Endowment Compensation received - ? on report

dolphy

Thanks to this site :j , within 3 wks (from start to finish), I have just received £3500 compensation on a mis-sold endowment. They have upheld the complaint on 3 grounds but not on 3 others. Could be a daft question but is the fact that its been upheld good enough or does the more grounds you have affect the amount of compensation?? (I understand that the comp. is calculated to leave you in the same financial situation as originally).

They have also made an assumption on the mortgage history. I supplied them with the facts: 2 yrs fixed 10.2%, 2 yrs fixed 5.39%, 7 yrs capped 7.2%. Do they mean they literally want to know about every rate that fell below the capped rate? I'm not sure if their assumption is in my favour or not.

My thanks to anyone who can respond, I've done my best to understand all this but apologies if these are daft questions. I teach special needs children which I'm fine with but when it comes to mortgages, pensions etc, it isn't my strong point.

vinno65

HI Dolphy,
in answer to you question no, a miss-sale is a miss-sale on however many grounds they find. This will not affect your redress(it's not compensation as you are only getting back what you are entitled to, you won't get anything above and beyond this).
The reason they need to know about fixed rates etc is so then can calculate exactly your monthly outgoings as these figures are required when calculating redress, although any notional savings made going the endowment route are usually discounted as they usually used the fact that endowments were cheaper than repayments (back then anyway) as part of their sales patter
regards Vinno

dolphy

Many thanks Vinno.

Please correct me if I'm wrong....but does that mean that they might have assumed a lower rate of interest which would make my outgoings appear to be lower than they actually were???????

(I guess I'm just a bit peeved that I sifted through files to find the exact dates and percentages to find that they made assumptions anyway)

Cheers

Dolphy

vinno65

Hi Dolphy,
someone with more knowledge will let you know, but I believe that if you you do not supply them with any details of fixed rates etc, they will calculate the redress based on the standard variable rate of whichever company you have your mortgage with.
regards Vinno

dolphy

Just bumping this to the top for any advice please..

In brief, although I provided SL with mortgage history below, they have based my redress on assumed rates but not advised me of what they have used.

I had 2 yrs fixed 10.2%, 2 yrs fixed 5.39%, 7 yrs capped 7.2%.

I'm not sure if their assumption is in my favour or not.

Can anyone clarify please?? I know it is second nature to those in the finance industry but I get confused

Any whizzkids out there who can help please :think:

Dolphy