Report Endowment Misselling Compensation SUCCESSES

henryhallsdanceband

Endowment company: Royal & Sun Alliance
Seller: Bristol & West
Compensation £3600

Endowment company: Guardian Royal Exchange
Seller: Financial Advisor/Broker
Compensation £3700

Briefly

Two endowments both performing miserably. Complained about both 2-3 years or so ago. RSA agreed to pay pretty promptly. They said that they felt that on balance I knew what I was doing but as they had no record of a discussion they'd pay out.

Guardian Royal Exchange turned down my claim as they were able to provide me with a copy of the document/interview notes I'd signed at the time. Even although I was aggrieved at this as my complaint related to how I was sold this I did not pursue the case. About two weeks ago and completely out of the blue I got a letter in the post from them saying they'd reviewed my case, that they were changing their mind and that they were wrong to have turned me down when I first complained. Please sign and date and money opn it's way to my bank account.

I can only think that this has happened as the broker advised me to surrender an existing 6 yr old endowment and start up the GRE one. It may well be that, whether or not I knew what I was doing at the time, it was a stupid thing for me to do and they shouldn't have encouraged me to surrender the policy.

They are also contracting the Legal and General as they think I may be due compensation from them (for letting me surrender my policy?)

So never give up - I did - so I am lucky.

mac1954

Bank Barclays Woolwich
Amount £3 700
Thanks for your easy to follow mis sold endowment links, for a couple of hours of work have gained £3700 not all the shortfall but better than nothing!

mac1954

P&G wrote:

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

Hi try the financial ombudsman services web site you can click on there and see if the broker is out of business, assuming you know who they are, if you do not know or remember who they are FP will know and they should give you this info. Have just got £3700 back from Barclays and have written to fscs for advice regarding a policy sold to me by a firm that has gone broke, they replied very quickly and I have sent them some more info so have my fingers crossed. good luck!

scousertrish

provider : NU
shortfall :£10,000????????
compensation : £4600

Used the Which? website "Endowment Action" section.
Heard about it on Money Box R4
A step by step guide to complaining about missold products.
Best bit it is the letter generator - absolutely brilliant help for composing the letter of complaint.
Just keep going through the process and you might end up with £4600 to pay off your mortgage like I did!:j

J_ROBBO

I have already posted on another section of this site but I will say again a big big thank you to Martin,I have just had a total of just over £4000 in cheques drop onto my carpet and none of this would have happened without the help I have had from this site,once again thankyou .

davidlizard

Provider: Scottish Provident
Compensation: £2200

Story: Policy commenced in 1995. Realised missold in 2005 when we changed mortgage (thanks to this site). Used letter generator on Which website, but company who sold us policy had gone bust. Was advised to contact Financial Services Compensation Scheme (thanks to this site), who sent me a questionnaire to complete. Six months later, I get the compensation offer which I have accepted.

Also, thankyou to those who recommended us to chase the compensation ourself and not pass it over to one of the claims specialist companies on telly/in the press who would have taken a substantial proportion of my compensation for (in my case) doing very little work.

Top result. Thanks everyone.

Best of luck to all those who are pursuing compensation for missold policies.

Dave

Iona_Penny

provider: Standard Life
seller: Halifax
compensation: £4930

Asked that mis selling claim be looked at in 2003 but turned down. Halifax revisited the complaint approx a month ago, upheld, and a compenstaion cheque arrived yesterday! Will be brill to pay another chunk off the mortgage.

star_gazer_5

Provider: Prudential (formerly Scottish Amicable before being taken over)
Amount: £3444.05

Hi Y'all

The story is in my case "Kick my partner up the bum!"

My partner had an endowment before we met, we have been together now 13 years (EEK!). We moved 3 1/2 years ago and through hard saving, sacrifices blah, blah, blah cleared our mortgage, but as my partners endowment was pratically worthless to cash in, he kept the minimum payments going as a "long" term savings plan.

I kept "persuading" (i.e. nagging!) him to investigate the mis-selling info, but as like many things went by the wayside. It was good ol' Martins update a couple of months ago, that spurred me into action! I downloaded the formatted letter, tweaked it, stuck it in front of my partners nose, said "sign here!". As I pointed out to him at the end of the day the worse thing that could happen, was that they could say "No compensation for you my laddy!"

Anyway, less than 6 weeks have gone by, the letter arrived this morning, I phoned him at work to ask if he wanted me to open it, and when I read it out to him the reaction was "I need to sit down, I'm in shock!"

Working it out, it took me me less than 2 hours to prep the letter, complete a form that Pru sent back to investigate, so based on that I was earning £1622.02 an hour - Hoorah!

Funny thing is we are planning our partnership ceremony next year, and this will go a long way to paying towards it!

The moral of the story, and I can't stress this enough "If you don't ask, you don't get!" PLEASE, PLEASE, PLEASE have a go! We are just two average guys, with no speacialist knowledge of "legal" or "financial" things. OK we are busy as aren't we all, but HONESTLY, it took no more than a couple of hours out of my time to do this! This my boot up your bum! "Have a go!" You may be pleaseantly surprised with the out come!

Right, now where did I put that brochure for the 56inch HD TV.... Hee-hee!

Three BIG cheers for Martin and MSE!

:j

tinatiara

Hi Martin
A big thank you
After following your advice i have just been offered £3896 redress, which we will be accepting.
Tina:

pumpkinmuffin

Bank/Provider:Standard Life policy sold through Halifax
Compensation:£1440
The Story:

Having taken out our policy in 1993, and previously been told that we had not been mis-sold it, I decided that enough was enough with all Martin's emails telling us to do something about it. I used the provided form from this site which I sent to the Halifax that dealt with us. They forwarded this on to Standard Life and a few days later we received a complaints pack to fill in. It took just over an hour to complete and now six weeks down the line we have been offered £1440. So, a big thank you, Martin, for making it easy and pain free, and for the bombardment of emails telling us all to complain!