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Selling endowment - reduced offer
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char1ieb
Posts: 3 Newbie
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To compound this, on the basis of the higher firm cash offer I have withdrawn from an Integrity deal for 14,900 (this is permissible in their terms though I have had to pay a penalty fee).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!
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To compound this, on the basis of the higher firm cash offer I have withdrawn from an Integrity deal for 14,900 (this is permissible in their terms though I have had to pay a penalty fee).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!
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Comments
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Anyone have any thoughts on this? I just want to know if it's righteous indignation or shrug shoulders and accept their mistake.
Thanks.0 -
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.0 -
Thanks dunstonh - shoulders duly shrugged.0
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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...
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