Report Endowment Misselling Compensation SUCCESSES

JPR5

Thanks for the reply's. The FSA don't want to know however the Ombudsman think there is a case, the partners put the company in to recievership and then started a new company. Considering the old company had no assets how are they paying for legal fees?
I have made provision for the short fall due to a critical illness payout but that isn't the point, they took my money and they should be held accountable.

mayb_2

The FSA are proving themselves to be less effective everyday. I take it you have complained officially to the Ombudsman service now then? Entirely agree with you aboutthe accountability but these companies are sort of bullet proofed by the system set up to protect the finance industry. Works for good or bad alike it would appear. If the Ombudsman can't give you any redress then there is nowhere else to go unless you go to court. It may be worth investigating the small claims court to see if anything like this is covered, if all else fails. A small claim is better than nothing and wont cost you anything to pursue.

dunstonh

The FSA don't want to know

thats because its not within their remit to handle complaints at consumer level.

however the Ombudsman think there is a case

That means the limited company must still exist but you say they went insolvent. The FOS will not deal with complaints if the company is no longer trading and insolvent. That is the remit of the FSCS.

the partners put the company in to recievership and then started a new company.

If it was seen to be done to shirk legal responsibilities than the FOS can look into it and pass the liability onto the new company.

Entirely agree with you aboutthe accountability but these companies are sort of bullet proofed by the system set up to protect the finance industry.

Nothing of the sort. It is company law not financial law that applies there. There are plenty of examples in every industry of companies doing this. However, in the case of financial services companies there is some protection now. Mainly brought about due to the efforts of the genuine advisers who have got fed up paying out thousands of pounds each year to the FSCS to cover the liabilites of these phoenix companies.

It may be worth investigating the small claims court to see if anything like this is covered, if all else fails. A small claim is better than nothing and wont cost you anything to pursue.

As I said, if the company has closed and has no assets then that would be a waste of time. I would be looking to the FSCS if the FOS have no success.

rivig99

:T :T :beer:

i've just received letter from legal and general offering me £2028 which would make the policy value £8649.93 ( we has surrender value of £6,633.62 in june this year
Is this there final say so ?

cos i'd done some maths in my head a reached a diffrerent figure- £41,000 mortgage less 9 years =
i worked it out 41,000 / 25 years x 9 years had policy = 14760
I'm i right in wroking that out or am totally off track?
i'm not always that good with numbers -
any advice would be fab

mayb_2

The Which site has a link to a system of working this out and it can be found here - http://www.exasoft.biz/homepages/home.asp but it may cost you £50 I believe. I went to a Financial Advisor who worked it out pretty quickly and found mine to be in line - have to say I didn't have to pay though as my company had an arrangement re a 1 hr free consultation. The idea is that you would be put back in the same position as if you had been paying a straight forward repayment mortgage for those number of years. In that case you would have been paying capital and interest back and however much you would have paid off of that capital influences the redress you are entitled to - but how they work it out mathematically is a mystery to most of us. Needless to say it is never enough.

dunstonh

Most providers show the calculation nowadays so as long as the figures being input are correct, then the outcome should be correct.

but how they work it out mathematically is a mystery to most of us

Its been posted a number of times before but it is quite logical. (although sometimes it seems unfair on both sides depending on the scenario).

turbobob

No thats not right. Repayment mortgages go down very little in the early years as most of the payment is interest. The mortgage goes down more quickly the further into it you are. if you imagine it as a line graph it is a curve rather than a diagonal line..

rivig99 wrote: »

cos i'd done some maths in my head a reached a diffrerent figure- £41,000 mortgage less 9 years =
i worked it out 41,000 / 25 years x 9 years had policy = 14760
I'm i right in wroking that out or am totally off track?
i'm not always that good with numbers -
any advice would be fab

mazziem54

Provider: AXA Equity and Law
Amount 3,300

I kept reading on this webiste about claiming for mis-sold endowments and after years of thinking about claiming eventually got round to doing it as I had nothing (more) to lose. I downloaded the letter from this website and after completing some more paperwork I received a cheque for 3,300. Thanks for the push I needed to get this done.

Wish I had taken your advice and capped my gas prices earlier.

mayb_2

Well at least you got an easy settlement mazziem54 - some are still fighting for theirs many months and even years after they took that first step. That's great news.

MasAlia

We have just received compensation for the mis selling of our endowment from HSBC of just over £4000 even though we had decided it would not be possible. We had received two letters years ago about a large shortfall with requests to increase our payments. The adviser who set up the original endowment said we need not do anything as it would sort itself out over time. We calculated that to use some of our savings to pay off the remaining mortgage would sustantially reduce our monthly outgoings and leave us mortgage free in advance of retirement. To increase payments on the endowment would still not have guaranteed enough to pay it off and there was obviously little or no chance of a lump sum payment. Consequently we did take advice on how to proceed without current documentation and were delighted to receive a settlement.Without the encoragement of MSE we would not have considered claiming at all. Thank you.
We have also reduced our car insurance and home insurance by about £600 since using this site's advice, found cheap flights, switched energy suppliers and recently capped our rate.Lots of our friends have followed our advice.