Act now on mis-sold endowments: new article

dunstonh

Viv wrote:

I don't know how to!!

Click on the new thread button when you are in the page that lists all the threads in this section. The posting format is the same except you have to add a title. Then, instead of adding to this thread, you will have a whole thread of your own.

steveblower

Martins constant nagging paid off, as the day before, I had one of those mail shots from Brunel Franklin, offering me a no win no fee. I need to be really clear, there is no way I would have done this by myself, just TOO LAZY. Anyway, Brunels sent this really nice guy to my house, he interviewed me, wrote up all the story and they submitted it for me. About 6 weeks or so later, I had to sign the forms from the assurance company, and 2 weeks after that, nearly 3 grand popped into my bank account. Of course, I had to pay Brunels 800 quid, but from my perspective, I got 2.2K that I would not have got had it not been for Martins contstant reminders, and Brunels mail shot.

Netty_Sprack

We won our recent claim on the basis that they could not prove in writing that they had given us information either negative or positive.
It is not for you to prove that they did not it is for them to prove that they did. We won £2K, a refund of premiums since lodging complaint, £50 a week interest for not paying out after 28 days of receiving my acceptance of offer and they had to re quote me a life insurance policy based on our age's & health when we took out policy not what they are now. So make sure you get all the extras that your are entiltled to not just the compensation. Hope this helps.

minx_01

Hi! I'm new to this site and after some info! I wrote to the FOS one year ago regarding my endowment. I've just received a letter today refering the claim to the Financial Services Compensation Scheme. Just wondered if anyone could shed any light on this process?

dunstonh

minx_01 wrote:

Hi! I'm new to this site and after some info! I wrote to the FOS one year ago regarding my endowment. I've just received a letter today refering the claim to the Financial Services Compensation Scheme. Just wondered if anyone could shed any light on this process?

Basically, you sent your complaint to the wrong place and it has now been forwarded to the correct place.

They will review the complaint, attempt to contact the original advisor and obtain information and documents if possible. You have to allow for quite a lot of time to do that. You could be looking at 12-18 months in total. Eventually, you will be told the outcome.

Loobeylou

We have an endowment which was sold to us we think by the Halifax in March 1986, 20 years ago. We do not recall that they went through any details as to whether this was the best policy for us or any financial complications there may be. We are not sure whether our endowment will scrape through to pay off the mortgage as it all seems to depend on bonuses.

So where do we stand - is it worth putting in a complaint?

Agoutyform

Hi from a newbie as of today.
To Martin and any other genius:
There seems to be no proper equivalent to FSA compensation if you bought a
mis-sold endowment policy in Scotland via a scottish solicitor in December
1988 (which is what my wife and I believe). I have been told that an English Parliament MP was going to raise this in the H O Parliament. I have not heard of any outcome and time is of the essence.
This area is apparently a 'reserved question' for the Scottish Parliament - which means they cannot deal with this matter in Scotland.
I thought I wrote one of my most persuasive letters ever about this only to find out
by phone from the FSA that the latter could not deal with it.
Do you know, please, if there is any news about what appears to be a great anomaly, on the horizon? There might be thousands in Scotland who are presently stuck on this. Obviously, I am slightly more interested in my own situation.
Kind regards

dunstonh

Loobeylou wrote:

We have an endowment which was sold to us we think by the Halifax in March 1986, 20 years ago. We do not recall that they went through any details as to whether this was the best policy for us or any financial complications there may be. We are not sure whether our endowment will scrape through to pay off the mortgage as it all seems to depend on bonuses.

So where do we stand - is it worth putting in a complaint?

Applications signed before 29th April 1988 are pre-regulation. Unless this endowment was actually sold by a tied rep from the Halifax, rather than an IFA working out of that office, you have no-one to complain to.

Terry_D

webwiz wrote:

A contrary view.
I also find it iniquitous that cash compensation is being paid. Even if someone was really mis-sold an endowment to support a mortgage then their mortgage should be converted to a repayment type at the Insurance company's expense. Who really thinks that the recipients of the millions of compensation are using it to reduce their mortgages?

We received a cheque from FSCS last month for just over £2,500. £2k went straight off the mortgage (it would have been the lot except I had some heavy car maints bills to settle). And what is more, when we get our windfall from SL later this year (if they do de-mutalise), that will go straight off the mortgage too. :rotfl:

Jings_Crivens

We had (have) two endowments taken out in 91 and 94. We got some warning letters a few years back but these were quickly "filed". I knew I should do something but just didn't ever get round to it. Finally I decided to follow the guide.

I used the little thing-ga-me on the endowment action web site to produce two letters. These triggered a big bunch of forms being returned from the institutions containing a pile of questions ("Have you ever overpaid?", "What do you earn now?", "What was the weather like on your 3rd birthday?", "How many times do you wash your socks?", etc.)

Naturally I sat on the forms for a week or two before deciding to fill them in myself rather than give them to a "we'll help you" company. I think the thought of having to explain stuff to yet another company just drove me to doing this myself.

Result = £3200 + £2020 from big financial giants.

We've decided to keep the endowments going but we're no longer using them to pay the mortgage. If you think you might have been mis-sold then complain. It doesn't take long and isn't half as bad as you might imagine. Do it now - it is your money.

Martin : thank you very much indeed. I kind of owe you £5220. :T