Report Endowment Misselling Compensation SUCCESSES

mayb_2

Just to put the record straight dunstonh I have one upheld and one not upheld which makes 2. The not upheld one I managed to up the value of, by complaining and not giving up at the first hurdle, so at least got my money back. The FSA agreed that the company had broken the rules but failed to make it public and helped them to cover this up. I also know quite a few other people that have had similar experiences and of course there are the many people who use this site. I am not going to argue with you about who is the worst offender here as we are not going to agree and we have been there before. So boring for everyone else.

I know I didn't lie, I know Crazy Saver didn't lie and I know many others who didn't lie but still were not believed by the FOS. So, as I say dunstonh we speak as we find. How do you know I don't read these things or keep up to date with what is going on? Maybe I do or maybe I don't but don't make assumptions. I, maybe, just look at it with a different eye to you and probably always will.

treliac

I have followed the mortgage mis-sale posts on the mse site for some months now and have learned a great deal. Thank you all so much. I have put together our complaint relating to mis-selling of a pension mortgage in the 80s, having recently become aware that the same concerns applied to us as to those who bought endowments.

We had no knowledge of the uncertainty that we were buying into as a young couple, having believed the word of the insurance company salesman implicitly. It would not have occurred to us to question that what were told was no guarantee whatsoever. Nor did we understand about investments (still don’t) and, I suppose, thought of the policy as a form of savings plan. The question of what happened to our money once paid into the policy did not occur; we were financially naive.

Anyhow, we have come to realise just how wrong the advice was for us and just how much it has cost us and is continuing to cost us, even though we have now transferred to a repayment mortgage. We have rejected an inadequate offer made by the company concerned and have complained to the FOS who are taking the complaint up for us.

I am concerned about others who bought pension mortgages and who still do not realise these were mis-sold to them and what a mess they are likely to end up in. There is little said about pension mortgages specifically and, I suspect, many people in this situation are still unaware. No such things as warning letters are sent – I have been told that the companies who sold them may not keep track of the fact that these policies were sold to pay off mortgages.

I will update on the final outcome for us once settled. Thanks again for all the advice and information from you wonderful contributors. You have enabled me to understand and to start addressing our situation.

dunstonh

I am concerned about others who bought pension mortgages and who still do not realise these were mis-sold to them and what a mess they are likely to end up in. There is little said about pension mortgages specifically and, I suspect, many people in this situation are still unaware. No such things as warning letters are sent – I have been told that the companies who sold them may not keep track of the fact that these policies were sold to pay off mortgages.

Pension mortgages were a great idea in theory rather than reality. Problem was that tax rates changed, tax rules changed and the investments used were not up to the job for a lot of people. A higher rate tax payer using decent investments and where the mortgage is due to be redeemed after age 55 could do very nicely out of a pension mortgage. If handled wrong, they could be a nightmare.

The reason you dont see much coverage is that not many were sold in the scheme of things. They were really only sold in a relatively short period.

mayb_2

dunstonh wrote: »

The reason you dont see much coverage is that not many were sold in the scheme of things. They were really only sold in a relatively short period.

Let us thank God for small mercies then!

HAVEFAITH

AndrewSmith wrote: »

Bank / Provider: Abbey National
Compensation : £4500
The Story:

This is the endowment belonging to my other half Kim. She and her ex-husband took the policy out for their first mortgage, then took a second endowment to 'top-up' on a subsequent move.

Took approx 8 weeks from start to finish, and the policy(s) are still in force with 7 years till maturity.

She used the info from this site to find out how to approach the Abbey without engaging the services of 'specialist' companies.

She has said she is happy to offer blank copies of the letters to anyone who wants them.

:beer:

Hi, Yes please I would like to see blank copies. I can provide my email address ... thanks

HAVEFAITH

Hi,

How strict is the deadline with the FOS. Our mortgage company kept us waiting (did not return calls and write back) beyond the 6 month dealine. Can we go for 'exceptional Circumstance' without to much hassle or how strict is this dealine with the FOS?

dunstonh

How strict is the deadline with the FOS. Our mortgage company kept us waiting (did not return calls and write back) beyond the 6 month dealine.

The FOS is fairly strict with it. The 6 month countdown starts after you hit deadlock and are told you can go to the FOS. After this point you shouldnt be in any more communication with the company so using that as an excuse isnt likely to gain you any real benefit.

If you are a few weeks late then they would probably take it on. If you are more than a month then your reason for delay has to be enough for them to consider it. That typically means being in hospital or out of the country or close bereavement.

Crazy_Saver

mayb wrote: »

Let us thank God for small mercies then!

I take it you are in full wind up mode in preparation for 2008 mayb!!

Happy New Year:beer:

mayb_2

Start as you mean to go on I say Crazy Saver - Happy New Year to you too. At least we have survived 2007 with humour intact.:beer:

forzaitalia

BANK/PROVIDER : GUARDIAN (VIA NATIONWIDE)
COMPENSATION : £8,187

YOU MUST HAVE A TRY AT CLAIMING COMPENSATION IF THERE WAS ANY CHANCE YOU WERE MISSOLD AN ENDOWNMENT - DON'T ASK FOR ADVICE, JUST GO AHEAD AND DO IT - YOU HAVE NOTHING TO LOSE! I DID IT AND LOOK AT THE AMOUND I GOT.

My endownment was taken out in 1983 for £34,000 (and I still got compensation!) and we were advised of a shortfall in funds in 2000. I cut my losses and cashed in the endowment (a measly £21,000) and borrowed £13,000 from a kind relative and paid off the mortgage in full. I still had £13,000 to pay back to my relative, which I did in full, even though it was a struggle. My husband was due to retire in 2003 so extending the terms of the endownment was not possible.

This caused us no end of heartache and worry at the time and not conducive to good health.

I had heard Martin many times on Radio 2 offering advice, and when I finally bought myself a laptop last year I visited his website and started to receive his weekly email. It was then that I realised I could claim compensation. I downloaded the template letter and sent it to Nationwide. A reply came very quickly with a 12 page questionnaire to fill in, which took hours (I tend to go blank when faced with a daunting form like this!), but I struggled through and sent it off. A few letters came back acklowledging my complaint and that the complaint was being passed to Guardian, with another form to fill in (only 1 page this time!). A letter finally arrived from the Guardian 3 months later stating our claim was valid and that they were offering £8,187 compensation! I was blown away! I thought perhaps I had left it too late, but I did explain in my questionnaire that I was only aware of the misselling in 2007 after reading Martins website - well it worked!

DON'T ASK ADVICE AND DITHER ABOUT CLAIMING - DO IT! YES IT TOOK ME HOURS TO FILL IN THE FORMS AND PHOTOCOPY THEM AT THE LIBRARY, ETC, BUT BOY WAS IT WORTH IT! DON'T BE AFRAID OF THE FORM FILLING (IT IS MY PET HATE TOO) - IF YOU DON'T HAVE AN ANSWER TO A QUESTION JUST TELL THEM TO CHECK THEIR OWN RECORDS - THAT'S WHAT I DID.

GOOD LUCK TO OTHER CLAIMERS AND THANK YOU SO MUCH MARTIN AND THE TEAM.
:T :T :T :T :T :T :T :T