Endowment policy your views please

Snoopserstar

Hi

I would really like your opinions on the subject of endowment mis selling.

It goes back to my father, (we were having a discussion about this site last night) and he said he wished he knew about Martin's site prior to accepting a payment from his mortgage company.

i asked him what he meant and basicailly the story is

he was mis sold an endowment policy and made a claim, i think this was back in early 2000 or 1999. he should have had a repayment of approx £9000.00 a lady from the mortage company called him back after a month or so and told him that he could take it to the FSO but he could lose and get nothing, so if he just settled for £3000.00 they would pay him out and he would at least get something back.

He took this at the time. I cant believe that mortgage companies would employ such tactics as now its plainly obvious he would have gotten all his money back.

What im asking is it all too late now? and should he just resign himself that on this one, someones bonus payment for reducing a payout was more important to that person than doing the correct thing??

thank you

dunstonh

i think this was back in early 2000 or 1999.

Most endowments didnt start falling short until 2000-2001 onwards (post tech stocks crash and Sept 11th and US accounting scandals). So, he was very early on.

he should have had a repayment of approx £9000.00

His target amount was £9000 but he says he only got £3000? Thats a massive shortfall for so early on in the failure period. Is he sure of those figures? Especially if it was taken out before 1984 (you dont say but it may have been given the fact you mention 99/00.

I cant believe that mortgage companies would employ such tactics as now its plainly obvious he would have gotten all his money back.

He wouldnt have got all his money back. That isnt how mortgage endowment mis-selling redress is done. Its done as a cost analysis against having a repayment mortgage with any difference between the two being paid as redress.

What im asking is it all too late now?

Yes. You get 6 months after being given the outcome from the company to raise a complaint to the FOS. After 6 months you get timed out.