Endowment update: payouts still falling

vinno65

Hi Maybe,
I think you should give up with Mr Hopeless before you pull your hair out. I'm ok as I'm as bald as a coot (I could lie and tell you that I had a full head of hair before I got the compensation culture bug, I luv a complain me!!)

David Irving is in prison in Austria for something very similar he also ignores evidence and personal testimony.

I know it's hard but don't let it eat you up, because believe me it will!

Regards Vinno

mayb_2

Thanks Vinno I am sure you are right. Believe me though it does not eat me up anymore.

I did get recompense for my mortgage endowment without any problems. I think in a way I did get recompense for my 'pension' endowment too. The firm actually sent me an amount about the equivalent to the "put you back where you would have been if you hadn't had an endowment" you get with mortgages. The larger amount paid out came with no explanation or accompanying letter. I think they knew that if we took it to court (as we had said we were going to do) this would have been the amount we would have received because of the way the law works on these matters. It was not what we were promised but the best we could have hoped for.

I continue to post about these issues on these threads and complain to the FSA because, like you, I am not prepared to allow the injustices of the system to go unchallenged and feel it necessary to highlight the fact that not many sales people really care very much what happens to you once they have made the sale - there is no real education or protection out there for the biggest most important purchases you are ever likely to make in your lives. The FSA and the Ombudsman have their own agendas too or the payouts would not just be redress but true compensation - particularly for those promised more than just enough to cover the mortgage - and there would be no time bars imposed.

I agree that Mrhelpful is a lost cause - but now perhaps he has highlighted better than I could, what can be the true cost of getting the wrong financial advice.

Thanks again - if I find a good hair restorative I will post immediately.

Mr_helpful

I continue to post about these issues on these threads and complain to the FSA because, like you, I am not prepared to allow the injustices of the system to go unchallenged

You and Vinno have different agendas here. You were protecting yourself. Vinno has spotted a moneymaking opportunity on the back of others like yourself.

I agree that Mrhelpful is a lost cause - but now perhaps he has highlighted better than I could, what can be the true cost of getting the wrong financial advice.

Yes, no upheld complaints. Not just in endowments but all areas of Financial Services that I have worked in.

EdInvestor

I see.

A person who goes to law to right a wrong committed against him by taking the company to court - and winning - has spotted a moneymaking opportunity.

Wheareas an insurance salesman who sells an endowment mortgage which fails to do what the buyer was told it would do, is simply acting out of the goodness of his heart.

I think we can all see where "mr helpful" is coming from and the value of his "advice".

Mr_helpful

EdInvestor wrote: »

I see.

A person who goes to law to right a wrong committed against him by taking the company to court - and winning - has spotted a moneymaking opportunity.

Wheareas an insurance salesman who sells an endowment mortgage which fails to do what the buyer was told it would do, is simply acting out of the goodness of his heart.

I think we can all see where "mr helpful" is coming from and the value of his "advice".

Once again twisting the words. Vinno goes to law not for himself but to make money out of other people.
It was MAYB that went for herself and I respect her for that

Gorgeous_George

Mis-selling may be proven but until the policy matures nobody knows for sure whether or not there would be a shortfall.

Can the companies claim their money back if policies suddelnly start delivering to the original 'promises'?

Rhetorical question.



GG

mayb_2

GG If lack of performance is not a grounds for upholding a missale I don't see how the later performance can then be used to claim money back from the person you missold too either do you? People often cash in the policy when they have been missold an endowment - if it later proves to perform well they cannot go back to the Company for the money they were promised. Performance is not the issue you see.

those being told they are on track have not necessarily taken the company to the ombudsman for misselling. Hence the question I asked not yet addressed by anybody about what happens if you have been told you do not need to take action as your mortgage is on track and then later discovering there will be a shortfall after all. I will repeat it just in case:-

"if endowment pay outs continue to fall will those people whose mortgages may have been just about on track but who now find themselves slipping back, be able to claim for the original miss sale? If they now know there is a risk but didn't act originally because they were told it was going to be ok - what is their standing in relation to these policies.

Also what about endowments not linked to a mortgage/With profits policies - has anyone successfully claimed a missale on them and if so on what basis were their claims upheld? What will happen to Addiscomber for instance if this is a WP policy and it is not performing?"

vinno65

Mr_helpful wrote: »

Once again twisting the words. Vinno goes to law not for himself but to make money out of other people.
It was MAYB that went for herself and I respect her for that

Please explain you comment Mr Hopeless. Do you know anything about my case and if yes how do you figure I have made money out of other people?

Vinno