Report Endowment Misselling Compensation SUCCESSES

magpiecottage

dunstonh wrote: »

So, it is impossible to say in your case. As it happens, moving to Std instead of ending up with Countrywide could well have been a good move. Even if there wasnt the justification at the time (i.e. did wrong but got lucky).

Notwithstanding that, unless there is credible evidence that it was likely to be better and the costs involved were explained a complaint would be upheld.

You also got your standard life shares as well.

That would be ignored in accordance with the case of Needler Financial Services v Taber.

dunstonh

magpiecottage wrote: »

Notwithstanding that, unless there is credible evidence that it was likely to be better and the costs involved were explained a complaint would be upheld.



That would be ignored in accordance with the case of Needler Financial Services v Taber.

Sorry, to clarify, I was suggesting in my post that based on the year it was likely it would not have been done by todays standards and could well be documented incorrectly. However, if you compare Std to Countrywide and have the luck of the shares (even if they cant be included in redress) that the end result may have ended up better. Even though it would be a fluke.

Fairy123

Hi can somebody help me please I took out a morgage in 1997 and was sold an endowment policy after maybe 10 years the policy only made 6,000 no where near to clear my morgage. I had an interest only morgage. I cashed the policy in but I needed it for something and couldn't see it being used for the purpose it was set up for anyway. The morgage was with Bradford and bingley and endowment policy with allied Dunbar Zurich???

Firstly can I claim for miss selling endowment and has anyone else had any dealings with them? Could you direct me to any threads that would be useful in getting advice help or just opinion?

Thanks

dunstonh

I took out a morgage in 1997 and was sold an endowment policy after maybe 10 years the policy only made 6,000 no where near to clear my morgage.

After just 10 years you wouldnt expect it to. The breakeven point on a 25 year endowment for premiums paid is typically around the 10 year mark. So, expecting it to be near to clearing the mortgage is unrealistic.

Firstly can I claim for miss selling endowment and has anyone else had any dealings with them?

why do you think it was mis-sold?

In all probability, you are now time barred from complaint anyway. Over 3/4 of endowments are timebarred and the fact you surrendered yours more than 3 years ago would allow them to timebar your complaint as you get 6 years from commencement (2003) or 3 years from being reasonably aware that you may have had a complaint reason (so surrender in your case and that was 5 years ago).

As it happens, the Dunbar plan and the year you took it out could well have gone on to hit target and provide surplus. Periods of volatility in the early years are great news of long term regular contributions. Just dire for those coming up to maturity. A period like the one we have recently been through was missing for those taken out in the late 80s, early 90s and that is part of the reason why they suffered.

TOPKAT

Hi, hope someone can help ?,
Mis-sold mortgage endowment policy . Our problem is it occurred in approximately 2001/2002 which may seem a long time a go but I have good reason for looking into the matter now because of recent news.
We believe that we were mis-sold a mortgage endowment policy but don't know how to look into the matter, Back around 2001/2002 we were informed by the HSBC that there would be a short fall of around £10'000 - 12'000 on the mortgage,

which came as a surprise having told the HSBC in the first place that we wanted a mortgage that would guarantee full and final payment at the end of the term without any shortfall or money returned due to over payment, having been told that this may happen again in the future we decided to re mortgage with a repayment policy and arranged for two financial advisers from the ( HSBC ) to call. When we were told of the large amount we asked for an explanation as to why it had happened keeping in mind the type of policy we had asked for. The advisers told us that they would look into the matter on our behalf which we ( looking back ) naively agreed to.We were then told that there was not a case to answer to but we could use an independent adviser to look into it but there was not much point and it may cost us more money in the long term. We then re mortgaged with another lender.

Q, Do you think that we have a case keeping in mind the time span that has occurred , if so how would we progress without any documents apart from a mortgage number to hand from that time.

My grievances are as follows,

(A), A mortgage shortfall that should not have happened considering the type of mortgage we had agreed on.

(B), Being some what ( discouraged and misled ) by the HSBC advisers from pursuing the matter any further.



Any help or advise that you could give, if any, would be very much appreciated .

dunstonh

Our problem is it occurred in approximately 2001/2002 which may seem a long time a go but I have good reason for looking into the matter now because of recent news.

What recent news?

Q, Do you think that we have a case keeping in mind the time span that has occurred , if so how would we progress without any documents apart from a mortgage number to hand from that time.

No.
you get three years from being notified of a high risk of shortfall. Most of these went out around 2001-2004 and became timebarred 3 years later. You are very well past that point.

(A), A mortgage shortfall that should not have happened considering the type of mortgage we had agreed on.

HSBC have never retailed the product you said you wanted. So, what evidence would you have to show you have that product?

TOPKAT

The advisers told us that they would look into the matter on our behalf which we ( looking back ) naively agreed to.We were then told that there was not a case to answer to but we could use an independent adviser to look into it but there was not much point and it may cost us more money in the long term
(B), Being some what ( discouraged and misled ) by the HSBC advisers from pursuing the matter any further

v125fae

I may be the last person in the country to get money back from this.
I was sold a policy in 1988 by the Halifax, a standard life policy.
I have been working abroad since 2001 and only returned to the UK in 2011, to find out my endowment was mis-sold.
I followed the tips here on MSE and the halifax have made an offer to pay £10k back..... The policy was for £30k, only paying out £16k, so I am v happy now.
Thanks MSE

Deanopeps

Hi all,

I took out an endowment in Sept 1989 for 25 years sold by Nationwide with Standard Life. It was for £47000 and I have been paying £57.90 ever since.
My current predicted payout min value from Standard life is £24500

I wrote to Nationwide 3 weeks ago via the Ombudsman and received a letter today saying they have upheld my complaint and agree I was missold. They have now sent it to their calculations group for a compensation figure and will let me know by 10th June.

Have not got a clue how much it will be but I will let you all know. Any ideas?

The reason for writing this is that I thought it was all to late but it clearly is not.
I thought that as Standard life had warned me over 3 years ago I was too late however Nationwide have never written to me so that is why I claimed.

Fingers crossed!!!!!!!!!!

dunstonh

I thought that as Standard life had warned me over 3 years ago I was too late however Nationwide have never written to me so that is why I claimed.

Nationwide dont have to write to you. The provider handles the time bar. It would suggest that yours was not timebarred. About a quarter of endowments are not.