Endowment Misselling Complaints Deadline

Lady_K

Thankyou for the replies & help. I did send off my first questionnaire to Standard Life & apparently they have recieved it. I asked them for written conformation that they had recieved it but they said they don't do that... To me that seems a bit unfair as they state it must be filled in & recieved by them within 21 days or they just use the assumptions guide to make thier decision so it wouldnt be based on my exact circumstances & could mean compensation higher or lower than if I'd sent in the form within the time... That means I have no proof it's been recieved within the 21 days only thier word by telephone... I might be a bit over paranoid but time isn't on my side & I just didn't want any delays or problems more than nessesary. I didn't think it was too much to ask for written notification of reciept but they said all they do is reply with thier decision & that could take up to 8 weeks. Am I entitled to ask for conformation they recieved my questionnaire or am I expecting too much? so far they dont seem to want to budge on thier decision not to

BULLNOTBEAR

TRAFALGAR

You need your husband to fill it in in my opinion. What sort of qusestions does it ask?

You need your husband to state that he wasn't aware of risk in taking out an endowment mortgage and that he wasn't made aware of this by the salesman. The questionnaire will most probably ask for your husband's risk profile...make sure he states 1 (or whichever option is lowest) Also make him state that he can't recall them offering an alternative to an endowment mortgage. Make him state clearly that if he was offered a repayment mortgage he would have taken that, as the endowment wasn't suitable. If you were first time buyers or especially Right to Buy customers....state this and that you needed a mortgage that was lowest risk.

With regards to requesting mortgage file...I can't see enough time and they may not release the file anyway.

I cant reiterate how important it is to complain about RISK and not the performance of Endowment as stated in my earlier posting.

If i can be of any further help please ask,

Hope you are successful

MartynBulman@hotmail.com

trafalgar_2

Thanks for advice hubby is going to fill it in as he was on original which is where complaint arises

Actually at the time we had separated and he SPECIFICALLY asked for a repayment(the crafty beggar thought if he tied up his money, less for me to get my hands on ;D,and he's scottish ;D) and was talked into a "low cost endowment"

What sort of things would you suggest he put to stress his attitude to risk, (he's never taken a risk in his life if he can help it)any help would be much appreciated

Also I have asked for mortgage file and original fact find /applicationas adviced by others, that is expected to arrive in about 3 days

Questionaire has to be sent back in 8 days
Will there be a problem if this is not sent back on time?

Thank you for you help ;D

BULLNOTBEAR

Hi Trafalgar,

Seems like this will be a tough one to bring to fruition if your husband was offered a repayment mortgage.

Anyhow, he should state that he did not have any stock market related investments(I guess he didn't!) as he thought they were too risky. Just make sure he states enough that he doesn't like taking risks- easy examples....not playing lottery/gambling with money of any sort.
With regards to the two week reply deadline. I guess that they may go ahead without your questionnaire if it is much too late. This is important in your case as it will have a lot of information regarding the risk. My guess is that the original documentation/file will have a risk profile stated and that this will be in line with Endowment Fund selected. It may not be there though and then this questionnaire is all the company will have to go with regards to your husband's risk profile at the time it was sold. therefore....GET IT BACK IN ON TIME and hope for best.

Good luck Trafalgar

What sort of shortfall are you looking at??

trafalgar_2

Hi Trafalgar,

Seems like this will be a tough one to bring to fruition if your husband was offered a repayment mortgage.

Anyhow, he should state that he did not have any stock market related investments(I guess he didn't!) as he thought they were too risky. Just make sure he states enough that he doesn't like taking risks- easy examples....not playing lottery/gambling with money of any sort.
With regards to the two week reply deadline. I guess that they may go ahead without your questionnaire if it is much too late. This is important in your case as it will have a lot of information regarding the risk.  My guess is that the original documentation/file will have a risk profile stated and that this will be in line with Endowment Fund selected. It may not be there though and then this questionnaire is all the company will have to go with regards to your husband's risk profile at the time it was sold.  therefore....GET IT BACK IN ON TIME and hope for best.

Good luck Trafalgar  :)

What sort of shortfall are you looking at??

Hi thanks for advice

Husband asked for repayment THEY persuaded him endowment was better
Will get forms back asap
thanks for advice on risk, he does have any stocks or do lottery etc

Shortfall predicted £9,000/£12,000 up to now

Thanks again

BULLNOTBEAR

Hi Trafalgar,

Definately highlight the fact that your husband was pressure sold this endowment. This sounds a bit like a pressure sell. If the complaint is successful you may also get a one off Compensation if the reviewers believe it was sold too aggressively. These are quite rare but if you complain about it they will look into it.

The main point to state though is that your husband wanted the lowest risk type of mortgage available but was sold what he now knows is a high risk option. State that your husband was pressured to buy the endowment and not explained the risk he was taking on.

Good Luck Trafalgar....

trafalgar_2

Hi Trafalgar,

Definately highlight the fact that your husband was pressure sold this endowment. This sounds a bit like a pressure sell.  If the complaint is successful you may also get a one off Compensation if the reviewers believe it was sold too aggressively. These are quite rare but if you complain about it they will look into it.

The main point to state though is that your husband wanted the lowest risk type of mortgage available but was sold what he now knows is a high risk option.  State that your husband was pressured to buy the endowment and not explained the risk he was taking on.

Good Luck Trafalgar....

Brilliant thanks for that
Will send back tonight
Let you know how we get on in a few weeks time

Thanks for all your help ;D

BULLNOTBEAR

yes Trafalgar, please update me.

Glad to be of some assistance.

Good luck.

trafalgar_2

Hi BULLNOTBEAR
Just a small update, sent papers off yesturday

Today received mortgage file etc and as you expected there is nothing really in them
More update as and when
Cheers ;D

BULLNOTBEAR

Hi Trafalgar

Good news with the file. If there is no full fact find or your husband's risk profile present, it looks good and your response will prove very important.

I'll cross everything I've got for you and I won't take 20% cut!!

keep me posted

Martyn