Report Endowment Misselling Compensation SUCCESSES

cazashone

we wrote complaint letter april 2004. and friends provident told us that july 2000 letter gave us three years to complain and we had received letter july 2002 which had potential to give six months but they advised we had to reply by july 2003 Both letters were update on mortgage endowment plan which said high risk. So with first one giving five options last one being wait and see I have contacted Friends Life regarding the time bar letter and they advise that as there was a leaflet with the first letter called your endowment plan and delivering your needs. This advised that the option of wait and see only refers if there was a surplus at 8%. in our case we had a 2,000 shortfall and 14,500 at 6% and 24,200 at 4%

dunstonh

cazashone wrote: »

we wrote complaint letter april 2004. and friends provident told us that july 2000 letter gave us three years to complain and we had received letter july 2002 which had potential to give six months but they advised we had to reply by july 2003 Both letters were update on mortgage endowment plan which said high risk. So with first one giving five options last one being wait and see I have contacted Friends Life regarding the time bar letter and they advise that as there was a leaflet with the first letter called your endowment plan and delivering your needs. This advised that the option of wait and see only refers if there was a surplus at 8%. in our case we had a 2,000 shortfall and 14,500 at 6% and 24,200 at 4%

I suspect you are too late for this. The person that succeeded in overturning it did so in court. You are past the 15 year point for court action now.

cazashone

hi there i notice you say we are out of the 15 year ruling when does that start is it at beginning of policy or from the date which you found out that you were missold policy. Also we have been trying to get the FOS to reconsider reopening the case due to what we have found about the time bar letter of 2000 not being sufficent but they are relucatant to reopen after our original complaint ten years ago any suggestions. We were ill at the time of their response in october 2006 which gave us two weeks to provide further medical evidence for mitigating circumstances. If the reprojection letter of 2000 is not good enough our complaint in march 2004 would have been in time as thier stronger second reprojection was august 2002 then we got red letters in november 2004 and october 2005 after we had complained to friends provident and FOS

cazashone

Regarding being time barred 2003 i have also been looking into ombudsman rules and FSA consultation paper 2003 states that The reprojection letter in association with a FSA fact sheet, provides the first reasonable point where consumers are likely to have the specific knowledge of their situation.

So as we only got this leaflet with 2002 letter surely this should be start of our time bar three years , so my complaint march 2004 would have been within two years of this information? So do i have a case to go back to the ombudsman to reopen the case they telling me over ten years too late to complain 2000 letter wait n see options not good enough. Ive heard abut the fifteen year rule but not exactly sure what it means? .

dunstonh

Ultimately, you are in the hands of the ombudsman. The Friends court case did not set a precedent and whilst the FSA later set some guidelines, it does not mean that those that acted prior to that automatically get their time bar made void. Indeed, we see similar today with some firms that have been successful in timebarring packaged bank accounts and PPI complaints because of earlier documentation that doesnt match the later requirements was good enough.

If you cant persuade the ombudsman then it is game over.

Ive heard abut the fifteen year rule but not exactly sure what it means? .

It doesnt apply to the ombudsman. However, it does on taking legal action.

cheekymonkeynotts

My parents had an endowment policy with Scottish Amicable, Prudential took over them.
The policy was mis sold by an agent.

They have paid all of this, but is there still nothing they can do to get money back they have paid?

dunstonh

cheekymonkeynotts wrote: »

My parents had an endowment policy with Scottish Amicable, Prudential took over them.
The policy was mis sold by an agent.

They have paid all of this, but is there still nothing they can do to get money back they have paid?

Your post isnt clear. Are you saying they have already complained and had a payout?

cheekymonkeynotts

They had to get an extra mortgage to cover the shortcomings which was 15k mortgage.

Not sure who to complain too as it was rejected many many years ago?

dunstonh

cheekymonkeynotts wrote: »

They had to get an extra mortgage to cover the shortcomings which was 15k mortgage.

Not sure who to complain too as it was rejected many many years ago?

You cant complain again. It is a once only thing. After which are you barred from any future complaint.

Christabelle

AndrewSmith wrote: »

Bank / Provider: Abbey National
Compensation : £4500
The Story:

This is the endowment belonging to my other half Kim. She and her ex-husband took the policy out for their first mortgage, then took a second endowment to 'top-up' on a subsequent move.

Took approx 8 weeks from start to finish, and the policy(s) are still in force with 7 years till maturity.

She used the info from this site to find out how to approach the Abbey without engaging the services of 'specialist' companies.

She has said she is happy to offer blank copies of the letters to anyone who wants them.

:beer:

Yes please re the blank letters as only just looking into this!