Report Endowment Misselling Compensation SUCCESSES

mayb_2

Harri2
The FSA set out the guidelines for compensation and the address below should take you to the example they use to demonstrate how it works - or go to the FSA website and search for the Endowment Mortgage section. It might help you to decide whether this is a fair offer or not. I did take my offer to an IFA to have it checked out before accepting (they said it was ok) but this might cost you some. If you post the details on the Act Now on missold endowments thread one of the advisors will probably give you a pointer as to whether this is ok or not.

It is never as much as you need.

http://www.fsa.gov.uk/pubs/public/endowment_compensation.pdf

buzz6620

Insurer : Norwich Union was CGU
Compo : £6271.00
Story : I received my statments from Norwich Union, informing me of expected shortfalls about 2000/1, didnt really pay attention. Subsequently got the red letters saying I should act now, so I asked my financial adviser.
He said it wouldnt be worth bothering with, as he had already tried for several customers and Norwich Union were the one not paying out. So off I trotted and did nothing. 2006 statement arrived big red box 'time is running out' to apply for compo, thought 'ah well'. Found out about this website can't remember if it was Trevor Mc Donald or Radio 2, but actally wrote down website this time, took a look at the site, low and behold ' how to claim endowment misselling'. Read the success stories and was spurred into action.
Did exactly as it said 'on the tin' used the letter template on 'Which' site, filled it in, sent it off, got a reply, 'looking into claim', filled in another form, which I thought would be a massive book 'as described by advisor' not at all, easy. Less than 2 weeks my claim was upheld, within a month of starting my claim the cheque was in the bank. Told my sister to claim on hers, she's got 4 endowments, she's got 1 paid out so far. What really scares me, if I hadn't found this fantastic website, with all these great people relating their success stories, I would never have bothered to set the ball rolling, missing the deadline and out on money I can ill afford to lose!
Cheers Martin your a modern day saint: :beer: :T :A

PnL_Brown

Axa

Just under 3k

Decided to follow the advice on here and give it a go. Followed the links and printed out the letter, posted it. That's literally all i've done!!! :rotfl:
Been offered compensation, they concluded that we were entitled because the product was not best suited for us at the time of sale.
Considering we were cashing them in anyway, it's a good bonus. But by the same token, the total with the compensation should be the same as cashing in an endowment that was performing correctly.
If you haven't sent a complaint letter in yet, what are you waiting for ?? Thanks to Martin and all the moneysavers!!

santashelper_2

we had an low start homemaker endowment policy with norwich union and put in a claim they have written back stating we said w were prepared to take a small risk with capital to improve the potential return stating our attitude to risk was conpatible to an investment in a homemaker endowment policy that is invested with profits we have been advised if we require to take this further with the financial ombudsman service.

could anyone tell me what they view is on this and has anyone had any experience of claiming with norwich union and if they were successful how they achieved this

thanks

nightrider_1uk_2

Eventually got £1850 from Halifax, took some time though.

slarge

Have just been offered £4,600 plus by Resolution (for R&SA endowment). Has taken 2 years to get to this point. They tried to apply time bar and I appealed citing exceptional circumstances (family illness). I was absolutely determined not to let them away with it and perseverance has at last paid off. I checked the figure with the Ombudsman who confirmed its correct.

Anyone thinking of complaining, all I can say is do it, it is well worth it.

brixandmorta

Hi

Just wanted to ask some advice please. Basically I took up an endowment in 1990 for £20,000. I have complained to the Prudential that I have been missold the policy, this was on December 3rd 2006. Today through the post I have received an offer of compensation for £2,017.15p.

My question to anyone in the know is do I take this offer which they say has been calculated using standard rates of interest(the rates charged by the Halifax). You have an option to have you offer recalculated using your exact mortgage details. This can result in your compensation offer increasing or reducing.

Any comments would be appreciated as to any members getting more money by rejecting the initial offer.

Many thanks.

nhp

Provider: Co Op
Compensation: over £4700
Story: Meant to complain, but couldn't get round to it for ages. Almost didn't bother as I thought it'd be a load of hassle. I wrote the letter using the template given on this site, and sent it off thinking I'd be told to go away, and that I'd waited far too long before complaining. I didn't fill in any of the form they subsequently sent me which asks for all the mortgage history - I didn't have all of it to give. I had a phone call from a nice lady asking me what I could remember - I told her what I could, but if you don't know then they just use national averages instead. I got an offer through a week later for over £4700. Absolutely marvellous.
I always thought I was mis-sold. The salesman was really pushy, and insisted that I'd have £40k left over once the policy matured and mortgage repaid. never mentioned that shortfalls could be possible. I am so grateful to Martin for this site - it's literally saved me thousands!!!! THANK YOU!!!

nelly3

My mortgage should be up in 2014. When I took out the endowment I was told I could expect around £15,000 at the end of the term. I have subsequently been told that I will in fact fall way short of the mortgage amount (£30,000). I applied for endowment misselling and my claim was upheld.
I was offered £2,000 compensation. I have now received another letter informing me that I can expect the shortfall to be just under £7,000 (on a good day!). Does this settlement offer seem reasonable? I haven't the faintest....

nhp

the settlement should reinstate you to where you would be had you taken out a repayment mortgage - so I would say no, it's not a fair offer.