Endownment mis-selling advise

phantomrip

I contacted my endownment provider with referance to a policy i believe i was missold in 1991, they dismissed any claim against themselves based on a projection letter i was allegedly sent in 2000,i referred all the relevant documentation to the ombudsman,also adding that between 1992 and 1999 i annually received statements for my policy,in april 2003 i requested a statement as i hadnt recieved anything since 1999,in May of 2003 i finally received a statement albeit only for the year 2003,the statement illustrated that my endownment was not on target,my arguments are that;-
a) no statements were received between 2000 and 2002
b) the statement of of 2003 although illustrating a poor projection is in no terms a "red letter" as described by the endownment company,the projection i recieved in 2004 i would class as a "red letter" based on the fact the lettering is bold and in red writing.
The ombudsman have today wrote to me advising that they cannot carry out any further action,there reason is that they agree my claim is out of time based on the projection letter of 2000,which i argue i did not receive.
NB I have requested a copy of the 2000 statement on 3 occasions over the last 6 months,it is only today that the endownment company have finally provided the document,me smells a rat!
Is there anything else i can do now the ombudsman has made this descision?
Many thanks In advance to any replies.

EdInvestor

....and the insurance company involved is........??

phantomrip

Countrywide assured,formerly known as Hambro Guardian,

chorsfie

Hi,

Sounds like you're in the same boat as I am. I wasn't aware of any short projections from the same company Countrywide Assured (originally Humbro Assured). I too have had my letter back from the Ombudsman saying I've left it too late. I actually changed my mortgage to a repayment so I no longer relied on the policy. I tried to cash it in at the same time even though it was worth less than half I'd actually paid in. At the time they advised me to maintain the policy with a minimum monthly payment until it reach about 10 years old where it should recover to at least what I'd paid in. Its now 11 years old and I've just asked for the paperwork to cash it in again, its recovered a little but not much so yet more misleading information.

I've come to the conclusion that compensation just won't happen for me so I just want rid so it doesn't lose anymore. Is there is any advantage of selling it on instead of cashing it in? That sounds like another option but I just don't know where to start.

Craig

phantomrip

I took some advise Craig when i first realised that it would fall short,the advise was not to sell as the policy must be worth continuing if another party was interested, i was also advised not to up my payments ,as putting more money into something that was performing poorly in the first place would be disastrous,Did they fail to send you statement between the dates i mentioned in my first post?