Claiming for missold endowment

travel_freak

Hi there,

Wonder if someone could offer some advice. I bought a Friends Provident endomwent policy in 1989. I have since redeemed the mortgage it was bought for so it's no longer attached to a mortgage. It's been performing really badly although I have been continuing to pay the premiums as I can never work out what's best to do with the policy. I calculate that it only made a couple of pounds last year and when I compare this to ordinary bank interest on the amount it just seems ridiculous.

I recently approached some online companies who buy policies and have had some quotes which are more or less in line with the surrender value given to me by Friends Provident.

The premiums are £60 per month.

Can anyone advise whether it would be better to sell it now and cease the premiums or hang on in case things improve?

Also, one of the companies I approached has referred me to "Professional Claim Handlers" ("PCH") in Cheshire who say they may be able to make a misselling claim on a no win, no fee basis. If they do win compensation their fee is 20% of the compensation amount, subject to a minimum of £250.

I thought I had "missed the boat" for making a claim but PCH suggest it may still be possible. Does anyone have experience of PCH or maybe could suggest another similar company. Does the fee sound about right? If it was a simple matter of claiming against Friends Provident I might give it a go but it was a financial adviser who sold me the policy and I think things may be tricky.

Any advice gratefully received.

Thanks and regards,

dunstonh

I calculate that it only made a couple of pounds last year and when I compare this to ordinary bank interest on the amount it just seems ridiculous.

Dont forget the guaranteed sum assured which needs to be included to get a proper indication of the real rate of return.

I recently approached some online companies who buy policies and have had some quotes which are more or less in line with the surrender value given to me by Friends Provident.

No surprise. FP offer nothing special so no reason to pay much more.

Can anyone advise whether it would be better to sell it now and cease the premiums or hang on in case things improve?

We are not allowed to give financial advice on the forums. The site is not regulated and authorised by the FSA. However, as a matter of opinion, I wouldnt want it if there is no option to switch to unit linked funds.

I thought I had "missed the boat" for making a claim but PCH suggest it may still be possible.

FP have time barred almost everyone now. Depending on where you are in the timescale, it may be too late. However, we dont know what your timescales are.

If it was a simple matter of claiming against Friends Provident I might give it a go but it was a financial adviser who sold me the policy and I think things may be tricky.

It makes no difference whether its an independent or a tied agent.

dad_researcher

Give it a try claiming yourself. I am no expert and I am sure this has been covered many times before on this board, but today I received a letter offering me almost £10,000 in compensation for mis-selling of my 3 endownment policies. I too, thought it may be too late to claim (my first was taken out in 1989) and nearly didnt bother but was persuaded by a relative who couldnt believe how simple it had been. I had expected I had to prove everything that had been said but they just took my word for it. Dont bother using a claims company unless you have been turned down. Then you have nothing to lose. But bite the bullet answer all the letters immediately and you may have a cheque in your hands in a few weeks too!