Report Endowment Misselling Compensation SUCCESSES

Spoony

Success after nearly 5 years ! In mid 2005 I tried to use a 3rd party to complain about and endowment misselling of 30K from late 1988. This was turned down because the policy was sold by an IFA, the redress was with them.
I went to the FSCS who pointed me back to the IFA. The IFA could not be traced, they where not at the original business address or home address. I had given up ! In Dec 09 a letter came from the FSCS who were about show the IFA in default. March 2010 a cheque for 2.5K arrives from the FSCS :beer:

mayb_2

Well done you Spoony - never say die!!

charlotteatdesk

not sure what I'm doing, first timer. But have been having a little look here at some posts, i'm wondering if there is anything I can do? We were sold a mortgage and endowment policy in 1997. We were told it was the safest way to go with the least risk, and they are never fall far short. We have been told it's only going to mature at about half of the value that we took it out to cover. Should i do anything?

mayb_2

There are a few things to think about here. First of all to claim a missale you have to be able to say that you were not advised of how these things work and that meant that you were not aware that there was any risk that your mortgage would not be paid at the end of term. It is not enough that the endowment failed to reach its target if you knew that could happen.

You should have been receiving updates on your endowment and how it is performing. If you had a warning that your endowment was not going to or was unlikely to reach its target you have a set time within which to make a claim. The exact time before which your claim would be considered as too late (timed out), should also have been advised to you at least 6 months before that date arrived. If you have not been advised or you have been advised but are not yet timed out you should consider whether you were missold or whether the mortgage has just not performed the way you had hoped it would.

Regardless of whether you feel you can claim a missale you should be considering whether you should protect yourself by converting your mortgage to a repayment one. This way you know your mortgage will be repaid at term. You have the option of cashing in the endowment (You can ask for a projection as to how much you would get back if you did this and then ideally if you do surrender it, use this money to pay off some of the mortgage itself). You can also choose to leave the endowment in place and change your mortgage to a repayment one. At one time a conversion to a repayment mortgage would have been offered without charge but I don't know if that is still the case. You don't have to wait for the result of a claim of misselling to change your mortgage.

Church.Mouse_3

Just reclaimed from the Halifax, and it couldn't have been easier. Just rang them up, answered a few really easy questions (didn't even have to fill out a form!), and less than four weeks later have just received a cheque for £4,600. Thanks to Martin and the previous posters for all the encouragement - I don't know whether I'd have bothered otherwise!

mayb_2

Hello Crazy Saver - Does this post mean you are finally getting to the end of your claim - I do hope it turns out well for you as it has been a long ride.

henmuffin

Got my payment today.
£6400 on endowment of £40000 held for 19 years.

Took a while to get all required information as the mortgage was old and I did not have proof of it. I managed to get proof from the Land Registry which was satisfactory and payment soon followed.

mayb_2

Hi henmuffin - hope this means you are a happy hen. Well done for perservering.

HIPPYKITTY

Allied Dunbar
£3000

Took out endowment to cover £29,000 of my mortgage in 1996, realised somewhere around 2000 that they weren't doing well so changed some of it to repayment, original mortgage was £38,000 I had a with profits account with scottish widows to cover the rest.
Made a claim against Allied Dunbar around April 08 they paid out just over £3000 in July/Aug 08.
Really easy to claim, make sure you take note of anything the financial adviser tells you, mine told me that the endowment would not only pay the mortgage but give me a lump sum! I think not!

I have also tried making a claim against SERPS but that was rejected by the financial ombudsman this year.

dunstonh

I have also tried making a claim against SERPS but that was rejected by the financial ombudsman this year.

As it should be most of the time. The FSA did an investigation a couple of years ago and found that there was only around 1.5% potentially mis-sold. This was an area that the dodgy claims companies tried to have a go at but failed big time.