Report Endowment Misselling Compensation SUCCESSES

webbie

Same as most - thought it would not be worth it - too much hassle etc.

Used standard Which! letter via a link on this site - wrote to original broker, took a couple of months - but am now receiving £3,600 from Standard Life policy of £21,000 cover.

Well pleased - only yesterday I was told I needed a new boiler costing £1500 - so this just arrived in time!!

GEMELL_2

Surrended my endowment with Friends Provident in 2002.
At the time the forcast was bad up to less than half of what it needed to make!
Still maybe a little STUPID at surrendering!!!!!
Anyway after logging onto M S EXPERT and seeing all these people whom had made a claim.
I thought i would give it a go and make a claim!
This was five years after FP informed me I had no grounds for a claim!
Asked for advice on this site and was told i had little chance as it is 5 yrs since i was informed of the shortfall

But!
Opened my post this morning and to my suprise i have been offered £3,436.17

Would like to thank everbody for the advice given especially Money Saving Expert(Martin Lewis) for there encouragement!
Would say to everybody no matter what get your claim in!

Many thanks............................:T

Sparkly

Bank/Provider: Norwich Union endowment, Nat West mortgage.
Compensation: £1,200
The story: Sent off the Which letter about a week before the final date for claiming from NU. Had a very long and nice call with the woman from NU, talking and reminiscing about my town where she used to live, oh, and by the way, I couldn't claim from NU as they were not tied agents for NatWest. Contacted Natwest, had a 15 min phonecall, got a bit confused when an RBOS form arrived (same bank now), and sent the form back, but before they got it, they sent me an offer based on my call. Hopefully they won't decrease the offer when they read the form I sent back!

I'm planning to accept the offer, convert the mortgage to repayment, then make the endowment paid-up once I've investigated options a bit more - (9 years left on it).

All this for around 5 hours of phonecalls, & hunting old documents and form filling - and a few days of stressing about it before I actually did something.

dunstonh

There are time bars in law so its nothing unsual. The idea is to stop those who really knew there was a risk from hedging their bets and waiting to see if there will be a surplus on maturity or not. If there is they wouldnt complain, if there wasnt, they would. These people clearly know the risks involved and would be looking for opportunistic compensation.

Those that were genuinely mis-sold would be aghast at warnings of not hitting target at the first instance of being told. So, giving people three years to complain after being told there is a significant risk of shortfall is plenty time enough.

andrewf9

Prudential £800 on £7000 top up endowment

Legal and General £2950 on a £40000 endowment

Wrote std. letter of complaint (didn't realise the risk that it would not pay the total amount) etc . They followed up with some questions, and now the cheque is in the post.:j

Should have done it ages ago !

Thanks Martin !

PS L&G have offered the cash plus the surrender value of the policy so I can convert to a repayment mortgage - should I go for the surrender value + the compensation or just take the comp and keep the policy. Any thoughts moneysavers ?

Andrew

tug

Success
Compensation = £1805

I had two endowment policies taken out on Halifax mortgages.
1. 1983 for £20,200
2. 1988 for £12,200
Both mortgages have been paid off.
The first endowment policy is on track to give a bonus of over £1,000 but the second is estimated to have a £3,200 shortfall.
I believed that both were mis-sold and wrote a letter of complaint to the Halifax in October 2005.
I received neither reply nor acknowledgement but assumed they were dealing with the complaint. I had a time bar of March 2006 and had been told by letter that if I complained after that date I would probably have lost my right to compensation.
However, I wrote again in January 2007 and pointed out that I had never had a reply to my previous letter. This set the ball rolling and I recently received an apology and £1805 compensation for the second endowment. They had decided that the sale of both policies "fell below the standard of service I should have received". In respect of the first policy they wrote that under their calculations (sum of initial compensation + refund of premiums and interest - current surrender value) my total compensation was minus £2,102.
I was pleased with the outcome and have cashed the cheque.
Thanks for the advice and help within this site.
Tug

yenom_2

SUCCESS
prudential/Scottish Amicable
£2766.36 compensation
£66700 endowment

Well I am still on cloud nine, did genuinely believe that I was mis-sold, however, thought perhaps I would get maybe £100 compensation- how wrong I was!!

Big thank you to Martin on this one, although it isnt much, it will change our lives by adding to savings already have to take the plunge and move abroad!!

katdeeley

hi there,

After reading all the info on this fantastic web site about claiming for a miss sold policy i thought i would have a go,the initial reply i had was that i had left it too late and should have claimed by Dec 2006 but if i had good reason for the delay they N/U would consider it so i wrote back with my reasons for the delay they then they replied they would look at it for me, with-in about ten days i have an offer of £3300, which i am amazed at, but they are also advising me to consider changing the endowment part of my mortgage to a repayment and they will pay for the costs of my mortgage company to do this for me, they have also said if i need advise on what to do they will pay for an independant adviser to see what would be best. Or do i want to cash the policy in?I was wondering what other guys are doing, ie just taking the money and worry about the short fall later or change the endowment to for example a repayment??

Any help on this would be appriciated

mayb_2

Whatever you do with the endowment policy you should seriously consider changing your mortgage to repayment if the company is prepared to cover the costs etc. If you decide to do this later presumably you will have to cover the costs yourself. Might be a good idea to see the independent adviser anyway. It also may depend on how big the mortgage is and whether you are prepared to take a risk on not being able to pay it back at the end of the term.

dunstonh

Also, being an NU plan it may not be as bad as you think. NU do not normally include their terminal bonuses in the projections and there a mortgage promise value to add on top as well. When these are taken into consideration the actual size of the shortfall may be much smaller.