Report Endowment Misselling Compensation SUCCESSES

kellben

Is it true that if endowment bought in 1983 i cannot claim , as this is what i have been told by my seller. ????????????

philanchrisanphilanchris

Hi,we`re new to this,but would love the advice of you lovely people.we took out an endowment with abbey in 1994,not offered a repayment,refused actually because the guy made more out of endowments he said!we were young and daft so went along.we were covering £51000,at £78ish a month.i was going to get a 3rd party to claim,but after surrendering our policy,abbey offered to investiage.we now are repayment.question is,they have just offered us £3461 in compo,is that good enough considering how much we have paid out,they say this places us in a similar position had we took out the unoffered repayment?the boss says forward the acceptance,i say quetion it,what would you lot do?shortfall would be in low 5 figures projected.thanks for any advice.

Chunters_a_lot

Provider Norwich Union

Compensation £1400

The Story

Could probably cut and paste Star_gazers story. Policy was my husbands started before we met. Nagged him over several years to claim. Three years ago my Mum was awarded £14,000 still not enough incentive for him to claim:D I started telling to go to one of the companies if he 'could not be bothered'. Found this website. Sat him down in front of the computer to fill in the Which? letter. Husband sent claim to wrong company However A&L kindly forwarded the claim to the right people:T Filled in the (straight forward) form when it arrived a few weeks ago. Got the offer letter this morning.

Hubby wants to spend money on Plasma TV, I want to take the children to Lapland to meet Santa:D

claraman

Thank you to Martin, Thank you to Endowment Action letter generator and thanks to you all for your stories of success.

Today i was told i was £4800 richer. I do not have a clue about their calculations though, but without all the above i doubt i would have done anything.

Thankyou.

pritchah

Result! Back of the net! Just over £3000 compo on a £30k endowment taken out nearly 20 years ago. A lesson that it pays to be obsessive about keeping all your paperwork!

Our advice is that the shortfalls might not be as bad as they might be - let's hope so as even including the £3k we'd still be behind - but for a few hours work, some collecting of documents, and about 30 minutes of phone calls, it was time v well spent. The whole process took about six weeks and the ceque's now on its way to the bank!

Thanks Martin and all others for the advice.

I'll have a crack at a policy my wife took out with the Norwich Union now.

SR_Chick

I am going through the mis sold endowment procedure and wondered whether an offer that has just been made to us is reasonable (I don't think so)

The endowment was for £39900 with Legal & General, taken out in 1988 over 25 years so matures in 2013.
The projected shortfall is £5200 Their compensation offer received last week was £619. - though I hadn't had time to return their forms due to being away on holiday. Their offer is based on the redress between the endowment and if I had taken out a repayment instead. This seems low to me and I have now filled out the form and sent it back together with copies of their original maturity estimate of £61,740.00. I await their reply.

Any thoughts on what to expect and what is reasonable?

fmcdowell

To SR Chick

Similar situation. 1988 30K Endowment in 1988 over 25 years. Got an offer of £2.6K. Calculation based on FSA guidelines on the difference between what I would have repaid on the capital TO DATE on a Repayment basis of £15.7K minus what the surrender value from company TO DATE of £13.1K. Note I said that if I would have taken a repayment mortgage if I did not take out the endowment, so they have put me back to a redress position TODAY, not at policy maturity. They also ignored that fact in the calculation that I would have paid back MORE on a repayment than the endowment, so I think that was good of them. Must be FSA guidance.

So you need the repayment on the capital and the surrender value of the policy, assuming you want redress as per repayment mortgage to work out what you might expect, but I am no expert, this is just my experience.

Going forward, you also need to invest or pay off that bit of the mortgage with the compo figure and then move to repayment basis to completely address shortfall at maturity.

Hope this helps.

F

roob_the_doob

Similar story here. I was sold a Scottish Widows endowment in 1989 by a branch of Halifax Property Services, to accompany my 25yr 34k Leeds Permanent mortgage. I used the Which wizard and added a few extra details, and got a large form to fill in.

It took a little while, but 2 months after the original letter I have a cheque for £3287. They calculated how much capital would have been paid off so far on a repayment mortgage, and compared it with the current surrender value today of the endowment. As others have found, they didn't make a deduction arising from the different costs of an endowment and repayment mortgage (which could have been £867).

Obviously more cash would have been nice, but this seems good enough. We aren't in a position where the endowment shortfall was going to jeopardise our home, so this is a welcome bonus.

Now I have to deal with our other endowment (40k target sold in 1995) - Sottish Widows turned that one down, and I need to have a good look at the copy of their records which they sent before deciding what to do.

roob

kazzer101

Didnt think we really had a chance at misselling because we have never been sent a red letter, but after reading martins advice and hearing of everyone elses successes, i was prompted to do something about it.

I spent a couple of hours filling in a dead simple form and sent a little letter explaining that we would hot have taken such a risk and had been told we would end up with £5000 at the end of term to treat ourselves.

They have offered us over £4000 compensation!! :T They have advised that this should be paid off our current repayment mortgage and have said that they will reimburse any charges from our lender for doing this!! Yippee!!

I just want to say a huge huge thankyou for everyones advice and comments on this fab site. Without it i would not have been prompted to do anyhting about it!!

Huge thanks to you all.

A very happy karen xxxxx

Maria_1965

Hi All,

Can anyone help applied for comp in July 2004 with Barclays life they sent forms and asked me to fill in they replied no chance at the time I was ill and My father in Law died so I left it

After seeking advice individuals said try again so I did they replied still no and its to late as we told you 2 yrs ago.

Please can I do anything.

Maria:mad: