Report Endowment Misselling Compensation SUCCESSES

wazza

thanks, i have read and followed Martin's advice.

have received a letter from my endowment policy provider. they are offering around £3k as compensation. i am offered two options, have it paid into my mortgage account or into my bank account.

is it normal to accept their offer or do they act like car insurance where they offer a low payment and then you haggle with them?

my mortgage if for £36k and i have been offered under £3k. I have 9 years remaining. Is the amount offered acceptable?

tanith

Wazza I think its quite complicated and everyones position is different.. your mortgage appears to be about the same amount as mine with 9yrs left to pay but our compensation offers are miles apart , I guess you would need someone who really can work these things out and post all the details to know wether your offer is acceptable... it seems low compared to mine but as I say maybe the circumstances are different.. hopefully someone who knows about these things will come along and answer your question better than I can......

Good luck with it...

seatzie

got £300 back, not in the major league but I was happy, it only costs me £30 a month, they did not uphold my complaint but did acknowledge that I wasn't advised of other options - probably through my own determination at the time that endowment was the magic word I'd heard about at the time lol!

Thanks Martin for keeping on at us about it!

simonleblank

2 years ago I was rejected for mis sold endowment. Ombudsman agreed no compensation. Got a letter from Halifax 2 weeks ago saying they would look at it again. They have now agreed to uphold my complaint!!!!!
I now have to advise them which way I want them to calculate my compensation, giving me 2 options.
OPTION 1

WE CAN CALCULATE YOUR COMENSATION USING YOUR SPECIFIC MORTGAGE HISTORY. GIVEN THE COMLEXITY, THIS CALCULATION WILL TAKE LONGER THAN THAT DESCRIBED UNDER OPTION 2 BELOW


OPTION 2

WE CAN CALCULATE YOUR COMPENSATION USING YOUR ENDOWMENT POLICY DETAILS, TOGETHER WITH ASSUMPTIONS ABOUT YOUR MORTGATE THE USE OF ASSUMPTIONS MEANS COMPENSATION MAY BE LOWER OR HIGHER THAN IF WE USED SPECIFIC DETAILS. YOU DO NOT NEED TO GIVE US ANY FURTHER INFORMATION UNDER THIS OPTION, AND WE CAN PERFORM THE CALCULATION QUICKLY.

Which option should I choose please?

tanith

Hi Simonleblank we opted for option 2 when we were asked and you can see by my post above what offer we were then made...
Obviously I do not know if it would your best option but it certainly was in our case.....

Crazy_Saver

Hello Everyone.

I eagerly check this thread, as I myself am in the process of a Mis-Sold Endowment Claim.

My claim has been rejected by the firm of financial advisors who originally arranged my endowment for me but with a lot of help from Dunston and Vinno I have now passed it over to the Financial Ombudsman Service.

What I would like to know is if anyone out there has been successful and had their claim upheld by the FOS.

Thanks

Crazy Saver

FifeSaver

Success!

Standard Life wrote yeterday offering £4883. They were excellent to deal with. Replied with form to my letter within a week and a half. Within a week they were emailing and asking for clarification of interest rate periods and a week after that an offer.

They rejected most of the grounds for my claim but upheld that insufficient effort was made to establish our attitude to risk or to explaining the way that teh money would be invested.

We went from this site to the Which site and used the letter template there. I was lucky my wife had all our old mortgage correspondence and statements so it was quite easy to fill in the form.

Next question is surrender or sell the policy - any views or advice?

notsogoodMS

Between us, the wife and myself (we had separate endowments) received £20,0000!! Nice fat chunk off the mortgage:D

We used the Which sites prepared letter and questionnaire to complain. At first my wife got a large document to fill in, and started to panic a bit, but Barclays called her a few days later to ask for the details of the mortgage account to which they pay the money.

Lucy_Lastic

Provider: Standard Life (2 policies)
Purchased through: Deacon Insurance and Black Horse Finance (now Bradford & Bingley)
Compensation £4000 (£2300 and £1700)

The story: The first claim took ages to reach a final conclusion, but the compensation of £2300 spurred me on to tackle B&B who responded very quickly and have today offered me £1700.

Thanks Martin, without you and this site I would not have claimed.

More money to put towards overpaying my mortgage - something else I would have never have done without this site.

Thanks fellow MSE people.:T

adrobbi

I had heard about miss selling a couple of years ago and decided it was a waste of time, then I heard Martin on TV and started a claim.

I was amazed...

Thanks to Martin we accepted an offer of £19,800 for an endowment which should have covered £120,000, took out in 1989 from Royal / Royal Life..
The cheque came 2 weeks later.

Brilliant website Martin ... Thankyou..