to stand on. You have my sympathy for what it is worth.

jgriffin88

Hi
I have just spoken to Norwich Union to make a claim on my mis-sold mortgage endowment policy. I was told it would pay out £7000 at the end of term.
I was asked how much compensation I was looking for. How do I work this out?

mayb_2

It is a bit unusual for them to be asking you how much you want. Why not ask them for however much it takes to give you the £7000 you were told you would get. They wont give it to you but after all surely that is what you want.

jgriffin88

Thanks. Because I wasn't expecting the question that was basically what I said, after all I don't want to be greedy, only get what I feel I was promised in the first place. They are sending me a form to fill in.

TrikerAndBiker

Just a quick question. I am currently seeking redress through FSCS as the IFA who (miss)sold me my endowment policy is no longer in business. Any idea how long I might be waiting for a decision? (I am actually going to surrender the policy next month anyway and convert to a repayments mortgage but am still pursuing a claim)

Ladybiker

dunstonh

Any idea how long I might be waiting for a decision?

Typically 12-24 months.

Yoshii

hi i wrote to my endowment seller and he has written back to tell me that

1. i was shown that there may be a shortfall.and he has sent to me a copy of what is supposed to be the original from our meetings.(it states that if it grows at 7% then there wiill be a £4900 shortfall.)

2. he says quote "if you no longer own the propererty or no longer have a mortgage on the property then the mattter of any shortfall is irrelevant."

I was under the impression that even if the property was sold and there is no mortgage to pay (as in my case) and misselling did take place , then there is a casse to answer.Any ideas????

thanks Yoshii