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Calculation of Compensation for Mis-sold Endowment
Daisy_S
Posts: 1 Newbie
Can anyone advise please. I have complained about our endowment and have just heard that the complaint has been upheld, they are now offering a choice of two ways of calculating any compensation due.
1. They will assess our current position using details of our specific mortgage history, details of which I will need to supply or
2. They will calculate the amount using 'assumptions'
The letter seems to point us towards option 2, by saying it will be quicker etc. It also points out that the amount could be lower or higher than using the specific details. How should we decide? We have a very straightforward history, this is only our second house and we have always been with the same lender, no arrears etc. Obviously we want to get the best payout possible to offset against our estimated £15,000 shortfall!!!
Any advice or comments would be much appreciated.
1. They will assess our current position using details of our specific mortgage history, details of which I will need to supply or
2. They will calculate the amount using 'assumptions'
The letter seems to point us towards option 2, by saying it will be quicker etc. It also points out that the amount could be lower or higher than using the specific details. How should we decide? We have a very straightforward history, this is only our second house and we have always been with the same lender, no arrears etc. Obviously we want to get the best payout possible to offset against our estimated £15,000 shortfall!!!
Any advice or comments would be much appreciated.
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Comments
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surely if the facts are known the "specific" is the most equitableAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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Specific if you want the nice feeling that you are no worse off than you would have been had you not had an endowment in the first place...but if it's too much bother.... :rolleyes:A journey of a thousand miles begins with a single step
Savings For Kids 1st Jan 2019 £16,112
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