Need Urgent Help!

ROTTY_3

We have an endowment from 1986 bought through broker who has ceased trading, Norwich Union are not interested either.
FSACH have advised us to seek legal help as apparently there is nothing else that we can do.
You are all my last resort.
Hope someone can help it just seems so unfair.

ctabuk

The policy is only ten years old -how long a term was the mortgage?

payless

ctabuk wrote:

The policy is only ten years old -how long a term was the mortgage?

CTA- a bit early for you 2006- 1986 = 20 yrs

----

OK broker is out of business, but NU still around..

or are you concerned about shortfall , and believe mis-sold ... have you had a projection ??.. how low is it ??

Endowment mis selling on Pre 1988 endowments appear difficult, more so if adviser not arounf

payless

FSA say -

I was advised to take out my policy before 29 April 1988 - can I complain?
The advice and sales of certain financial products, including mortgage endowments, did not become regulated until 29 April 1988. Some firms agreed to allow the Ombudsman to look at complaints about advice given before this date on a voluntary basis - however, not all firms did. If the firm you are complaining about signed up to the voluntary arrangements, the firm will handle your complaint in accordance with the complaint handling rules, including telling you when you can refer your complaint to the Ombudsman.
If the firm did not sign up to the voluntary arrangements, you can still complain to the firm - but they are not obliged to follow the complaint handling procedures. This also means that if you cannot resolve your complaint with the firm, you will not be able to take your complaint to the Ombudsman.
You can check if the firm you are complaining about signed up to the voluntary arrangements by phoning the Financial Ombudsman Service on tel: 0845 080 1800 (Call rates may vary)

---

payless

FSCS is the UK's statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. We describe this as being "in default".

(a) the advice you received to buy the investment must have been given on or after 28 August 1988

payless

You may have legal redress via the courts ... if you can trace the seller ( the firm, not the individual... unless one is the same) and they have assets

although if I'm being honest, from what I have read I doubt it would be fruitful

---
I repeat .. what sort of shortfall are you looking at ??

and even if you do have a shortfall, you may not have a "financial loss" as you may have been less over the years than if on a repayment basis

ROTTY_3

We have a shortfall of around £4000. not a massive amount but a large lump to us.We also have another endowment with NU which is under investigation at the moment. I have recently taken this part of the finances over from other half. Unfortunately he has sat on this for some time preferring to ignore it, hoping it would go away! So next question is what to do now? Thanks again

dunstonh

NU have an endowment promise where they will pay either £5000 or the shortfall whichever is lower if the endowment comes in short. If you have a projected shortfall of £4000, then you are below that £5000 figure and if that continues to remain the case, you wont have a shortfall on maturity.

ROTTY_3

Thanks again MMMSM,we have just received reply for our other endowment.NU say we have no redress although the paperwork from original meeting with agent for NU clearly states that the policy WILL cover the mortgage payment in 2011.So,should I write again with my concerns?

dunstonh

ROTTY wrote:

Thanks again MMMSM,we have just received reply for our other endowment.NU say we have no redress although the paperwork from original meeting with agent for NU clearly states that the policy WILL cover the mortgage payment in 2011.So,should I write again with my concerns?

When you say that there is no redress, are they saying that you are not financially worse off?

That would not be an uncommon response from NU as they are one of the better endowment providers and with their endowment promise, you shouldnt see a shortfall. Coupled with the lower monthly payments you would have had over the majority of the term, you arent going to be financially worse off.

So, why complain about an endowment that isnt going to end in shortfall and has been cheaper for you than a repayment mortgage?