Report Endowment Misselling Compensation SUCCESSES

dunstonh

Friends Prov did use a time bar that the courts found was too early. However, they were able to start the clock ticking from the warnings issued a year later. So you found most of the FP's endowments ended up being timebarred between 2004 and 2007. You say your complaint was in 2006. That would mean they could quite happily use the 2001, 2002 or 2003 shortfall warnings to start the clock ticking and you would still be time barred. FP at the time of the court case said it wasnt a big issue to them as the later notifications were correct.

marc1

Any thoughts whether (and if yes then, how) I should dispute this...

I just got a letter back from Countrywide "we have decided not to open an investigation into your complaint",

Countrywide claim I am outside the time limit (true but...)
I bought the endowment end Dec 1989 (36k). Sold house summer 1999 (for a loss!) and kept endowment. Kept up payments of ca. 55 GBP / mo. I left the country and was gone from 1999-2009. My parents continued to receive my mail and forward/read stuff out over the phone. I got a red letter in 2004 but I had heard endowments were black holes so I opted not to increase my premiums (it was some silly number like 110 quid!!). Moreover, the house was long since sold, what did i care. I almost cashed in the endowm. several times but it was easier to do nothing and I heard "hang on" was best. Sometime around 2007 I stopped payments totally (charges seem to be a few quid per year). Is now worth ca. 17k. "Matures" in 2014.

so...
It is true that I got a red letter in 2004 (long since chucked) and another in 2005 and so I guess it is true that I am outside the time limit as Countrywide claim but what i think is mitigating is:

(1) I was out of the country and not up on the whole UK's gradual understanding of endowments and all that was wrong with them (the telly programs, advice in the paper, etc, etc)
(2) I had sold the house well before the time the letter came in so I thought I couldn't complain.

I've only just returned to the UK and now as I am about to buy a house, have started the wheels turning again.

So, any thoughts if/how I should dispute this?

thanks
Marc

xuebao009

Excellent list! I've learned more from this forum in about 2 days than I have at any other forum community.

dunstonh

(1) I was out of the country and not up on the whole UK's gradual understanding of endowments and all that was wrong with them (the telly programs, advice in the paper, etc, etc)

Doesn't matter. There actually hasn't been much in the way of television or media coverage of how and when to complain on endowments. Its by far been mostly internet based. However, the key document is the warnings from the provider. The idea being that getting a shortfall and a warning and telling you when you have the last chance to complain should be enough to get anyone who was genuinely mis-sold the prompt to complain.

(2) I had sold the house well before the time the letter came in so I thought I couldn't complain.

Your incorrect assumption is not their fault. However, you are partly right in that if they did accept your complaint and they did uphold it, then the redress calculation would only be done up to the point the endowment is used with the mortgage. If the endowment was in a surplus position at that time, then you wouldnt get any redress anyway.

So, any thoughts if/how I should dispute this?

The FOS only tend to overrule the time bar when it hasnt been applied correctly or there is significant reasons why you couldnt complain with the 3 year window. That tends to be medical reasons mostly. You would have to persuade them of a damned good reason why you waited 6 years to complain and I don't believe your excuses are anywhere near good enough I'm afraid.

gwapenut

dunstonh wrote: »

Friends Prov did use a time bar that the courts found was too early. However, they were able to start the clock ticking from the warnings issued a year later. So you found most of the FP's endowments ended up being timebarred between 2004 and 2007. You say your complaint was in 2006. That would mean they could quite happily use the 2001, 2002 or 2003 shortfall warnings to start the clock ticking and you would still be time barred. FP at the time of the court case said it wasnt a big issue to them as the later notifications were correct.

So ... if the relied on my Q3 (October? August?) 2001 statement instead ... then 3 years from that takes them beyond May 2004 and the new rules apply ... and so they should have issued me with a "timebar approaching" warning letter, which I do not believe they have? That makes me think that the timebar is not enforceable, from what I have read?

huntmine

glad to hear your successful story, it is good to read it.

marc1

dunstonh said:
The FOS only tend to overrule the time bar when it hasnt been applied correctly or there is significant reasons why you couldnt complain with the 3 year window. That tends to be medical reasons mostly. You would have to persuade them of a damned good reason why you waited 6 years to complain and I don't believe your excuses are anywhere near good enough I'm afraid.

well I'll scour my mind for much better excuses but I guess from what you say it is a lost cause.

Thanks a lot for your insight.


marc1

wildballoonlady

I'm just double checking in here that there is nothing I can do now. Friends Provident Endowment taken out 1992 when setting up a Mortgage with the Abbey National. Time bar I think was 2006/07. A company phoned me recently offering to chase a claim, if successful they get 35% of the claim. Is it worth letting them chase it (no win no fee)?

dunstonh

wildballoonlady wrote: »

I'm just double checking in here that there is nothing I can do now. Friends Provident Endowment taken out 1992 when setting up a Mortgage with the Abbey National. Time bar I think was 2006/07. A company phoned me recently offering to chase a claim, if successful they get 35% of the claim. Is it worth letting them chase it (no win no fee)?

Claims companies cannot circumvent the rules. They use the same free complaints process you would use. The only difference is they charge you for taking 30 seconds to churn out a template letter.

FP will give the same response whether you complain or the claims company do it for you. You are timebarred.

fleur38

i need advice on the above. i only got my red letter in december 2009 as endowment company had realised that i didn't live at the address they had on file and had stopped sending me post years ago (prior to all red letters going out etc). it turns out that the company that sold me the endowment gave them the address of the property that i was selling and not the 1 that i was buying (which i still live in 12 years later). anyway i contacted them in dec, gave them new address and then got the letter.
i haven't got round to claiming compensation yet but want to. i also want to cash in my endowment. my question is if i cash in my endowment does this mean that i can't claim compensation. can i do them at the same time or will i have to wait for compensation first ?