Report Endowment Misselling Compensation SUCCESSES

Happy2010_2

Hi

I sent a letter four weeks ago regarding a mis sold endowment that myself and my partner had taken out in 1998 . I happened to call Scottish Widows of whom the endowment had transferred to from LTSB and they said they had no letter history on their system to say there was any time barr to complain. So I thought I would send a letter and see what happened. In my initial letter I asked for copies of my endowment paperwork to be sent to me. I had an endowment questionnaire sent back within a day or so and I sent it back by return. I had a auto generated letter which said they were still looking into it and I could call if I had any questions. I called and asked at what stage my complaint was, I was told that I should receive an answer within a couple of days. I asked what the resolution was and they said they weren't allowed to tell me. I wasn't sure whether to see that as a good or bad thing??

Anyway to get to my point ! I was flabbergasted to receive a letter today offering me £2,800 compensation!!!

So do not give up and send that letter as you never know how you may get on. The price of a stamp ended up helping me as well as this brilliant website! if you have any questions please feel free to ask


Kind regards
Annie x

buel

Hi,
My parents' have had their endownment miselling claim turned down by the Adjudicator due to the fact that they are time barred. My mother explained that quite often we dont receive the the correct post for our rural address in the hills of Wales but didn't go into detail, the adjudicator turned down their claim as Barclays 'word' that they sent two letters (one in 2001 and one in 2005) is apparently good enough! Now, i am writing to the adjudicator again, on their behalf, but this time clarifying the following points regarding the postal probl;ems we suffer:

• There are 25 addresses that share our post code
• There are four extremely similar farm names to ours in the vicinity that share our post code, by this i mean that our farm name is 3 words and the other four farms all use at least one word from our address
• I have at least two neighbours willing to make sworn statements that they have regularly received letters meant for my family, as have we received post meant for them.
• Unbelievably(and i swear this is true), even today we have received a letter for a completely different name and address in our village

Do you think there is a possibility that these points may help the adjudicator look at my parents' case?

Ps- how relevant is it that my dad was unemployed through long term sickness when sold the endownment and that the salesman didn't ask by what means my dad would pay off any excess remaining moneys owing on the mortgage and that it was due to mature after my dad had turned 65?

many thanks in advance-Buel

mayb_2

Hi Buel

On the point of mail not delivered it appears that the Banks etc can make claims of having sent the letters and not be required to provide any proof of that. You on the other hand must supply proof of any correspondence sent to them.

With regards to the points of your father being long term sick at time of purchase and going to be over retirement age when this policy matured, I wonder if you have asked for a copy of the details taken at the point of sale. You are entitled to do that and it may prove useful to see what was actually written about your fathers attitude to risk and ability to afford this policy. There are different ways of treating claims involving policies extending beyond retirement and I think this is definately a point you should have raised when making your claim. Certainly you should point this out now and also ensure you send everything recorded delivery.

I hope that you may conince them to look at your case again.

mayb_2

Hi Buel

I think you should defintely raise the issue of your father being past retirement age by the time this matures. I think that these sorts of sales are looked at on a different basis by the ombudsman. I also think that you should ask for the paperwork that should have been completed relating to your father's attitude to risk and ability to afford this policy. This may be something you can then use in pursuing your claim that he should not have been sold this in the first place as long term sick.

Unfortunately it may still be the case that your time bar will be enforced. It appears Banks etc do not have to provide proof that you had a letter from them giving you warning of a cut off date for claims. Still there is nothing to be lost in writing to the Ombudsman again and asking them to reconsider on the basis of the other issues you have mentioned. Do soend your letter by recorded delivery though as you will be required to prove you sent your mail!!

buel

Thank you very much for your help, i do appreciate that!!!

Mrs_Hedgehog

Aviva Success Story

hi

just wanted to share my story, if it helps anyone.

I took out an endowment on my 1st house 15 years ago with what is now Aviva (was NGU at the time I think). I was single at the time, but the policy had a life assurance element.

A month ago, after reading about the process on here, I called Aviva to find out who / where I direct my complaint to, then downloaded a standard format letter from the web. I had a reply within a fortnight asking for a lot more detail on my mortgage history etc. I hadn't got round to filling it in when another letter arrived saying they were upholding my complaint, and today I've received an offer for £7000 with a calculation showing that that would set me to the same level had I taken a repayment mortgage out instead (when added to the surrender value).

I don't know if that is of use to anyone else?! But from my perspective, I cannot believe that a simple 1/2 hour process has resulted in £7000 and I wanted to say a huge thank you to MSE and all the members :beer:

Mrs Hedgehog

malkmus

If you have received an offer, and you dont consider it enough should one stick out for more?.

Frankly by just giving you the difference from if you had taken out a repayment mortgage instead of endowment mortgage, hardly compensates you because in all honesty you would invested elsewhere to provide a nest egg for oneself.

VIGILANT22

The FSA set out how compensation should be calculated.....The compensation is based on what your position would have been now, if you had not been sold the policy but had taken out a repayment mortgage instead.
Compensation is not based on what you expected the policy to be worth.

The calculation of any compensation involves comparing:
• the mortgage interest and endowment policy premiums you have actually paid, and the current surrender value of your mortgage endowment policy; with
• the mortgage interest and capital repayments you would have paid on an equivalent repayment mortgage,and how much capital you would have paid off the mortgage

heidigirl

Hi I think I am past the deadline to try to claim for missold endowments, am I right or is it worth still trying?

thanks

mayb_2

Hi heidigirl. The deadline for your claim should have been advised to you in a letter accompanying a warning of a shortfall on your endowment. If you have neither received such a letter or been made aware of a problem and warned that you needed to act then your deadline should not have passed and you can claim. Your claim would need to be made based on the fact that when purchasing your endowment you were unaware that you would be taking a risk that this would not pay off your mortgage.