Help please

sadie11

We think our endownment company are guilty of churning.
I have read the information on this site and the Which information and took the advice and complained. We were sold our current endownment in 1987 we already had a policy running for 3 years with Scottish Provident but was advised by our insurance agent that the policy we had was rubbish and to take out a policy with his company CIS as it would perform better, we were given information and still have a prediction in writing of how the policy would perform giving us an estimated surplus in cash at the end of the term of around £15,000
Although we don't have a short fall on the policy it is only just going to pay off the amount it covers, we complained to CIS and have recieved a reply saying that they have looked into our claim and compaired it to a repayment mortage but we are not entitled to anything in compensation, they also say they can't find any information on the policy we cashed in with Scottish Provident, we unfortuanetly don't have any information either on that policy.
When we took out the policy with CIS risks were not mentioned we were nieve and took the agents advice and thought at the end of the term we would have X AMOUNT of excess what fools we were.
Any advice please should we just give up or try to take it further, at the moment I feel we are fighting a losing battle.

petermb_2

I think that you are probably a victim of churning too. You would definitely need to have the policy number of the cancelled policy to have any chance and you will have to advise CIS of the details.

regards

Peter

defender_of_the_weak

Call Scot Prov and give them your details and address from the time of the original sale and cancellation, they may still hold computerised records from the time and be able to supply this information to you. In view of the age and time this is by no means certain but worth a phone call before you take any further decisions

sadie11

We have tried to contact Scottish Provident but now have been taken over by Abbey Nat, they have told us to write in giving the details of the cancelled policy and they may have details in the archieves.
I want to carry on trying to find this policy but my husband seems to have given up and thinks we will be wasting our time as we don't have a shortfall he thinks we won't stand a chance of any compensation.
Has anyone claimed and been succesful that hasn't actually got a shortfall?

Conrad

It angers me that the salseman failed to take due regard of your needs. He had you cancel a policy that had probably only just covered all the set - up and commision costs, so its cancellation was just like throwing 3 years premiums down the loo.

I urge you not to give up. Use recorded delivery. Write to the CIS head of complaince and tell him you are escalating the case to the FSA.

PS - Can you get copies of old Bank statements showing the original debits?

sadie11

Had a word with ombusman and they say as there isn't a shortfall then we can't really make a claim.
HOW WRONG IS THAT
We were still mis sold the policy I thoought claims were about misselling not only about financial loss.
Or am I mistaken??