We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Miss sold a savings plan...
Gr@ndad
Posts: 3 Newbie
Hi I would like some advice if poss...
Back in 1987 I was a raw recruit in the RAF - we were literally marched into a room and told we needed to 'save young man' - 'handily' there was a rep from Abbey Life there who promptly signed me up for a 35 year savings plan called Wealthmaster.
Of course 8 yrs later I looked at my life and the performance of this product and surrendered the policy.
A year or so ago I wrote to Abbey Life to complain that I had been miss sold... they have just agreed and have offered me the following...
They agreed that a 35yr plan was not suitable for a 17yr old kid! and thought a 10 year plan would have been more appropriate they state...
'As a gesture of goodwill we are prepared to offer you the maturity value that would have been set up with a 10 yr term at outset. Interest will be added to this maturity from the 10th anniverary to our compensation calculation date.
Basically this equates to a subtotal of £4931
Less the surrendered value I recieved in 1999 of £3716
Giving a total redress payable of approx £1215
My question is - is this fair? My first impression is that it is adequet and I should accept? What does everyone think?
Sorry my 1st post is a whopper!
Any opinions would be appreciated
Regards
Gr@ndad
Back in 1987 I was a raw recruit in the RAF - we were literally marched into a room and told we needed to 'save young man' - 'handily' there was a rep from Abbey Life there who promptly signed me up for a 35 year savings plan called Wealthmaster.
Of course 8 yrs later I looked at my life and the performance of this product and surrendered the policy.
A year or so ago I wrote to Abbey Life to complain that I had been miss sold... they have just agreed and have offered me the following...
They agreed that a 35yr plan was not suitable for a 17yr old kid! and thought a 10 year plan would have been more appropriate they state...
'As a gesture of goodwill we are prepared to offer you the maturity value that would have been set up with a 10 yr term at outset. Interest will be added to this maturity from the 10th anniverary to our compensation calculation date.
Basically this equates to a subtotal of £4931
Less the surrendered value I recieved in 1999 of £3716
Giving a total redress payable of approx £1215
My question is - is this fair? My first impression is that it is adequet and I should accept? What does everyone think?
Sorry my 1st post is a whopper!
Any opinions would be appreciated
Regards
Gr@ndad
0
Comments
-
It seems very fair.
Abbey Life consultants seemed to be in many bases and I have come across products sold by them before to armed forces personnel. Many were inappropriate because Abbey Life paid commission based on the term of the policy.
It does seem fair to me based on what you have posted.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I have to agree.
I don't know whether they could have but the time since you cashed in (were short-changed on) the investment makes me think they could just have blanked you with a, "9 years have passed. All documents and records have now been weeded/destroyed/shredded. Sorry. Goodbye."
Take the money.30 years, 217 days!0 -
Hey, Grandad, if you were a raw recruit of 17 in 1987, you can't have been a Grandad very long! Congratulations on the new baby! ;D ;D
(if I'm making wrong assumptions and making a fool of myself, it won't be the first time) ::)
And welcome to the site.
I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.
If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.
Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?0 -
Thanks all - I will accept Abbey Life's offer.
PS I am not a grandad - it's a nick name and a long story! Thanks for the welcome I've been 'watching' for ages!!
Gr@ndad0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards