Report Endowment Misselling Compensation SUCCESSES

dunstonh

To be honest, I think having the endowment a couple of years before a mortgage was in our favour since we saved interest by reducing the term, so I wonder if having an endowment early should have been the way to sell them in all honesty

In the early days of endowment complaining it was nearly always classed as a mis-sale. However, in the later days, it was less successful when it became clear that many people did benefit.

wotthe

After 25 years, my Standard Life policy is due to mature in March 2013, and along with most folk, there is a massive shortfall on the Target amount...some 33 - 35% !! :mad:

Has anyone had any success with the Ombudsman as regards pursuing Standard Life for breaking their promise to make up the shortfall?

I know that they stated that the annual return had to be 6%+ per annum - since inception of the MEP in 2000 - up to policy maturity date. But as this has not been achieved, no policy holders will get a target amount MEP top - up, ALL will fall well short.

As Standard Life set their own 'realistic' rate for the MEP...of which they have come no where near, did they really ever have any intention of paying folk out, or was it always just a false promise?

Is there a case for compensation - via the Ombudsman - because S. Life mis-led folk by saying that all would be well with any short fall, as the MEP would put all right again? IE: they were encouraging people to continue their monthly payments and not cash the policy in?

On a related issue. I did pursue a mis-selling of endowment against the Halifax in 2006, and received a small compensation settlement (less than £1000). Having researched this again now, there seems to be people who had a similar amount policy as myself (£33,000) but who achieved much larger compensation, between £3500 and £6000!

Was I 'duped' at the time by the Halifax, , is there any
re-dress that I could pursue against them now, or have I had it?

Just trying to get some money back

Any thoughts/help/actual experience most welcome,

Thank you.

dunstonh

Has anyone had any success with the Ombudsman as regards pursuing Standard Life for breaking their promise to make up the shortfall?

I would say not as you cant complain about having a shortfall.

I know that they stated that the annual return had to be 6%+ per annum - since inception of the MEP in 2000 - up to policy maturity date. But as this has not been achieved, no policy holders will get a target amount MEP top - up, ALL will fall well short.

That is not correct. They are paying out MEP payments.

Is there a case for compensation - via the Ombudsman - because S. Life mis-led folk by saying that all would be well with any short fall, as the MEP would put all right again? IE: they were encouraging people to continue their monthly payments and not cash the policy in?

Std Life are paying out. You are getting what you should be getting.

On a related issue. I did pursue a mis-selling of endowment against the Halifax in 2006, and received a small compensation settlement (less than £1000). Having researched this again now, there seems to be people who had a similar amount policy as myself (£33,000) but who achieved much larger compensation, between £3500 and £6000!

Was I 'duped' at the time by the Halifax, , is there any
re-dress that I could pursue against them now, or have I had it?

No. Your mistake (if there is one) that you did not take the redress and surrender the policy to reduce the mortgage balance and switch to repayment. The redress was to put you in the same position you would have been had you been on repayment mortgage. You decided to stick with the risk option.

samraj

I took an endowment 25yr plan with Pru in 1995 to pay off a Halifax mortgage. Can I claim for mis sold as I've consequently realised the error of endowment and re-mortgaged taking a repayment mortgage - I'am still paying into the Pru endowment rather than loose out at that time. I've got a call from the CLAIM cowboys saying I've got a case for complaint and compensation. Any help or advise

dunstonh

samraj wrote: »

I took an endowment 25yr plan with Pru in 1995 to pay off a Halifax mortgage. Can I claim for mis sold as I've consequently realised the error of endowment and re-mortgaged taking a repayment mortgage - I'am still paying into the Pru endowment rather than loose out at that time. I've got a call from the CLAIM cowboys saying I've got a case for complaint and compensation. Any help or advise

You have three years from being first notified of a high risk of shortfall. Pru were late to activating the timebar but you would expect you to be timebarred by now.

Phone up Pru and ask them if you are timebarred from complaining about the endowment. If yes, give up. if no, then you can still complain as long as you were mis-sold.

Desperate_to_be_debt_free

Bought a house in 1991 with an endowment mortgage with the halifax and legal and general being the agent we paid the endowment premium to. We sold the house several years later and cashed in the endowment. Can I still make a claim for a missold endowment?

dunstonh

Desperate_to_be_debt_free wrote: »

Bought a house in 1991 with an endowment mortgage with the halifax and legal and general being the agent we paid the endowment premium to. We sold the house several years later and cashed in the endowment. Can I still make a claim for a missold endowment?

You have three years from being reasonably aware of an issue to make a complaint or 6 years from the start of the contract. So, either timebar could apply here.

Plus, most endowments didnt fall short until around 2000. So, yours would appear to be before that.

wanderwonder

Hello there

Came across some old scibblings in a book, having a sort through financial bitsand bobs.

What caught my husbands eye was an entry from February 2002, we were having a cull back then, we cashed in an ISA we hadnt paid into for long and a couple of insignificant savings, they were in the hundreds only, but we needed the money.

We also were in the process of cashing in an Endowment with Winterhur, original taken out with Colonial Mutual as a mortgage. On having a letter telling us of a shortfall we immediately got a brand new mortgage. We kept on the Endowment thinking it wold serve us as a saving scheme and then realised we couldnt afford it any more and didnt think it was worth being skint as the forcast wasnt worth it. Part of Winterhur is taken over by AXA.

We have the policy number and didnt know whether we could make any claim at all. Again now we could do with a bit of cash, dont we all

We just wanted to ask here first, if anyone has had dealing swith a claim this old and have we got a chance. Previous to this we missed out on a Halifax pay out.

Thanksin advance for any advice :beer:

cazna

We also took out a mortgage in 1989 with an endowment with Allied Dunbar (now Zurich). We moved house nearly 7 yrs ago by downsizing and paid off the mortgage, but kept the endowment. I think there was a shortfall letter in the past, but don't know when exactly, but it fluctuates up and down anyway, so we didn't take much notice of it as it does fluctuate. If we find it is in the red I reckon all we can do other than hope it pays a reasonable sum out at the end. Maybe this would be a plan if claim not feasible.

Minniehaha_2

Hi, I have an endowment with the Prudential.
I was promised enough to pay my mortgage with money over in 1988.
Now of course it's not going to even cover that amount.

I remember them giving me a couple of hundred pounds quite along time ago and telling me that was final. I can't find this information now but feel my endowment that finishes in 2017, is losing value everyday.

Can I do anything about it now ? Thankyou.