Act now on mis-sold endowments: new article

julia817

Hi I have an endowment with the above called them today to make a complaint.

Said that the prejected figures were based on 9,25% to reach 47500 and at the current predictions will be a shortfall of £13000.

I said I was nieve was my forst mortgage, didnt feel it was explained that it was invested in the stock exchange and that was under the uimpression it could be more than the initial predictions - not so much less.

She said I had passed the date of the time to complain but they would still look into it for me.

She asked how I wanted resolve - and my answer was they get it back on track or compensate me.

Does anyone have any experience of this company and time barring?


Thanks


J

defender_of_the_weak

MKFP are not the cheapest company as the Which survey records them as 15%. We have only charged 10% for three years now. You should also check on the claims regulation website to see if they are authorised. As from April anyone offering claims handling should be regulated by the dca and if they are not then they are commiting an offence

defender_of_the_weak

Because which were too lazy to do any proper research. They asked the claims standard council to send a form to their members ( I hasten to add this is not a club I want to join) The lady from which did not even remember that she followed me on a BBC feature regarding claims companies

I would be very surprised if MKFP apply for authorisation as they seem to be part of Sesame. You might want to raise it at the next regional meeting dunston

No we dont charge an upfront fee

Look up endowment companies on Guardian jobs and money

teena0410

Hi All,

We are in the process of trying to get compensation for four endowment policies surrendered in May 2005. We have switched our mortgage to repayment as the endowments were performing badly. Two were with Scottish Widows, a larger one and a much smaller one as they had miscalculated the first and we had to 'top up'! We have today received a letter saying that they won't be investigating our claim as it is time barred. They have included a copy of a red letter which they have said was sent to us in April 2005, although we do not recognise it at all. Contained in the apparent red letter, is a paragraph that says, "If you think that you should consider complaining about the original sale of your Plan, you should take action now. If you do not complain until after 31 August 2006 you will probably have lost your right to compensation." I am sure that this is something that we would remember reading as it wasn't that long ago. We are still waiting for news on the other two policies (Winterthur Life and Norwich Union) but we feel so deflated now. Does anyone have any ideas?

Kindest regards,

Tina & Alan

Top_Dollar

Bit of a long one:-

My husband had 2 endowments when we first met and these were held against his mortgage and then transfered to our new property when we moved. We claimed mis-selling of the first one and was basically told 'his attitude to risk was was cautious so the endowment was never suitable for him' compensation was paid with a redress figure.

The second one we have tried to claim as this one was sold as an 'add-on' product to the first. The company had gone out of business so we tried to claim against the MD (it was a limited company) but he refered us to the FSCS but they say we are not entitled to anything as the director is still around to claim from. The Financial Ombudsman also cannot support us as they say the firm were not covered by them at the time of sale.

I passed it to my solicitor who suggested we use a specialist Endowment solicitor but all this has taken years to get to this point and huge amounts of paperwork - Does anybody have any indiciation if this is worth persuing and if so dunstonh would you consider taking the case and how do we send you the details?

Ria

We were advised by a local insurance company to in 1991 to sell the endowment policy which supported our mortage and replace it with a pension linked endowment ie A personal pension plan which, at the end of the mortgage term, would give us enough funds to pay off our mortgage and also give us a pension.
I can't find anyone else on this thread who is in the same situation so can someone please tell me whether I can complain to this company about mis selling? I could really do with some advice please.Thanks

mayb_2

Ria do you think you could post some more information on this? Was there a problem with the original endowment - as usually you lose out if you sell your endowment policy early in its life and you would have incurred costs in setting up a new policy. Were you guaranteed a lump sum after repayment of your mortgage with the original endowment policy and was this given in writing? If you were looking for a pension plan why did it have to replace your mortgage endowment? Is there a guaranteed element to you pension plan?

I am assuming that you have had some indication that this policy is not going to meet its target. It is also unlikely to be in the form of red, green or amber letters as these only appear to adhere to mortgage endowment policies.

Have you kept all of the paperwork involved in these transactions.
Were you advised to sell the original mortgage endowment, pay off part of your mortgage with the proceeds and take out a repayment mortgage because it wasn't going to be able to meet your mortgage requirements? (this isn't likely to be the case in 1991.

It sounds like a similar con I was subjected to by a local insurance sales rep and the outcome was not good. I gave up a personal pension plan and was persuaded to replace it with a savings plan (with profits endowment) to give me a lump sum to buy a pension with. This failed miserably and I did not get any compensation for the missale. Turned out both were invested in the same failing fund anyway. I do hope this is not the case for you. I am sure someone here can advise you but they will need more information to go on.

Darren.m_2

New Thread.

Hi, has anyone got any advise please.

Before I realised there was a lot of help on the web for mis sold endowements I had started a claim with my Policy seller. I have said to them that I believe I was mis sold my endowement because I was told that there would either be enough money to pay off my mortgage 2 or 3 years early or if I went the 25 year term there would be considerable money left over.

Basically I took out an Endowement Mortgage for £47200 back in late 1990. In 2001 I then borrowed a further £25000 on a repayment option. Well, today I have received a letter from my Policy seller asking " I would be grateful if you could clarify why you decided to take your additional mortgage on a repayment basis".

Before I answer, I thought it wise to see if anyone has the 'right answer'. Its obviosly a question which could have influence over their decission.

Many Thanks,

Darren

dunstonh

Before I answer, I thought it wise to see if anyone has the 'right answer'. Its obviosly a question which could have influence over their decission.

You tell the truth.

Questions like these can work for and against you. If you tell a lie and there is evidence available to show it was a lie, then it can work against you in other areas. Any grey area which cannot be proven one way or the other will come down on your side in most cases as its the job of the provider to prove you were sold it correctly. However, if you have been caught telling lies these grey areas are more likely to come down on the side of the provider as you have been shown to be economical with the truth.

mayb_2

Darren M

The company is trying to establish your attitude to risk at the time you took out the endowment. As you took out a repayment mortgage a few years later they may chose to believe you understood the risks involved in an endowment and felt they were no longer a good way of paying off your mortgage/loan. In other words you understood there was a risk involved in an endowment mortgage and so you were not missold it.

It isn't all about telling the truth, which of course you will do, it is ensuring that the truth is what they understand in what you write, otherwise you could inadvertantly shoot yourself in the foot. The original fact find should confirm whether your attitude to risk was properly assessed and addressed during the sale of the endowment - why not ask to see a copy of it.