Endowment Claim - is it worth bothering ?

HighVoltage

Dear all,

I'd appreciate any advice regarding an endowment policy that I have. I still have a policy with Friends Provident which was taken out in Oct 89 and finishes in Oct 2014, amount is for £35k The mortgage has been paid off 6 years ago. The policy was sold by a company representitve of Friends Provident (Cornerstone Finance - Abbey National Estate Agents)

The plan is with profits and I pay £43.82 per month. The last statement I received had the following figures

Cash-in value £12378
(managed=£6463, with profit=£5915)
amount paid-in since start £8895

estimated amounts I might get back at end of plan

4%=£21,400
5.5%=23,800
8%=£28,300

The first red alert letter I received was in Oct 2004. I still have all of the documentation from the meetings with this representitive, including what the return would be on endowment and the costs of the mortgage of endowment vs repayment ( repayment was lower cost at that time)


Have I left this too late and been time barred ?
Is it worth the claim, since mortgage has been paid ?
What grounds could I base a claim on

Any advice and guidance would be gratefully appreciated

dunstonh

Have I left this too late and been time barred ?

Possibly. The date you say you received your first red letter doesnt tie in with what you expect with FP. (from memory anyway)

Is it worth the claim, since mortgage has been paid ?

Any redress calculation would be made on the value back in 2000/2001 when you ceased using it against the mortgage. The stockmarket decline didnt come until later in 2001 and hit hard in 2002. That is when most of the final bonuses vanished.

What grounds could I base a claim on

You tell us as none of us know what was said to you and what documentation was issued.

jm28cardiff

Sounds like your asking if you should chance your arm, jump on the bandwagon and try it on?

EdInvestor

HighVoltage wrote:

The mortgage has been paid off 6 years ago.

Redress would only be awarded up to that point, which probably means you would get very little if anything.

The first red alert letter I received was in Oct 2004.

You won't be time-barred until October this year.

What grounds could I base a claim on

Have a look at the endowment section of the Which site so you can understand how the procedure works and the basis for claiming.

https://www.which.net

HighVoltage

Thanks for your replies, I won't bother pursuing this then.