Endowment Misselling Complaints Deadline

payless

In that case would suggest the claim is really against the orginal adviser (not the person who later made joint- as was amended- although awkward point - nor anyone who used it to part back a bigger mtg)

trafalgar_2

Thanks for that
Will start complaint process tonight

Cheers

trafalgar_2

Couldn't wait til tonight , took the bull by the horns,
Have contacted original adviser and they are to investigate in first instance and then get back to me within 7 days

that was quite painless actually
at least I've now started the ball rolling

cheers

In that case would suggest the claim is really against the orginal adviser (not the person who later made joint- as was amended- although awkward point - nor anyone who used it to part back a bigger mtg)

Kraken_2

Well we complained as soon as Woolwich notified us that our endowment was going to underperform in 2000. They calculated that we would be £26000 short at maturity and based on the same 'calculation' mentioned in one of the post's above, compensated us by £2300 leaving no explanation as to how we could produce the additional £23700 from this. A phone call I made complaining saw the Woolwich advising me to take it as the number of people likely to be affected would make their compensation reserve shrink rapidly and that I might not get even that much if I tried to take matters further.
On this basis I agreed and received their compensation.

Early last year I received another letter informing me that my endowment was now going to underachieve by an estimated £39500!
Now it was bad enough changing our mortgage in 2000 to make up for the £26000, but for Woolwich's own figures to be calculated to be out by another £13500 after only 2 years seemed ludicrous.
I again complained, but after taking 9 months to 'consider' the facts, I received a brief letter informing me that as I had been previously compensated there was no further compensation due as the original sum was 'in full and final settlement' of my complaint.

Lessons?
Don't jump too soon.
Don't jump too late.
You are on a 2 year deadline - they can take 9 months plus to consider your complaint and still dismiss it.

For what it's worth, the Woolwich advisor (a local branch manager) in 1991/2 told us that an endowment was the smart modern way to get a mortgage. It would not only allow us to pay off our mortgage early - 5 years or more was mentioned as he advised taking a unit-linked based policy - but would also, if left to maturity, allow for a new car or a world cruise or a home extension out of the bonuses it would produce.......

Its the nice place, with the nice face, your money's safe with the Woolwich! (Remember the jingle? - the Trades Descriptions Act apparently doesn't apply here).

peter_the_piper

Kraken,
I get the impression that you accepted the settlement under duress, I would be inclined to get further advice maybe from Citizens Advice Bureaux as this does not seem right to be 'bullied' into signing.

wishbone_2

Just thought you would find this interesting, We won our case against Barclays Mortgages through the mortgage ombudsmen for misselling us an endowment mortgage in the early 90's on our 60k it was projected we would have a shortfall in the region of 20k abouth 3 years ago. It took a couple of years but we had a settlement of over 22k from Barclays, The main thing that swung it was convincing the ombudsmen that we weren't risk takers.
We had to go through the ombudsman after Barclays said they did nothing wrong!


wishbone

allypally_2

have decided today to sort out our three under performing policies have been trying not to think about them but i know i was told to buy a with profits policy and so get a nice lump sum to spend , no mention was made of risk as far as i can remember but to try and recall a conversation made 15 years ago is a tall order !
however i spoke to some very nice people at friends provident (the worst culprit for our shortfall!) and they let me now the policy came from an independent advisor at the bristol and west bldg society .....so i`m on their case.

trafalgar_2

Just thought you would find this interesting, We won our case against Barclays Mortgages through the mortgage ombudsmen for misselling us an endowment mortgage in the early 90's on our 60k it was projected we would have a shortfall in the region of 20k abouth 3 years ago. It took a couple of years but we had a settlement of over 22k from Barclays, The main thing that swung it was convincing the ombudsmen that we weren't risk takers.
We had to go through the ombudsman after Barclays said they did nothing wrong!


wishbone

Congratulations

I've JUST started mine so I guess I'll need to muster all my patience ;D

System

Has anyone dealt with this 'problem'? Took out endowment mortgage in 1992 and ceased paying it in 1999 after contributing about £5000 as i sold my house. I did not cash in the policy then and still have it - if i had surrendered it last october i would have recieved £3400 but i still haven't acted on this. I believe it was missold but is there any point in my complaining or am i just being greedy, considering there are so many people who are in a worse position regarding endowments and that i have only just decided to sort this out. Any helpful comments appreciated.Many thanks

Lady_K

I am just looking through my 1st questionnaire from standard life. Even though it seems quite simple I dont really have any idea to fill in some parts of it.

The sum assured and whats an mc plan? coz it says its 25 years mc plan (80) the mortage loan was £27.000 but I dont know which they want it says basic sum assured £8775 plus bonuses. Sorry if i sound thick.

It says risk will not be assumed until we are advised to do so. If before risk is assumed any change occurs in my health or circumstances effecting answers given on the proposal advise the company. It might not have anything to do with it I dont know... this is all off my official acceptance for the assurance. Standard life havent sent me the files yet but I wanted to see if i could fill it in before they came.

I also cant rem my salary at the time would it all be in the files?

And I didn't have any savings accounts I don't think only the one I had to create a dd for the endowment payments do I put that in the list of savings and investments?

The mortagage information page worries me I just don't know where to get that information but it seems important so I know it's got to be done right.

I dont really understand the bit on the other pice of paper 'assumptions guide' the bit about MIRAS amount. I did have a mortgage before I took out the endowment that was almost paid off I think it was just repayment but I don't u nderstand what that has to do with the endowment mortgage as when I sold my house I just paid that one off put some towards the new one and had the endowment.

Do I need to fill in the pensions section coz I know it didn't originally intend to go into retirement age but seeing as it looks like its going to be way down I'll prob need another mortgage or something else that will to cover it

confused Lady_K