Report Endowment Misselling Compensation SUCCESSES

pnw72

Hi

I have just started the process of complaining about our 2 GA Life endowments. NU have have sent a questionaire asking for various straightforward details, however they also want to know about all the mortgages we've ever had.
It does say that if we're unable or do not want to answer this section, we don't have to, and they use the Halifax SVR in the calculations.
I don't think i've got every detail about our previous mortgages.
Can anyone advise me on what to do?

Thanks for your help!

dunstonh

It does say that if we're unable or do not want to answer this section, we don't have to, and they use the Halifax SVR in the calculations.
I don't think i've got every detail about our previous mortgages.
Can anyone advise me on what to do?

You either supply your rates and dates or you go with the Halifax SVR.

mayb_2

I don't really understand why you need to supply details of the other mortgages you have had except if they want these to assess your attitude to risk. If for example you had always had endowment mortgages in the past then they would say that you knew what you were doing in taking out the endowment mortgage with them. If this has not been the case you can say that previous mortgages had been repayment mortgages. I presume you are saying these endowments are linked to a mortgage with them.

dunstonh

I don't really understand why you need to supply details of the other mortgages you have had except if they want these to assess your attitude to risk.

Because that will result in an accurate calculation based on the mortgage rates you paid. You may have had xyz bank on a range of fixed rates lower than the standard variable rate.

mayb_2

I assume then that the endowments were not taken with the mortgage in the first place - the past payments should make no difference to the amount you were to have received when you took out your endowment. This must have been taken out to cover X mortgage and so calculations should be based on the possible outcome if you had always had a repayment mortgage for X. They cannot assume that you had some fantastic deal that would mean they paid out lower than the rate prevailing at the time.

anandp

Hi Lucyspoon - may I ask who the complaint was against in your case?

Anand

times2

My second post - the first was a successful rebate regarding my MEAF.

Commercial Union endowment taken out in 1993. Not performing well. Norwich Union wrote back with a lengthy questionnaire a fortnight ago. Did the stuff and have received a letter saying that they will transfer just over £5k into my account within 10 working days in light of the mis-selling.

Well chuffed. Should have done it years ago ha ha!

Thanks to everyone at MSE - it does pay to take the time to claim.

times2

mayb_2

Well done times2 it is a great encouragement to those who haven't done it yet. Goes to show that some companies will accept there mistakes and not make life harder than it has to be.

mayb_2

What a fantastic result catherinebeddau was that a savings endowment policy? We fought for two years to get the £30,000 promised on a savings plan and got nothing through the Ombudsman or anyone else. We finally cashed it in for less than £8000 - so you can see why I ask the question. We had no proof in writing of how much we were promised, although £30000 was in line with expectations at the time of taking this out (hadn't a clue how this worked at the time). A mortgage endowment has to be for the mortgage so the end result is not in dispute. If I remember rightly the sum assured was only about £8000 anyway apparently, so we basically got our money back. It was the with profits bit that let them away with it, not to mention the overlooking of the fact they had not kept us informed of the progress of the account for many years and then closed the fund without informing us too. Ombudsman and FSA didn't appear to be too bothered about that although the FSA did tut tut a bit I think. All in all it was assumed that we knew that we would only get our money back after 15 years.

The_James_Family

Hi,
I posted earlier in this discussion telling you about Legal and General, after a couple of telephone calls (L&G calling me also) I have today received an offer letter of £3616.00.

Great news as I didnt think I would get a penny.
The letter with the offer states that we should have not been offered an endowment with a mortgage because of our circumstances. We were young, first mortgage all that stuff, living to our means etc. They said that we should have been offered a repayment mortgate from the start which would have provided no risk. The letter also has a breakdown of the offer, which they say will put us in the same position with our mortgage if we had been repayment all along. (I must say that in 2002 we had cashed in the endowment for just over £6k when we changed to repayment)
We havnt got the nest egg that we were told we would have but i feel that this is some compensation for the panic/stress that you get when you receive a letter showing such a major shortfall as ours.

Thank you to all on this thread, if I hadnt read all your posts and results, I would never have plucked up the courage to contact them at all.
Again Thankyou
:j I hope that my success will urge others to do the same.
A few telephone call (all freephone I might add) and about an hour of my time in total.