Report Endowment Misselling Compensation SUCCESSES

Crazy_Saver

dunstonh wrote: »

That makes more sense and taken with your other post it appears that the RU89 calculation was done finally but not intially. I believe L&G had to go back on a lot of theirs.

You should edit your post to reflect the redress payment though as the redress offered was not £32,500

£14,500! That's still a massive amount of redress though isn't it dunstonh?

dunstonh

Crazy_Saver wrote: »

£14,500! That's still a massive amount of redress though isn't it dunstonh?

it is high but remember up until last year, the markets had been recovering nicely and many endomwents were getting back on track or not far off. So the redress payments had been falling. However, since then the values have fallen again and that will increase the redress payments. Plus, I think L&G keep a surrender penalty in place until late on in the plan and that will increase the redress as well.

The early redress payments were high because of the dot.com crash. So, those that claimed early on or late on are likely to do better on redress than those that claimed in the middle (assuming they didnt surrender the endomwent).

Crazy_Saver

dunstonh wrote: »

(assuming they didnt surrender the endomwent).

Surrendered mine about 18 months ago. So even if I do ever win my case I'm bound to be one of the unlucky ones who gets a small payout!

JFC_2

Compensation on endowment two- £2010 (Woolwich now Barlcays ..Friends provident)
Compensation on endowment One - £7513 (Barclays...friends provident)

We claimed compensation for both our policies with Friends provident. The results were that we got compensation for one but were refused for the other policy .

1, £36,000 with proffits in 1986 - offerred £7513
2, £18,000 with proffits in 1988 - offerred £2010

3 Years ago out of the blue we received a letter from Barclays saying they had reviewed the case again and decided that they had indeed missold us the policy and offered us £7513 (when we took this out, we were told not to opt for a repayment mortgage, advising us that we couldnt lose with a with proffits)

Anyway..we have carried on with the policys after receiving the payouts. Policy one looks like it will be about £11,000 short and policy 2 about £9000 short but we have paid an extra £400 a month to our mortgage to ease the pay off date in 2011

Also we have an ISA (Formely a PEP) which we were advised would be about £30,000 in 2011...but is £13,000 at the moment

Despite paying off £15,000 of our mortgage by overpaying and the compensatory amounts there will be a small shortfall (£5000+) which I understand is much better than a lot of people.

What suprised me is that Barclays contacted us of their own back to offer compensation. It was the Woolwich that miss sold, but when Barclays took over it seems they decided to act in our favour.

dunstonh

Surrendered mine about 18 months ago. So even if I do ever win my case I'm bound to be one of the unlucky ones who gets a small payout!

They way yours has gone you could see that being the case!

Crazy_Saver

dunstonh wrote: »

They way yours has gone you could see that being the case!

Thanks for the confidence vote Pal!!!:p

chrimo

great thread its really got me going!
Normally my complaint letters about anything yield little more than a reply saying nothing can be done and consequently Ive lost faith in complaining but having read Martin's tips and after reading all the successes listed in this thread im Im actually going for it on 3 endowments one being a genuine case where I was told to cash in one of my endowments to start the one I have now. Ill post results...

Crazy_Saver

chrimo wrote: »

great thread its really got me going!
Normally my complaint letters about anything yield little more than a reply saying nothing can be done and consequently Ive lost faith in complaining but having read Martin's tips and after reading all the successes listed in this thread im Im actually going for it on 3 endowments one being a genuine case where I was told to cash in one of my endowments to start the one I have now. Ill post results...

I hope you're not hinting that the other two aren't genuine complaints as that makes a mockery of what these boards are about!

mayb_2

In our experience Crazy Saver the Ombudsman can't tell the difference!!

chrimo

Crazy_Saver wrote: »

I hope you're not hinting that the other two aren't genuine complaints as that makes a mockery of what these boards are about!

Not at all, Crazy Saver, just emphasising the most likely of the three to yield based on my fruitless past experience of "complaining" about anything - despite the positives from the board, I'd still be shocked if I get compensation from any of these as its almost entirely my word against theirs rather than solid irrefutable correspondence proving the mis-sell.