Should I take the money and run?

MarkC_3

I took out an endowment mortgage in 1997 for £62000.

After reading all the success stories, I appealed to the lender in November based upon me being wrongly advised at the time. This was because I am not a risky person and have been able to point to policies, pensions etc as proof of this.

I have now received a letter saying that I have been wrongly advised and that they will award me £1700 in compensation.

My question is should I take this first offer, or should I appeal and if so back to them or to the FSA? What I don't want to do is jeopardise the £1700 in any way!

Any input greatfully received.

Mark

pr4w2b0y

Hey Mark,
I appealed my endowment 2 years ago & was compensated £4k, I also considered taking further action via the FSA.

Basically I was told you could incurr costs & there were no guarantees so I guess it is really up to you on how stronly you feel about being mis sold the endowment, was promised a cashback element etc & can you prove it.

Me I took the money & ran .

dunstonh

The method of calculation is defined by the FSA. There are two versions they can use and usually ask you which one you want. Providing they have done that, there is little more you can expect to get from the FSA by taking it further.

MarkC_3

DD

Thanks for the advice. One question, I was not asked which method of calculation so is there any way I can see what amount both versions give?

Do I have to go to the FSA or can I see it online?

Mark