Report Endowment Misselling Compensation SUCCESSES

dunstonh

mr_pheasant wrote: »

I have a legal and general endowment maturing it is falling short how do i know they are paying the correct amount

Look at the statements and check the units held or if conventional with profits, look to see if the guaranteed sum asssured is the same as it was at the start and the annual/reversionary bonus has never gone down over the period of the statements (terminal bonus will fluctuate though).

mr_pheasant

most kind of you to answer it looks like between the the terminal bonus dropping and reversionary bonous % reducing there is not anything to be done.
part of the problem being all that has recently happened in banking i no longer trust them.

thelicencee

Hi,
I am no good at these things, dont even know if I am on the right, link, although I know I am the page for missold endowments.
We contacted the company, who completely denied we were missold or misadvised, yet told ou there is to be a 25k shortfall on a 60k endowment. They said they would investigate, but still came back with a negative response. We were asked to continue to still send in any further details of the missold policy and they would' re-evaluate' there decision and if they felt we were missold they would notify us.After about 4-5 months of one way traffic from us, we decided to contact the ombudsman. But when they contacted the company they told the ombudsman we were 'out of time' and the ombudsman advised that the company had refused to make any information available to them. We are now stuck between a rock and a hard place, with no where to go. Does anybody have any information that may help us progress this matter towards a positive outcome?
Many thanks in advance
Paul

thelicencee

HHHHHHEEEEEELLLLLLPPPPPP
Hi,
I am no good at these things, dont even know if I am on the right, link, although I know I am the page for missold endowments.
We contacted the company, who completely denied we were missold or misadvised, yet told ou there is to be a 25k shortfall on a 60k endowment. They said they would investigate, but still came back with a negative response. We were asked to continue to still send in any further details of the missold policy and they would' re-evaluate' there decision and if they felt we were missold they would notify us.After about 4-5 months of one way traffic from us, we decided to contact the ombudsman. But when they contacted the company they told the ombudsman we were 'out of time' and the ombudsman advised that the company had refused to make any information available to them. We are now stuck between a rock and a hard place, with no where to go. Does anybody have any information that may help us progress this matter towards a positive outcome?
Many thanks in advance
Paul

mayb_2

Hi TL. You should first ensure that you have had no final warnings of a shortfall from the company concerned. Once they have issued you with one of these and given you a final date by which to claim, you can be timed out if you do not claim by that date. If they have failed to do this then they cannot claim you are out of time.

Providing you are still able to claim it is probably best to put in an actual claim of misselling to the Ombudsman - you do not say whether you did this when you contacted the Ombudsman. Remember it is only possible to claim a missale if you were unaware when you purchased the endowment that there was a risk of it not meeting the target to pay off your mortgage at the end of term.

It may be a good idea to send copies of all correspondence so far to enforce your claim.

I am sure others will be able to advise you further but perhaps you should say when you took out the endowment and how much longer it has left to run. If you win redress on this you will need to remortgage to a repayment mortgage and, if there are serious concerns about the chances of your mortgage reaching target, you should consider taking action straight away on this as claims can take some considerable length of time to be dealt with.

dunstonh

I think the time bar in this question is the 6 month to refer it to the FOS once the firm has rejected your complaint.

mayb_2

As the firm asked for further information upon which to decide whether this had been missold, and then didn't respond, I assume that their final response is still awaited dunstonh. Do you think the six months can have started to run under the circumstances here as I believed it dated from that final response?

dunstonh

I read it a bit differently (although it could really be either time bar as its a bit confusing).

"We contacted the company, who completely denied we were missold or misadvised"
<snip>
"They said they would investigate, but still came back with a negative response. "
<snip>
"We were asked to continue to still send in any further details of the missold policy and they would' re-evaluate' there decision and if they felt we were missold they would notify us."

That sounds like a fairly common response where they have rejected the complaint and consider it closed unless there is any further information that that policyholder has which could alter that decision. In that letter it should state that if they want to take it further then they can complain to the FOS and have 6 months to do so.

However, it could also mean that the company have identified that the policy was pre-regulation and will not review the complaint. The FOS wont review it either as the company wont supply information as its pre-regulation and the FOS have no remit.

We need a bit more information.

1 - when was it taken out?
2 - what as the grounds for refusal on the complaint?

tommycatz

Hi, I had a successful claim for a mis sold Prudential endowment. When I was 20, a friend joined the Pru as a financial advisor. A few months later, over a pint he suggested to me to take out this
wonder product which would allow me to start paying off mortgage early, even though I was not planning to buy a house, then in 5 years time when I did, I would have paid off 5 years of my mortgage.
I said yes, and started a £40 a month 25 year endowment. A year later, I unexpectively became a student and reduce my payments to £15 a month (£9000 target). Then 2 years ago, I submitted a mis selling claim to Pru. They sent another form to complete then out of the blue they sent a Policy Cancellation form (sneaky!). I ignored it. 2 weeks later I received a letter saying the circumstances were against the Pru selling policies and awarded me £2500.
Result! :j

uknovaman

Hi newbie here

My partner was sold a policy that will mature in 2012 and has a suspected shortfall of at least £4800, but could be £6100.
As the policy was taken out in 1987, is there any chance of claiming for compensation?