Mis-sold endowment - Avalon?

susanmc

Hi I hope someone can help me.

My mum took out an endownment mortage with Pearl Assurance in 1997 for £15000 over 10 years. At the time she was told this was the best option as she'd have more than enough to pay back her mortgage and still have some leftover.

She's received a letter telling her of a shortfall of £1800 and she contacted an advert in the paper for missold endomnments. The company she contacted were called Avalon who seem to think she has a case of mis-selling. The paperwork from them came through and they want 25% plus vat commisson on any award they get for her. Is this normal? Has anyone heard of them?

She was thinking that even if she has to pay them 25% it would still make up some difference on her mortgage.

Is there a better way to go about getting compensation?

dunstonh

Waste of money dealing with these ambulance chasers.

They tell everyone that they have a case even when they dont. Indeed, technically they are not able to advise on the suitability of an endowment by law. Many are calling for these companies to be regulated by the FSA but that is unlikely now we are coming to the end of endowment misselling. They want a cut of the award and the FSA will not allow any increase in compensation to cover their costs.

She should just grab the template letter from the which website and send that off.

All these companies do is put a letter like the "which" version together and send it off. They give the impression that they chase up and work on your behalf to get the best deal but that is rubbish as the compensation level is working out at two pre-defined methods.

susanmc

Thanks DD I'll have a look at the Which website and do that.

susanmc

DD

Have just done a letter with the help of Which so can't thank you enough.