Report Endowment Misselling Compensation SUCCESSES

MaximUK

Bank / Provider: Leeds / Standard Life (through a broker)
Compensation : £2400

I wasn't going to bother as I don't remember who sold me the policy and they have long sence left the building where I remember buying it. Someone at work was successful and there are so many success stories here I decided to see what happened even with my incomplete info. I wrote a letter based on the web link created one. Standard Life returned a form for completion. There was nothing too difficult to fill in and on those questions where I didn't have the answer, they will apply asumptions so don't be put off by not thinking you have all the facts.

The letter and form took no more than 2 hours to complete and as said above £1000 per hour must be worth it isn't it?

treaclebob

Endowment company Standard Life
Seller Nationwide
Compensation £4500

we had already switched to a repayment but we kept on the endowment to provide us with a lump sum as there's not much time left on it (and we won't be getting all those extra thousands promised when we took it out in '89!!). Didn't take long about 4 weeks - still a bit miffed about the one taken out in '87 as it was before the set up of FSA so ineligible for compensation. Still better than a poke in the eye with a sharp stick.......

Snuggles111

We were missold an endownment by Abbey National in 1986 on a £50,000 loan and have just received a cheque for £869.00. Thanks Martin. It took a while to do because Abbey were a bit slow about it but it was worth it in the end. We did it through the Financial Services Ombudsman who were brilliant and very patient, even when I kept ringing them up about wordings and things I couldn't understand.

supersub_3

Treaclebob,
Don't give up - as I said above, our two endowments were taken out in 1983 and 1987 and I got compensation for both. Presumably the older the policy, the less you are likely to get because returns were better then, but it's worth a go!

irishjohn

I took out two policies with Legal and General - in 1986 and 1987 - sold to me by Abbey National who were selling me a mortgage - Initial one was to cover a £17K mortgage and then when I have to move to the expensive south I sold my house, bought a small flat and needed an aditional £33K - so two policies to cover a £50K mortgage as a single guy in my mid 30s.

Got the usual letters - one, the 1987 one, definitely not going to meet the desired amount of £33K to part pay off the mortgage - never mind the additional nest egg, and the other - the 1986 one - possibly on track to provide the £17K

Then misselling became big news and on the net I tried out one of the 60 second tests from a solicitor offering a no win no fee service. They reckoned I had a case and as I was a bit uncertain I let them get on with it on my behalf, thinking that 70% of something is better than 100% of nothing!! I wasn't quite the "disciple of martin" in those days.

What happened was - they sent me a proforma letter to use and when they got the questionnaire from Abbey National they simply passed it on to me and I had to do all the work anyway!

The result was that Abbey National refused to compensate me and the Solicitor wrote to advise me that the only recourse was to try the Ombudsman and would I let them know if I wanted to do this. Still not a full convert - I let it slide!!

About 6 months later I had a letter from Abbey telling me of their little scolding and that they would review my case, and lo and behold the solicitor then wrote to tell me the same thing, enclosing a letter for me to sign authorising them to act on my behaqlf again - same terms as before.

Well by now my conversion was complete, and what did I do? I ignored the letter from the solicitor and kept an eye out for Abbey national to contact me - and with a bit of chivvying I got the questionnaire again, completed it again, chivvied a bit more, and was awarded £9500. I had no idea I would get that much. In the meantime I am still paying the policies, they are doing OK and if I were to cash them in today I would get around £25K for an outlay of approximately £18K - They have 5 years to run and are showing signs of a reasonable terminal bonus, so I am happy to keep them going. I check the surrender value every other month and if I see the terminal bonus disappearing I will cash em in!!

My conclusion, Martin is a star, as well as being an all round good guy, even though his shirts leave a lot to be desired. My advice - don't sit and wonder if it's worth the hassle, have a go and remember 100% of something is better than 100% of nothing!! See _ I told you I was converted.

mikelawson

I had been rattling the Yorkshire Building Society's cage for several years regarding my missold endowments from 1982 and 1987. totalling £25,000. I seemed to be getting nowhere but, after reading about it again on this excellent site a few months ago, I decided to have one last try - my last unsuccessful appeal was nearly 5 years ago. To my complete amazement, the Yorkshire capitulated completely, recognising that the endowments had been missold and offering compensation of nearly £3500 - you could smell the burnt rubber as I rushed to accept! The moral is: NEVER GIVE UP!
Thanks Martin
Mike Lawson

Fork_Handles

Provider: Standard Life sold by Lawyer
Compensation: Nil

Started the ball rolling after reading all about this through this site. However, as I am in Scotland my claim had to go through The Law Society for Scotland as the policy was sold by a Lawyer. I thought I had a really good claim at being missold, however as the files no longer existed, the Law Society claimed that they could not prove that I was missold, despite the fact that the Insurance company backed up what I was claiming, and so I got no compensation.
It turns out that I am not alone and that despite other people getting money if they were sold a policy by a broker, not a lawyer. When I last checked the Law Society had only found against one lawyer out of all the claims made against them. Seems only the Pope and Scottish Lawyers are infallible.

Threewheeler

Thought it worth pointing out that some brokers keep records, my claim was rejected as the broker could show that he had illustrated that returns could shortfall below target fogure. We had a Minimum cost policy with Standard Life, now indicating a shortfall. Claim rejected.

P&G

I'm new to posting messages on the site.
Have 2 mortgage endowment policies with Friends Prov.
First taken out in 1982 - projected shortfall of about 7k.
Second taken out in 1985 - projected shortfall of about 6k.

I have been told that as they were both taken out before the rules changed and protection was offered, I cannot try to make a claim. Spoke to FP some time ago and they told me that as it was not them who sold me the policies, I should go back to the broker. They either went out of business some years ago, or were taken over by someone else. No luck in finding out exactly what happened to them.

Any one got any advice for me? Would appreciate it.
Peter

cannylass_2

P&G-one of our endowments was with Friends Provident and taken out before rules changed (1984)-it is worth trying to track down whoever sold to you. It took me a very frustrating afternoon, being shunted from one number to another to another etc, but got a result earlier this year-compensated to tune of £7,000! Not a bad afternoons work as it happened.I had been advised by Abbey National, who sold us mortgage, that they could not trace seller.
PM me if you need more details.