Report Endowment Misselling Compensation SUCCESSES

mayb_2

Well done - You obviously did the right thing in the circumstances and at least you can now sleep at night. I agree that without a guaranteed return it is much safer to claim misselling than face a shortfall and a time bar scenario later on. What choice do you have?

I wonder if at some point the fact that you were given warning letters and then threatened with time barring if you took no action and this was followed by you claiming and cashing in - if these policies were later proved to be good ones we would be able to take these companies on in any way, on the basis that they gave misinformation and caused you to lose money by forcing you to act in a way that placed you at a disadvantage.

Don't answer that anyone I think I know the answer already!! It was just a muse. The word stitchup comes to mind.

theglobe_2

My question, does the interests rate rising, mean your surrender value is higher, and therefore you get less or no compensation.


The Case

Barclays was written to after a shortfall letter, the person writing is ill with mental health problems,

they explained this, phoned disability line

barclays was very nice offered to do all forms, letter came back policy not mis sold

But info on form incorrect

I went to FSA

this took months n months

since then shortfalls no longer predicted

Barlays agree to settle with FSA involved

but take further time to sort out, shortfall gets less

then recieve letter, calculation on day this letter written not on first complaint

no shortfall

after cost of life insurance

person, has been retired due to ill health, so things really a struggle

will convert to repayment.

was wondering if I should raise the time issue

butterflymum

This is a longish post, but hope it gives those in similar position to us encouragement to do something positive even if they have little time left.

Our Mortgage was taken out in 1990 for £16,500 (ah, those were the days!). The Endowment was taken out via the Alliance and Leicester, and placed with Scottish Amicable (now Prudential).

In light of all the publicity about endowments over the past number of years, the red warning letters and advice on this site, we felt strongly that our attitude to risk had not been fully considered. However, we delayed complaining as we originally thought that a complaint would initially have to be sent to the branch where the original A & L adviser dealt with us (she was known to us at the time and trusted by us and so this felt awkward, even though she will have by now retired, as we believe that although she may have mis-sold us the Endowment, she was merely acting on what was the general guidance/ways in the industry at the time). Because of this we held back on complaining (probably through a sense of loyality, even if mis-guided).

Anyhow, realising that our complaints time limit deadline of 9th June 2007 was approaching fast, I finally pulled out all the paperwork again (having done so many times before, but then not dealing with it). This time I noticed a 3 page complaints questionnaire that the Prudential had sent at some point in respect of our SA endowment. On reading it again, the penny dropped that as the A&L employee was acting as an appointed representative of SA, I could actually complain direct to SA/Pru.

So, I completed the form on 22/5/07 and sent it by Royal Mail signed for service (cost 70p , plus used the pre-paid envelope) to the Prudential. This meant I could track it's arrival. It got there next day 23/5/07. I received a phonecall on 24/5/07 to clarify our postcode, then on 26/5/07 received a letter acknowleding our complaint and saying they would check if it was within the time limit and if so, follow through accordingly with considering same. Today, 31/5/07, letter arrived saying concerns now fully investigated (and thanking us for our patience!), endowment wasn't suitable, sorry that this happened - offer £845.59.

So, if you were like us, there is still a chance for you - go for it!

Tiger_greeneyes

Abbey Life policy, 1993
Compensation awarded £1,523.97

I bought an endowment through Abbey in 1993. I tried to claim compensation about five years ago but was refused.

I was bored about a month ago and decided to try again. I filled in a form and sent it off. I got a letter through today - I've been awarded £1,523.97 in 'full and final' settlement

They said their aim was to put me in the same position now that I would have been in had I opted for a repayment mortgage. It's fine by me as it's a savings vehicle anyway, I've got a repayment mortgage now.

I'm glad I wasn't put off with the refusal I received before.

The moral of this story is "if at first you don't succeed, mither them again"

scotbabe_2

Policy Standard Life-£33,000


Claim upheld by Bradford and Bingley.Used standard letter and then was sent a questionaire to fill in.Received a phone call a week later to say that the claim was being upheld and this morning we received cheque for £2852.Thank you Martin and all the people who have left such a lot of helpful information on this site:j

Mojo1971

Name : MGM assurance

Offered : £1172

Wrote off not expecting anything as Im sure deadline had passed. Sent their completed form off last Monday and got an offer today!

Thanks

Jo

rambo65

Tiger_greeneyes wrote: »

Abbey Life policy, 1993
Compensation awarded £1,523.97

I bought an endowment through Abbey in 1993. I tried to claim compensation about five years ago but was refused.

I was bored about a month ago and decided to try again. I filled in a form and sent it off. I got a letter through today - I've been awarded £1,523.97 in 'full and final' settlement

They said their aim was to put me in the same position now that I would have been in had I opted for a repayment mortgage. It's fine by me as it's a savings vehicle anyway, I've got a repayment mortgage now.

I'm glad I wasn't put off with the refusal I received before.

The moral of this story is "if at first you don't succeed, mither them again"

Hi after reading the above I too have sent in a letter fingers crossed - rambo 65

bogof1

can anyone offer help or advice?

I contacted Friends Provident about miselling an endowment policy but they refused to even discuss it as they said i had been notified of the potential shortfall over 3 years ago. They said that i couldn't claim because i was making a claim outside that three years. Does anyone know if this is correct?
Is there a three year claim limit?

dunstonh

There is a time bar of 3 years from being notified of a high risk of shortfall.

mayb_2

bogof1 did you get the letter - it must indicate a high risk that your mortgage would not meet its target? Did the company send you a reminder that time was running out 6 month's before it did? Claims may be considered by the Ombudsman if the company did not follow the correct procedure before imposing a time bar.