Equitable Life Payment Scheme - Are you still waiting to hear from them too?

polyphonic99

The Daily Mail ran a story on 2nd July saying "2/3 of all Equitable Life policyholder due compensation have now received it",
http://www.dailymail.co.uk/money/investing/article-2167768/Two-thirds-Equitable-Life-investors-owed-compensation-payouts.html
but there were several comments saying people had not even been contacted yet by the scheme, let alone receive any compensation.

The Equitable Life Payments Scheme had a mandate to contact all individual policyholders affected by June 2012. (see HM Treasury Website http://www.hm-treasury.gov.uk/fin_equitable_life.htm and the first .pdf link - Equitable Life Payment Scheme Design). This states:

“2.16 The Scheme will aim to contact all eligible individual policyholders before June 2012, regardless of whether they will receive a payment “
“2.18 This means that:”·“for those receiving a payment in year two or three of the Scheme (i.e. June 2012 onwards), the Scheme will write to these policyholders before June 2012, explaining when they can expect to receive their payment and its value.

Its now July 2012.
I am still waiting to be contacted by the scheme and I was wondering if there were many more people out there who were also still waiting to hear from them and what we can do about it.

Old_Slaphead

I've had a payment a couple of months ago but OH - who has virtually the same policy ie. similar dates, payments in etc. - has heard nothing.

Onawingandaprayer

Got mine, about 2/3 months ago. Agreeably surprised, because obviously expected sweet FA...

Stompa

They asked me to provide Proof of ID a few months ago, but apart from having my documents returned, I've heard nothing since.

polyphonic99

There is now an update on the http://equitablelifepaymentscheme.independent.gov.uk/ Website. It states "The Equitable Life Payment Scheme completed its first year of operation on 30th June 2012."

It goes on to say

"Whilst the Scheme has used a rigorous process to verify the addresses for all eligible individual policyholders, there are a small number of policyholders that we have not been able to write to because we have not been able to verify their addresses."
"If you have an eligible individual (i.e. non-group) policy but have not yet received a letter from the Scheme, please contact us. To find out if your policy is eligible, you can read our Eligibility Criteria here. "

So after waiting over a year while they said don't contact us, they now want anyone (not in a Group Scheme) whom they haven't yet contacted to get in touch with them. I only heard about this because I wrote a letter of complaint to HM Treasury. As far as I can tell they haven't advertised the fact that they have failed in their commitment to contact all policyholders and it is now down to policyholders to contact them.I think that is pretty disgraceful, but par for the course I suppose for the Equitable Life debacle.

Anyway, I hope someone finds this information useful.

Stompa

Blimey, a letter has arrived, they're giving me some dosh!

Thrugelmir

Been written to saying policies qualify. However may be next April before told if due to receive anything.

woolly_wombat

Its now July 2012.
I am still waiting to be contacted by the scheme and I was wondering if there were many more people out there who were also still waiting to hear from them and what we can do about it.

Have you heard anything?

The National Audit Office have released a report on the Equitable Life Payment Scheme (ELPS).

The full report can be accessed here:
http://www.nao.org.uk/wp-content/uploads/2013/04/10095-001_Administering-the-Equitable-Life-Payment-Schemex2.pdf

Extract:
"17 to 20
per cent
estimated range of proportion of policyholders who will not
be found, despite tracing attempted by the Scheme" :eek:

Anyone who thinks they may be entitled to a payment is being asked to contact ELPS directly at:
http://equitablelifepaymentscheme.independent.gov.uk

Contact details:

Telephone 0300 0200 150

or write to:
Equitable Life Payment Scheme
PO Box 4110
Glasgow
G58 1EL

WW

jaybeetoo

I received a letter this morning. It tells me I will receive a cheque in the next few days.

About ****** time!

innovate

Got my letter today, too

Very bizarrely, it feels quite good now to get 80-odd% of what I should have got.....