Report Endowment Misselling Compensation SUCCESSES

B1MCC

Andrew
can you please ask for a copy of the letter please
Thanks
Ian

B1MCC

AndrewSmith wrote: »

Bank / Provider: Abbey National
Compensation : £4500
The Story:

This is the endowment belonging to my other half Kim. She and her ex-husband took the policy out for their first mortgage, then took a second endowment to 'top-up' on a subsequent move.

Took approx 8 weeks from start to finish, and the policy(s) are still in force with 7 years till maturity.

She used the info from this site to find out how to approach the Abbey without engaging the services of 'specialist' companies.

She has said she is happy to offer blank copies of the letters to anyone who wants them.

:beer:

Andrew Smith
can you please ask for a copy of the letter please
Thanks
Ian

dunstonh

B1MCC wrote: »

Andrew Smith
can you please ask for a copy of the letter please
Thanks
Ian

Andrew smith posted his success nearly 5 years ago. Back when you could easily complain on endowments.

Nowadays, most endowments are now time barred from complaint. Have you checked to see if yours is?

Also, his complaint is probably different to yours. So, his complaint letter may not be suitable.

Kemet

Just heard Bradford & Bingley (on behalf of John Charcoal) have agreed to pay us £7500 compensation for an endowment sold in 1985 (before the safety of the formation of the Financial Ombudsman) so even if you think your policy is too old, it's worth a try.
Thanks 'Moneysavingexpert' for spurring me on!:T

dunstonh

Just heard Bradford & Bingley (on behalf of John Charcoal) have agreed to pay us £7500 compensation for an endowment sold in 1985 (before the safety of the formation of the Financial Ombudsman) so even if you think your policy is too old, it's worth a try.

Tied agents will nearly always review pre 88 cases. Its solicitors, accountants and what are now IFAs that wont.

y002cjw

I have a 25 year Friends Provident Endowment Policy which I took out in 1988.

It was supposed to pay "at least 100K". It is currently on target to pay approx 48K. The original mortgage was 80K.

The important dates are...
1. The policy was signed in March 1988.
2. The first policy payment was paid in May 1988.
3. I understand the "cutoff" date for compensation is April 1988. However having read the above 2 posts maybe I should reconsider applying for compensation. What do you think?

I believe the dates I received my red letters are important as well (but do not currently have these at hand)?

All comments gratefully received.

dunstonh

y002cjw wrote: »

I have a 25 year Friends Provident Endowment Policy which I took out in 1988.

It was supposed to pay "at least 100K". It is currently on target to pay approx 48K. The original mortgage was 80K.

The important dates are...
1. The policy was signed in March 1988.
2. The first policy payment was paid in May 1988.
3. I understand the "cutoff" date for compensation is April 1988. However having read the above 2 posts maybe I should reconsider applying for compensation. What do you think?

I believe the dates I received my red letters are important as well (but do not currently have these at hand)?

All comments gratefully received.

You have multiple issues.

If sold by an accountant, solicitor or what is now an IFA, then any application signed before 29th April 1988 does not give you any complaint protection. Even if it went into force after that date. It is the date the application is signed that matters.

The other issue is that FP have been timebarring their plans from complaint for nearly 9 years. The earliest started the barring process in 2001 with the vast majority being barred from complaint by 2008. (you have three years from first being notified of a high risk of a shortfall).

y002cjw

Quote:
Just heard Bradford & Bingley (on behalf of John Charcoal) have agreed to pay us £7500 compensation for an endowment sold in 1985 (before the safety of the formation of the Financial Ombudsman) so even if you think your policy is too old, it's worth a try.

Tied agents will nearly always review pre 88 cases. Its solicitors, accountants and what are now IFAs that wont.


Thanks for your speedy response -you confirmed what I thought. I posted because of the comments above. How does the above situation where an endowment was sold in 1985 entitle them to compensation yet I'm barred by a matter of weeks.

My first Red Alert letter appears to have been in May 2007 (subsequent letters in May 2008 and May 2010).

magpiecottage

Bradford & Bingley was a member of the Building Societies Ombudsman so any sales they made would have been subject to it and jurisdiction has been inherited by FOS.

You are lucky, though, that it seems to have thought it had jurisdiction for advice by John Charcol.

The 1988 sale will be outside FOS jurisdiction unless the person selling it represented a firm that was a member of the Insurance, Banking or Building Societies Ombudsman schemes.

mikon

Hi everyone

Seeking some advice on Mortgage Endowments.

I have an endowment plan which was taken out in May 1987 and will mature in May 2012 its target is £25,000 but I am expecting a shortfall of £5,500. It was originally with Norwich Union.

My first question is:-

1. What happens when my mortgage ends and I have a shortfall what does the bank do will it reposess the property if I cannot find the shortfall?

2. Can I make a claim for being mis-sold an endowment I have been approached by a company over the phone.

I did not take any additional cover out to cover the shortfall and I am panicking in case they reposess my home.

Any advice is much appreciated.

Thank you very much.

Mikon