Aviva Endowment Compensation Refused!

holly_hobby

Hi there,

The time frame taken to issue a final decision would be purely down to workloads within their Customer Liaision Unit/Complaint Dept ( or whatever name their regulated complaints team operate under) - so don't read too much into the duration the complaint took .... indeed at one time a Firm I consulted for was working a minimum of eight months in arrears on complaints .. .I kid you not !!

To be fair, their response should have separately dealt and discussed their reason of rejection of each individual aspect of your complaint - however some companies/individuals aren't as thorough as others when responding to the finer details of the decision, and I'm sorry if Aviva's response fell short of your expectations in this matter - there I've said if for them !

Anyhoo, in situations such as this, I would say to tsf (if affordable) a sum at least equal to the worse possible shortfall figure (or what can be afforded) - that way you can be fairly (but NOT absoutely) confident tht when the policy matures, if the shortfall is as anticipated you're already dealt with it so no worries there (or not as much impact if you only switched part of the esitmated SFall). And if the policy sfall to target is not as large as currently estimated, you've a little surprise surplus amount (which may well offset the increased mge repayments/capital outlay, incurred in switching to part and part.

Of course, if you do switch, the repayments under the C&I element, are contractual - so you can't reduce them if you have a tight month or 2.

To that end, and if you want to retain flexability, overpaying as you are (to max permitted annual amounts, whilst putting the residual into a Cash Isa to build towards D day), will leave you full flexibility with regards to overpaying - as if you have a rough month (and don't we all from time to time !), you can elect not to make the payment at that time, recommencing when able .... but beaware that this will obviously have a later impact on how much extra at redemption you may have to supplement the maturing endowment payout with.

You'll work it out, have a chat with your mge lender, see what their advices are in managing the sfall (it may also be worth knowing that lenders may consider extending the mge term for a period of upto 5 yrs, in the case of mge endowment repayment issues - obviously this is at the time of maturity and subject to status, with the sfall repayble over the extended term on a capital and interest basis (generally no negotiation on that I'm afraid) .... and just thought worth a mention whilst we're on the subject !

Hope this helps .... I wish you well with fingers, toes and eyes crossed for a healthy sum at maturity ...(nothing wrong in positive thinking you know ..:o:D)

Holly xx