Report Endowment Misselling Compensation SUCCESSES

2sides2everystory

holly_hobby wrote: »

This really is too much ... I've never read so much bitter clap trap in my life .. !!

Clearly you lead a sheltered one.

Oh and for the record and as surprising as this may come, my apology wasn't directed at you.

Apols ... but we already knew that so it was hardly necessary for you to return to add that. In fact your 'apols' weren't directed at anyone, were they? You weren't that sorry! It was just reflective of the kind of language you use for effect in hissy-fits

You are right about one thing - my bitterness - it comes from having the rug pulled on almost every long term financial services product I was ever sold. I have boxes full of unsolicited correspondence made up of reasons for providers reneging on this or on that contract from AXA, from RSA, from AVIVA, from four other FTSE100 financial services companies, and from 2 NYSE insurance companies. Much of it is unfinished business and in practice it takes years to prosecute. The extent of the reneged promises and even misappropriation is appalling and I dread to think what an ordinary punter would have made of it.

holly_hobby

Hissy fits ??????? :rotfl:

Contemplated court proceedings for loss of expectation ... !!!

They're the subject of unfinished business ?????

I bet they're quaking ... at the very thought of incurring your displeasure ....

Do me a favour .....

Your ramblings whilst amusing for a while, have now become really most tiresome and v silly.
......

Accordingly ..... will the last person to leave, please switch the light off ...

Thanks

H

2sides2everystory

Yawn ... but what's this in the profile ... ?

FS Compliance/Audit/Training Consultant and Advisor ... :doh:

Ever wondered if you might be part of the problem?

sascov

I have an endowment on my flat bought in 1990. Just been advised that this was mis sold to me and having had a £17k shortfall I maybe able to make a claim. Having read this thread I can't work out whether I am too late. Can someone advice please.

dunstonh

Just been advised that this was mis sold to me and having had a £17k shortfall I maybe able to make a claim.

Who has told you that you were mis-sold? If someone who is authorised to make such a comment has told you this then you wouldnt need to make a complaint as it would already be in place and being processed.

My bet is that you have had one of these cold calling companies, employing unqualified sales reps, contact you without knowing any of the facts (i.e. no access to your files) telling you that you were mis-sold.

A potential shortfall on the endowment is not grounds for complaint. What reasons were given for it being mis-sold?

Are you too late? Probably. Over 3/4 of endowments are timebarred from complaint. The endowment issue is largely seen as being over now. Is yours timebarred (you get three years from the first notification of a high risk of shortfall - most of those started in 2001-2004 - you can check your statements or ask the endowment provider)?

magpiecottage

sascov wrote: »

I have an endowment on my flat bought in 1990. Just been advised that this was mis sold to me and having had a £17k shortfall I maybe able to make a claim. Having read this thread I can't work out whether I am too late. Can someone advice please.

The mere purchase of an endowment to repay a mortgage does not constitute a missale - there needs to be a reason. Usually this is that you would not have taken it if you had known the risks.

You would have been provided with an illustration showing different possible maturity values. I have very seldom seen one that was below the amount needed to repay the mortgage.

Personally, I think that if you had an illustration showing it might provide only, say, £15,000 you would have to be a complete moron not to realise that for yourself.

However, FOS does sometimes conclude that consumers ARE morons so you might want to give it a try.

That always assumes, though, that you have not already been timebarred, as DunstonH says.

If the timebar letter was sent to an old address, you can argue that you were so stupid that you moved house and did not tell the people you were giving hundreds of pounds to each year that you had!

Smith62

I have just received the final statement that i have an endowment shortfall of 9k. It was from Sun Alliance and Halifax in 1984.
We were advised by an estate agent for Halifax Building Society that in 25 years we would have an endowment plus our mortgage would be paid with the Sun Alliance policy. Although we wanted to think we would have an endowment, we were told the mortgage would be definitely paid and anything else would be a bonus.
Clearly i would not have agreed to this if the mortgage would not be paid.

How many other people has this happened to when you trust a large reputable company like Sun Alliance/Prudential/Phoenix? It was the Halifax we approached for the mortgage, what is the justification? Outrageous fortune? :mad:

dunstonh

ow many other people has this happened to when you trust a large reputable company like Sun Alliance/Prudential/Phoenix?

You said it was Sun Alliance (now Phoenix). What has Prudential got to do with it?

It was the Halifax we approached for the mortgage, what is the justification?

None of us here are mindreaders but looking at how things were in 1984, you had LAPR tax relief on the endowment. MIRAS on the mortgage and at that point, no endowment had ever failed to hit target and provide a surplus. The monthly payment would almost certainly been cheaper than repayment mortgage. So, there you have some pretty good justification.

You have known about the potential shortfall for over a decade now. Preparing for a £9k shortfall would have cost you an extra £60pm. So, in the scheme of things, you may actually still be better off than had you gone repayment in the first place.

magpiecottage

If the estate agent advised you to purchase the policy then neither Halifax nor Sun Alliance would have any responsibility. They simply provided what you asked for.

The estate agent was not part of Halifax at the time because they were not able to own any until a change in the law in 1986.

Sun Alliance did not own any estate agents until 1987.

From 1988 most independent estate agents chose to be "tied" to an insurance company rather than sell for any insurer's products in order to comply with new legislation. Where this happened, the insurer was responsible for the advice given. Prior to that, as in your case, there was no such legislation.

In theory, you could make a claim against the estate agent under the Misrepresentation Act 1968. However, you would need to prove it. You would also need to prove it was deliberate rather than merely negligent because the estate agent could simply timebar a negligence claim under Section 14B of the Limitation Act 1980.

You cannot use FOS as it has no jurisdiction.

So, harsh as it may sound, I think you have no recourse to anybody.

As DunstonH says, though, you probably have save over the term of the mortgage and certainly paid considerably less to the lender than would have been anticipated at the beginning simply because interest rates have been much lower over the last 15 years or so than would have been expected in 1984.

JJM1972

To be brief my wife was mis sold her endowment in 1995 with the usual promise of paying off the mortgage and a lump sum on top. We moved house in 2000 and wrote to Legal and General advising of the change of address. We heard nothing until this month when we received a red warning saying the target would not be reached - it is nowhere near. So I complained and received a reply with copies of letters indicating deadlines to complain but these where sent to our old address. Anyway I wrote back advising them that we would have complained within the timescales if we had known and it is their fault as they didn't follow our instructions to change the address on their records. We received a letter advising that the complaint is now being dealt with by a complaints consultant. Luckily we moved to a repayment mortgage in 2000 but the policy was 100% mis sold and I don't mind the cost of a few stamps to see if we can get compensation. Any thoughts on what the outcome will be ? Will let everyone know the result.