Act now on mis-sold endowments: new article

dunstonh

If you were made aware that their could be a shortfall then you cant really complain. If you no longer use the endowment against a mortgage, you can can still complain but if the complaint is upheld, the redress calculation only covers the period the endowment was used for mortgage purposes.

Yoshii

thanks for your reply. what i am saying is he may have pushed this forecast infront of me but he was telling about the lump sum at the end benefits for a holiday or a car.

no mention was made that it would be invested in/on the stock market,
in my eyes the projections were just projections and it did not have the words " all your funds will be put into stocks and shares.

so i do not thnk i was given 100 % honest advice

is it worth me writing a more strongly worded letter or am just barking up the wrong tree.

thanks yoshi

dunstonh

in my eyes the projections were just projections and it did not have the words " all your funds will be put into stocks and shares.
so i do not thnk i was given 100 % honest advice

The illustrations and what can appear on them is set by the regulator. Whilst there are some differences between providers, they all generally follow the same format.

It would be wrong to put a mention about stockmarket on them as you dont have to invest in the stockmarket. However, there is usually a number of warnings on the first page stating that you could get back more or less than shown etc.

is it worth me writing a more strongly worded letter or am just barking up the wrong tree.

If you think it was mis-sold, then put the complaint in.

aliarmst

I have been told that because my endowment was taken out in 1987, I cannot make a claim ......does anyone know if this is true?

dunstonh

aliarmst wrote: »

I have been told that because my endowment was taken out in 1987, I cannot make a claim ......does anyone know if this is true?

If sold by a independent, solicitor or accountant then yes. If sold by a bank or life assurance company then no.

Transactionumber

I was sold an endowment with profits!! back in 1991with standard life, through halifax.But unfortunatley I sold it approx 6 years ago knowing it would not make money.I cant recall what my policy number was or even the company I sold it too???I know now what a mistake I have made (demu) so try to not make me feel any worse thanks.Would anyone know if I can claim for compesation on the miss selling of this endowment.Is there a way of finding out the policy number would standard life have this in ther data banks?Cheers for any help on this matter

andy&shaz_stringer

I was sold a low start policy with profits endowment in December 1991 from a local estate agent. This agent no longer exists in its original form but is still owned by the same person. ie his name is Joe Bloggs, the company was called Bloggs and now 16 year later is just called Joe's. I have filled in the relevant paper work in with help from our friends at 'which' is this company still liable. From memory the person who sold me the policy was a direct employee of the company selling only one companies policies.

thanks for any assistance.

cheers

Andy

dunstonh

From memory the person who sold me the policy was a direct employee of the company selling only one companies policies.

In these cases, the company that employed him is liable.

mayb_2

andy&shaz stringer Bought low start endowment mortgage in exactly the same way as you did through an Estate Agents. Employing company paid out without any problems. Hope this works the same for you. Good Luck.

cch100

We took Martin's advice and used the template from Which?

Whilst we drew a blank with one of our providers, we scored with the other and were offered £1804 compo which we have duly accepted, we've also decided to cash in the under-performing policy.

We're now left with the connundrum of how and where to invest the proceeds plus the monthly contributions we would have contiuned to pay - not a bad problem to have I guess!!

Cheers Martin :beer: