Endowment Misselling Complaints Deadline

BULLNOTBEAR

Hi Rose 999

Make sure you highlight the most important issues in your complaint letter.

https://www.endowmentaction.co.uk provides good information.

Make sure you mention RISK and that your parents did not understand the risks involved with endowment. SEE MY EARLIER POST.

Also, it looks like the policies carry on into retirement. This needs to be mentioned as it can be a reason to uphold the complaint. It is based on whether your parents could afford premiums in retirement. Most policies are not written into retirement.

Hope this helps

Martyn

Leothecat

Hi Martyn,
Thanks for the advice, I am using the letter generator from the mentioned web site to draft up the letters.
Cheers

luv_my_brass

A word of encouragement - I fought both my Insurance Company and Building Society when 'Missold Endowments' were first brought to our attention in the press about 3 or 4 years ago. There was no help out there, as there is now, I wrote lots of letters, took all relevant documents into my local office for their inspection and after an18month fraught battle - finally won my case. I had two small endowments, which were treated differently - one for 3k I managed to pay off as they gave me back all payments plus 'compensation' - a total, funnily enough of 3k. The 2nd one of 6k has been 'frozen', I don't pay any interest on the loan, I just pay for the endowment policy which matures in 2013 - way past retirement age, and that is what I based my complaint on. (And I'd like to know if anyone thinks this was a good outcome or not?) As others have said, none of the downsides were ever explained to me - and the small print was VERY small indeed! Last year I was told that it would underperform by £1,800, whereas this year I cannot quite make out what it's telling me - it appears to be on target with possible bonuses - not enough for a trip around the world tho' maybe a trip to the corner shop! 8)

System

??? Any advice!! Legal and general have just told me they charge £10 for a copy of my endowment file - is this normal, and do i definitely need it to start off my complaint?

robnye

??? Any advice!!  Legal and general have just told me they charge £10 for a copy of my endowment file - is this normal, and do i definitely need it to start off my complaint?

in short yes they can charge, although i have completed a complaint and received compensation, i did manage to get a copy of the papers used by them in the claim.... i only requested them once they had agreed compensation.

No you dont need them to start the claim

have you looked at https://www.endowmentaction.co.uk , it was set up by which magazine people, there is a section with template letters

System

Glad this thread has resurfaced - answered one of my recent questions about using a specialist claims co. - i.e. don't!

Has anyone heard of any successes in claiming against an IFA regarding pre-1988 FSA Act Endowment advice? The ombudsman won't look at it although I face a shortfall of £20K.

Tindella_2

Hi everybody - I've just joined and spent a happy hour reading your advice - many thanks!
I have just received bumpff from Brunel, Franklin & Co so I checked with you lot to see what you thought!
I have now decided to try myself and have downloaded the letter on the Which? site.
I'll let you know how I get on.

I was sold an endowment mortgage the month my divorce came through and the marital home was sold, I had to go and get a mortgage on my own so I suppose I just took what was on offer at the time. To compound this, the same Building Society sold me another endowment mortgage so I could get a car - so now I have two of the blighters doomed for a shortfall!

Am much older and wiser now so I'm hoping to kick butt!
>:(
Best wishes to you all

Tindella_2

Just an update - received form very swiftly from Birmingham Midshires and have completed it (almost) with the help of you lot! Thanks. I'm sure the form 9 pages long!) was designed to put people off claiming!!

So - DON'T BE PUT OFF!! - that's what they want!

If you don't know all the answers say so - things like " I haven't kept x years banks statements and Tesco receipts so I don't know my outgoings for the year I took out the policy." In my case it's 13 years!

Good luck, everybody!! 8)

Tindella_2

Hi - have had a result from Birmingham Midshires - they have awarded me compensation based on what I would have paid if I had taken out a standard mortgage as opposed to an interest only, so I am pleased. Not sure of the conditions though - does this mean I now have to surrender the offending endowment policy and remortgage or can I just accept the cheque and make my own decisions? :-/ ???

mollymalone

I have already complained to canada life (our endowment provider). It was along and complicated process. In the end I gave up. Any way they rejected my complaint although some of the info we should have been given at the time of the sale they admitted they did not have in their records. Is there a time limit on how long before I take it to FSA? I am not surprised that companies are springing up to tackle these claims as I ended up toatally confused and intimidated by their replies to my letters. Can any one help? ??? ??? ::)
Thanks
Molly Malone