Endownment Dilemma

bops

Afternoon All

Just need some advice am slightly confused on how to go forward and would appreciate any help.

I took out an endownment policy on 11/11/1988 and it was due to mature on 11/11/2013.

I have now had a letter advising me of a high risk of shortfall and that the target amount of £80,000 will not be paid and only a potential £42,000 on a assumption is will grow at 2.75% per year for the remainder of the policy.

I am currently paying £97.56 per month and have been fortunate enough to have paid off all my mortgage and am now worried that the amount I was assured would pay out will not happen.

What can I now do and what will happen if I was to complain?

Realistically what are the odds of getting any compensation?

Any information or advice would really be appreciated

Thanks in advance

yelf

None- its too late to make a claim (I think)

dunstonh

I have now had a letter advising me of a high risk of shortfall and that the target amount of £80,000 will not be paid and only a potential £42,000 on a assumption is will grow at 2.75% per year for the remainder of the policy.

To be that far off target would suggest that you have been getting these letters for nearly 10 years. Not just now.

What can I now do and what will happen if I was to complain?

Realistically what are the odds of getting any compensation?

A shortfall is not grounds for complaint. Never has been.

If you are complaining about the advice you were given at point of sale, then chances you are now timebarred as you have three years from first being notified of a high risk of shortfall. Over 3/4 of endowments are now timebarred with most timing out in 2007/8.

You can ask the person that provided you the advice back in 1988 if you are timebarred or not.