We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Selling endowment - reduced offer

Options
I recently received a "firm cash offer" of 15,600 from aap for an endowment policy, I accepted the offer and returned the contract letter and letter of authority.

This morning a letter arrived explaining that routine checking has "revealed a material error in the calculation of the offer amount", a reduced offer of 14,300 has been made.

To compound this, on the basis of the higher firm cash offer I have withdrawn from an Integrity deal for 14,900 (this is permissible in their terms though I have had to pay a penalty fee).

Is it legal and/or reasonable for aap to act in this way, and do you have any suggestions on how I should to proceed?

Charlie B
Trying to be debt free!

Comments

  • Anyone have any thoughts on this? I just want to know if it's righteous indignation or shrug shoulders and accept their mistake.
    Thanks.
  • dunstonh
    dunstonh Posts: 119,640 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    It is legal and reasonable.

    Errors in pricing can happen and they dont have to honour the original price.
    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.
  • Thanks dunstonh - shoulders duly shrugged.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Given that you have had to pay a penalty to pull out of the alternative offer on the basis of their better one (now revoked), IMHO you should write and ask them to refund the penalty.

    You are out of pocket due to their error and they should cover that.
    Trying to keep it simple...;)
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.