Norwich Union Endownment £4k deficit at mo...is that a lot ?

dibbs26

Hi,
I took out an Commercial Union endownment in 1993 for £38k and am paying £47 p/month. A few years ago Norwich Union took the policy over and they have guaranteed that the deficit that is actually outstanding is more than the £4k quoted (approx £7K).
Is it worth me complaining to the FSA or should I count my lucky stars that it is only £4 behind.................puzzled really. Any help appreciated.
Cheers.

YorkshireBoy

I took one out with Clerical Medical in 1994 for 38K at 58.8/month.

Last June, the deficit was 10K - wanna swap?

Luckily(?), we won't need it as the house will be paid off in 23 months with overpayments and a little from savings but its still a hell of a lot to lose.

Haven't got round to complaining yet - still reading up on it.

YB

PS: sorry about the lack of a pound sign - our IT department is useless and given me an American style keyboard and no facility for me to change it!

scottishlizzie

In order to get compensation your complaint would have to be on the basis that you were mis-sold the policy due to e.g. the adviser not making you aware of the risks asociated with it. You will not receive compensation simply because the policy has underperformed.

I work in this sector of the industry and I would recommend that you do lodge a complaint if you feel you were mis-sold the plan. Many companies are now time-excluding complaints so it is best to act sooner rather than later. It will cost you a little bit of time and the price of a stamp. Go to the WHICH? website or https://www.fsa.gov.uk (consumer help) for letter templates and general advice.

dibbs26

Thanks for the reply. I believe that I was mis sold the policy because I was told that there would be a nice 'nest egg' at the end. Some colleagues of mine have lodged complaints and they have been thrown out because they have not been able to prove what the adviser had said at that time.
Where are the templates on the site...tried to find but no luck....

Thanks

scottishlizzie

Try here:

http://www.which.net/endowmentaction/complaint/write_a_complaint_letter.html

Sorry its not a hyperlink but can't do those yet ...just copy and paste.

Good luck.

scottishlizzie

Crikey - it is a hyperlink! How did that happen?

dibbs26

Thanks lizzie. I am in the same dilema as 'Philccfc'. Who do we complain to first...is it Commercial Union (are they still going) who originally sold me the policy or do I point it to Norwich Union who run it now ?
Cheers

dunstonh

dibbs26 wrote:

Thanks lizzie. I am in the same dilema as 'Philccfc'. Who do we complain to first...is it Commercial Union (are they still going) who originally sold me the policy or do I point it to Norwich Union who run it now ?
Cheers

You complain to the company that advised you. That may or may not be the insurer. There is a thread asking the same question in last 24 hours in this section

scottishlizzie

It will do no harm to complain to Norwich Union. If they do not take responsibility for the complaint they will point you in the direction of who is responsible.

dibbs26

Hi lizzie,
Got a reply from my building society who sol me the policy. They have sent out a questionaire and have asked me to send them copies of all relevant documentation that I may have pertaining to the policy.........should I send them this info.....surely they must have their own..........
what do you think.....
cheers for your help

Froggitt

@dibbs - the onus is on them to show that it was correctly sold......not on you to prove it was missold. Verbal representations can also be taken into account of which there will generally be no record.