Report Endowment Misselling Compensation SUCCESSES

Deanopeps

Well I am amazed!

Today I have received my compensation offer after only 3 days Nationwide wrote to me upholding my complaint.

Amazingly they have offered me £13900!!!!!!!!!!:j

The facts were:

Standard Life policy taken out in Sept 1989 for £46.4K over 25 years. Monthly payments £57.00/mth sold to me by Nationwide.
Current surrender value £24459.00
Balance of equivalent Repayment mortgage £8135.00
Difference £13900.00

They also offer to pay any tax liabilities, cost to change over mortgage, any FSA registered advisor costs for up to 6 mths from date of offer.

Thank you so much for the many posts in this forum that encouraged me to make the claim.

Valeria12

I have heard about that a lot but I don't have any personal experience about that, and because of that I don't have much knowledge about that but if I get any information about that I'll definitely share with you.

roksan

dunstonh wrote: »

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.

How can you find out if your endowments are timebarred or not ?

Many thanks

dunstonh

roksan wrote: »

How can you find out if your endowments are timebarred or not ?

Many thanks

Look at your past statements (the timebar date is usually mentioned on them prior to them being timebarred (most timebars had kicked in by 2008). Or phone the provider and ask them.

kgall

Hello,

I have posted on other threads recently about my parents who have suddenly found themselves in debt and with a large mortgage shortfall that their endowments will not meet. It was suggested that as part of my reorganisation of their finances I should check to see if there was a possible endowment misselling claim.

The cause of their problems was that my father had stuck his head in the sand about various financial issues to the extent of not opening any statements/throwing them away over the past 5 plus years.

I have posted the full details of their endowments in another thread (https://forums.moneysavingexpert.com/discussion/4020725; in short they have two with Standard Life, one started in 1994 and the other in 1997. I understand from this thread that any potential claim may be time barred because they will have been notified of a potential shortfall over three years ago.

Presuming there are grounds to make a claim (I haven't checked in detail yet) would it even be possible? Is it possible to argue (as crazy as it sounds) that he has not opened any statements/letters for a number of years?

Thanks, K.

dunstonh

who have suddenly found themselves in debt and with a large mortgage shortfall that their endowments will not meet.

What do you call sudden? Most endowments reported shortfall warnings around 2000/2001. So, over a decade ago.

It was suggested that as part of my reorganisation of their finances I should check to see if there was a possible endowment misselling claim.

That is not a valid reason for complaint.

I understand from this thread that any potential claim may be time barred because they will have been notified of a potential shortfall over three years ago.

Yes. You get three years from first being notified of a high risk of shortfall. Most endowments are now time barred with 2007/2008 being when most become timebarred.

Presuming there are grounds to make a claim (I haven't checked in detail yet) would it even be possible?

You havent said what the grounds for complaint are or whom against. However, if timebarred, then it is irrelevant.

Is it possible to argue (as crazy as it sounds) that he has not opened any statements/letters for a number of years?

No. They send up multiple reminders over 3 years in case mail goes missing etc.

kgall

Thanks, dunstonh, in answer to the points you raised:

What do you call sudden? Most endowments reported shortfall warnings around 2000/2001. So, over a decade ago.

Sudden is my mother finding out one night a week ago that my father had been ignoring the finances completely for very many years. He too was oblivious to what state they were in and they had not been managed in years.

That is not a valid reason for complaint.

Obviously. However it is a valid reason to investigate whether there is a complaint to be made.

You havent said what the grounds for complaint are or whom against. However, if timebarred, then it is irrelevant.

This was exactly my point. I am yet to investigate whether they do have grounds for a complaint as before doing so I wanted to find out if it is timebarred.

You havent said what the grounds for complaint are or whom against. However, if timebarred, then it is irrelevant.

I would have assumed that however it does not seem to tally with the advice by Martin in the MSE articel, specifically:

Even if you are past the limit it is worth still trying to put a claim in, as we’re often talking a vast amount of money. The nature of your complaint needs to address why you didn’t put a claim in – in time.
Even if this is just “I got the letter and didn’t really understand what it was telling me, but have had it explained and it does now”.

Greatful for your thoughts.

Sunny_Kintyre

Hi, don't know if I have a claim, my mortgage was with Abbey and I was paying an Insurance of some sort with a separate payment each month to Abbey nat life, this was in 1995 well since then Abbey has been taken over and they seem to have sold my insurance policy to Royal London but my mortgage is now Santander. I pay about £80 per month to this insurance which is a huge amount for me each month but always thought from the start that I had no choice, maybe I don't. It was so long ago that I can't find any paperwork relevant. To be honest all I remember is the woman who prepared it all spoke so fast, a bit like a runaway train and I hadn't a clue what she was talking about.
A big bit of advice would be great, also frightened if this would affect my mortgage...could they cancel it?
Many thanks

dunstonh

I pay about £80 per month to this insurance which is a huge amount for me each month but always thought from the start that I had no choice, maybe I don't.

You have a choice. You either pay the endowment policy or you switch to repayment mortgage and pay the extra that would cost you.

A big bit of advice would be great, also frightened if this would affect my mortgage...could they cancel it?

As long as you keep paying the mortgage and keep paying the endowment then there is nothing to be concerned about other than any potential shortfall on the endowment. These would be on your statement each year for just over a decade.

springwoodgirl

I was missold an edowment in January1988 from Abbey National with Standard Life. I asked for a repayment plan but with an assurance that if either partner died the house would be paid off. I found years later we had an edowment as I queried the mortage not going down. It seemed where I ticked the box for repayment it had been changed. I tried to claim missold but was told that yes I was missold but I would have to go to court which would be expensive as just before the date for reclaims. Can I now claim ?