Report Endowment Misselling Compensation SUCCESSES

amartinfan

i have been compensated £8,500 from my endowment provider, using your template- it took 18 months and they rejected my first approach. i spoke to FSA and then via financial Ombudsmen as they said i was time-barred but i won the case and the provider reconsidered. I have surrendered the endowment and also have the early repayment charge paid and will get my tax back from HMRC as i am a non taxpayer -thank you martin - i would not know where to start if i hadnt read your website

mayb_2

It is good to hear that the time bar was not used by your provider, as an excuse to avoid the company's responsibilities to their customers. Unfortunately this is often not the case and as these time bars are really kicking in now it will be interesting to see which companies choose to hide behind them.

Congratulations for persevering and lets hope it encourages others to do the same.

pumpkin_soup

amartinfan wrote: »

they said i was time-barred but i won the case

Congratulations!

How did you manage to overturn their time-bar argument?

BugBear_2

pumpkin_soup wrote: »

Congratulations!

How did you manage to overturn their time-bar argument?

There are several circumstances in which the timebar can be overturned:
1. The endowment was sold to more than 6 months before it was required
2. The endowment was never attached to a mortgage even though it was set up for that purpose
3. The endowment was sold to single person who had no requirement for life assurance attached to the endowment policy
4. When you were originally advised to take out the endowment policy, the adviser told you to get rid of an existing policy because the new policy would be much better

The main thing that you need to focus on here is that time bar doesn't start running until you have knowledge of the wrong which occured, namely in this case (for example) if number 4 happened to you, you wouldn't know that were entitled to redress until you were told.... You have 3 years from that day to complain.

Good luck!

janicec

Having read the experiences of others I decided to write to Halifax PLC using an example letter provided through this site informing them I was unhappy with the way I was sold an ISA to pay off my interest only mortgage. I have just under 3 years left to full term. To my surprise I received an immediate response with a cheque for £3580, this was without completing any forms or questionnaires! I have also received another £3000 from two small endowment policies one with Norwich Union and another with Standard Life. These 2 companies proved a little more troublesome as I had to complete application forms. I am extremely pleased with the results so far and cannot thank this site enough. I would recommend anyone to write to their bank or building society and demand compensation - it really does work!:j

DC7_2

Just had a letter through from the Co-Operative and they have offered £3364. :j:j:j

This was for an endownment started in 96 for 25 years and should have paid out £40,000.


The process was

1. Fill in letter generator on Which website as advised to do from this site.
2. Send letter to Co-op and Receive forms back to fill in.
3. Contact halifax to find out mortgage info, they sent through the wrong info so had to contact them again and get them to resend it (note this took the largest amount of time)
4. Fill out forms and send back
5. Get letter from Co-op with offer of £3364.

The whole process took 8 weeks as I said most of this was waiting on the Halifax to get back to us. As we had thrown out all our old mortgage details.

I would never have tried this if it wasn't for this site. I didnt think I had any proof I was mis sold??

Thank you so much guys:T:T:T:T

Now I'm off to send my letter to standard life, fingers crossed.

To anyone still thinking about it I never thought I'd get anything but its worth a try.

DC7:D

dunstonh

Now I'm off to send my letter to standard life, fingers crossed.

Good luck. However, you may want to check you are not time barred. Most Std Life plans are now.

pumpkin_soup

well, to say I am flabbergasted is a massive understatement. Sent a letter to Lloyds TSB Life regarding our endowments and stating we believed we had been missold (we had no evidence we could produce of this). I was fully expecting to be told we were time barred, but thought for the price of a stamp I would have a go.

After getting some forms to fill in and returning them, the first communication we had was a cheque for £3000.

The whole process took just over 1 month and cost me 1 first class stamp. I'm still in shock!

treliac

pumpkin_soup wrote: »

well, to say I am flabbergasted is a massive understatement. Sent a letter to Lloyds TSB Life regarding our endowments and stating we believed we had been missold (we had no evidence we could produce of this). I was fully expecting to be told we were time barred, but thought for the price of a stamp I would have a go.

After getting some forms to fill in and returning them, the first communication we had was a cheque for £3000.

The whole process took just over 1 month and cost me 1 first class stamp. I'm still in shock!

Well done! It just goes to show that people shouldn't be disheartened and put off from complaining. :T

LSP

We referred our mis-selling to the Ombudsman in August 2006. In August 2007 an adjudicator upheld our complaint. Unfortunately the Firm requested an Ombudsman decision. Again in 2008 another Adjudicator upheld our case and again it was referred to the Ombudsman and after answering numerous questions it still with the Ombudsman. Has anyone else experienced this, and is it likely that the Ombudsman will dis-regard his adjudicators and rule against us.

Just received a letter from FOS asking if my husband and I are experiencing exceptional financail hardship or are in serious ill-health, whats that all about?