Report Endowment Misselling Compensation SUCCESSES

Frances63

I have just had an offer from Santander, almost year after my mortgage endowment policy matured.

There is a thread about it here:http://forums.moneysavingexpert.com/showthread.php?t=4586489
The last post is my update and explains the offer, which I have yet to accept.

If you think it's too late read my case, it may not be too late.

Or maybe I'm the last one... (in the words of Esther Rantzen) "unless of course you know different?!"

Desperate_to_be_debt_free

Hi there, originally had an endowment mortgage in the 90's. The mortgage provider was Halifax and the endowment was with Legal and General. I sold the house and cashed in the endowment a number of years later. Could I still claim for mis-selling, if so who should I contact the Halifax or Legal and General. I don't have the paperwork for this, would that matter?

dunstonh

Desperate_to_be_debt_free wrote: »

Hi there, originally had an endowment mortgage in the 90's. The mortgage provider was Halifax and the endowment was with Legal and General. I sold the house and cashed in the endowment a number of years later. Could I still claim for mis-selling, if so who should I contact the Halifax or Legal and General. I don't have the paperwork for this, would that matter?

You have three years from being reasonably aware of a problem or 6 years from the event in question. Outside of those timescales and the complaint can be timebarred.

I didnt think Halifax sold L&G endowments. I believe they were tied to Standard Life on post regulation cases. So, this would indicate you didnt buy from Halifax.

Stantrum

mintymoneysaver wrote: »

Friends provident through Yorkshire building society (1989)
£2100
simple form to fill in, compensation came within a couple of weeks.

LEGAL AND GENERAL THROUGH A BROKER (1993)
£ 1431
A bit more complicated.Sold by a broker, but following advice on here just wrote to Legal who sent us a more complicated form to fill out.They rejected our complaint so took it to the ombudsman.Just had letter to say Legal have now agreed to our complaint and are waiting to find out how much compensation we will get.Taken about 3 months from start to this stage.
edit to say now received offer of £1431 from Legal.

Thankyou Martin, and which letter!


Both of these policies were actually cashed in in April last year, so don't let that put you off applying.

Has compensation window closed on these endowments as I had 3 the last one of which matured in 2010. I initially wrote to the companies involved and was told that as they were low cost endowments taken out in the early nineties they were not eligible for compensation so I gave up.

dunstonh

Stantrum wrote: »

Has compensation window closed on these endowments as I had 3 the last one of which matured in 2010. I initially wrote to the companies involved and was told that as they were low cost endowments taken out in the early nineties they were not eligible for compensation so I gave up.

You get 3 years from first being notified of a high risk of shortfall. Most endowments were timebarred by 2008. Only a minority or active ones remain able to complain.

mr_adb

i was sold two endowerments by a indapendant financial consultant in Hereford who has since stopped trading. i was promised by him that they would pay out in full with a little extra. they are now showing a short fall with six years to go. i know i cant claim from the mortage bureau as it is shut, but could i make claim against the edowerment companys direct, even though they did not sell me there policys.

dunstonh

mr_adb wrote: »

i was sold two endowerments by a indapendant financial consultant in Hereford who has since stopped trading. i was promised by him that they would pay out in full with a little extra. they are now showing a short fall with six years to go. i know i cant claim from the mortage bureau as it is shut, but could i make claim against the edowerment companys direct, even though they did not sell me there policys.

The endowment provider has no liability for the sale of products via independents. Assuming you are not timebarred from complaint (over three quarters are - the endowment provider will be able to verify this if you are ask them if there is a complaint time bar), if you bought before August 1988 then it is game over. You have no-one to complain to. If you bought after this date you can complain to the FSCS (assuming you are not timebarred).

kingstreet

Can I gently point out this thread was to allow those successful in obtaining redress to report their "victory" not for new complainants to register their issue.

A new thread should be started, if you want help or advice with making a complaint.

markyhomer

Right,

I took a endowment out in 1992 and I received a letter in 2001 saying there may be a short fall of over £7,000 when it comes to mature, didn't receive a amber letter or a red. And at the time I was advised by a friend to cash my endowment in and took out a repayment mortgage. Thought nothing of it until recently been getting cold calls saying I may be entitled to compensation due to missold endowment.

It was sold to me by General portfolio and it was a Windsor life/Gan policy.

The guy on the phone was confident I could still claim, is this true?

At the time it was my first mortgage and I knew nothing about mortgages and how investments worked. Is it worth pursuing this myself to see if I'm entitled to compensation.

Regards

dunstonh

didn't receive a amber letter or a red.

You did. The shortfall letter is an amber or red. Not all providers used the colours.

And at the time I was advised by a friend to cash my endowment in and took out a repayment mortgage.

key information as you have three years from that date to raise a complaint.

The guy on the phone was confident I could still claim, is this true?

EMACS by any chance?

You can be timebarred easily enough if they want to do that and most providers tend to.