Standard Life: Shortfall - Reassesment or Claim?

badmanj

Hi,

Back in 2004 I complained about the potential shortfall of a mis-sold mortgage I had with Standard Life.

They responded offering me 2089 pounds as compensation for the 'avoidance of doubt'.

I didn't accept.

I received a letter yesterday stating that the offer still stands and I have one month to accept or reject. If I accept I can make no other claim and if I reject, "we will not consider any future claim against Standard Life in respect of this matter, in particular you will not receive any additional payment of compensation in relation to your complaint, either when the plan matures or on early surrender".

They also say: "In our offer we told you that you had a period of six months to refer the matter to the Financial Ombudsman Service if you were not happy with the outcome of your complaint. That time limit has now expired".

So my question is, should I just take this money and end it - or given the dire economic crisis that has been upon on over the past few years, do I still have ground to apply for a re-assessment of the shortfall and therefore the compensation amount? Or have I let this slip too long now for any new complaint?

Advice or opinion welcomed!

Cheers,

Jamie.

dunstonh

So my question is, should I just take this money and end it - or given the dire economic crisis that has been upon on over the past few years, do I still have ground to apply for a re-assessment of the shortfall and therefore the compensation amount? Or have I let this slip too long now for any new complaint?

You are timebarred from the FOS and if you dont take it they will time bar you from future complaint, as they are allowed to do as they rules were brought in to stop people hedging their bets like you are doing.

so, its really a choice of take it or leave it. You could ask them to recalculate but you may end up with less. I got a endowment sheet through the other day which shows the position of the last 8 years for each statement and the current position was back to where it was in 2005. If yours matched that, then the redress payment could be lower as you say yours was 2004. It could be higher as we dont know how your endowment was set up and what version if is.

themull1

What is the shortfall? have you got the funds to cover it now? i would take the money.