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Standard Life Endowment Promise - Help
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nickchad1
Posts: 1 Newbie
Hi
Some help required please.
I have a Standard Life Endowment Policy. I'm in the process of a misselling complaint - but I have a secondary related issue and am wondering if anyone else has had a similar problem.
My policy was taken out in Jul 1990 & runs until Jul 2015
In feb 2000 SL wrote to my advising of a potential shortfall for the first time. In July 2000 I duly wrote back and said - up my premiums to the level required (should have gone up frm £33 to £50ish I think).
On 11 September 2000 they produced an ameded ploicy document & requested I send back the Premium Increase Request Form - I did.
On 30 September 2000 they wrote to me and said ..."het had a new Stanadrd Life Mortgage Endowment Promise........Our view is that increasing your premium is no longer neccesry givn the introduction if the promise".... so that didn't action the request & I, of course, beleived them & didn't push it.
My latest statement shows a predicted underpayment of about £5k.
I have now lost about 7 years of premiums and have less time to rectify the situation. Oviously I will be complaining to the company - my question is - what is the best way to go about a comlaint like this & what sort of compensation etc am I likey to receive?
sorry for the long story
Nick
Some help required please.
I have a Standard Life Endowment Policy. I'm in the process of a misselling complaint - but I have a secondary related issue and am wondering if anyone else has had a similar problem.
My policy was taken out in Jul 1990 & runs until Jul 2015
In feb 2000 SL wrote to my advising of a potential shortfall for the first time. In July 2000 I duly wrote back and said - up my premiums to the level required (should have gone up frm £33 to £50ish I think).
On 11 September 2000 they produced an ameded ploicy document & requested I send back the Premium Increase Request Form - I did.
On 30 September 2000 they wrote to me and said ..."het had a new Stanadrd Life Mortgage Endowment Promise........Our view is that increasing your premium is no longer neccesry givn the introduction if the promise".... so that didn't action the request & I, of course, beleived them & didn't push it.
My latest statement shows a predicted underpayment of about £5k.
I have now lost about 7 years of premiums and have less time to rectify the situation. Oviously I will be complaining to the company - my question is - what is the best way to go about a comlaint like this & what sort of compensation etc am I likey to receive?
sorry for the long story
Nick
0
Comments
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You dont get compensation if your complaint is upheld. You get redress to put you in the position you would have been had you been on repayment basis.
My latest statement shows a predicted underpayment of about £5k.
It is not a prediction. It is an example projection. The endowment is not as far off as the projections suggest. The current terminal bonus and the mortgage promise are added on top of those projections and there may be a special bonus coming with orphan asset distribution. Plus you had your free shares in the meantime and your monthly costs have probably been lower (as endowment mortgages were usually cheaper for most of the period).
You can still complain but the picture for you may not be as bad as you think.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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