Will I accept this money from LloydsTSB?

BlueNose

]Can anyone advise please?

I complained in 2006 about the mis-selling of an endowment policy, which I took out about 20 years ago and will not mature until 2012. Eventually I received a letter from LLoydsTSB offering me something like £200 and I had to let them know within 7 days if I would accept it. I did not accept it.

NOW – I have received a cheque from LLoyds for £912.06 and a letter explaining that

“When calculating that compensation we took into account the surrender value of your policy as provided by Scottish Amicable (Prudential). We have recently learnt that a surrender value included an amount of £549.76 in respect of a windfall bonus that was added to your policy in October 1997.

To include this windfall bonus with the surrender value was a mistake. To put this right we have re-calculated your compensation. This shows that with the addition.,.,… ……. an additional sum of £782.48 is due to you.”

I find this strange as I received the cheque for £912.06 without agreeing to their compensation. Now it’s not like me to turn down a small windfall and I have not deposited the cheque yet. Should I just take the money or wait until the policy matures… or what? Any advice please?

poppy10_2

How much compensation were you hoping for?

BlueNose

I had no figure in mind. I just thought it was strange that the compensation increased from £180 to £912 without a word from me and also the fact that I was sent the cheque without agreeing - whereas the offer that Lloyds initially offered I had to accept or decline.

OK it does mean - I am better off by about £1000 so maybe I should not be so cynical.

BlueNose

hi
Does anyone else think I should just take the money and be thankful?

Thanks