Endowment miss-sell offer

cartz64

I have been awarded an offer because of miss-sell, no fortune but
ok-ish.

I had one original policy for my first house(they say I'm too late to claim on that one-started in 1991)

The offer was for the top up endowment for my next house.

Question 1.
Should I except the offer given or is this just hoping I except without perusing further? Should I take it to ombudsman?
Is the first offer safe whatever?

Question 2.

Should I take first case to ombudsman even though I had letter warnings but didn't realise that there was a timescale?

Thanks.

Let_Us_See

And your thoughts are?

dunstonh

Should I except the offer given or is this just hoping I except without perusing further? Should I take it to ombudsman?

Do you have any reason to believe the calculation is wrong?
Is it a goodwill offer? (these can often be withdrawn if you to to the FOS)

Should I take first case to ombudsman even though I had letter warnings but didn't realise that there was a timescale?

You would have been notified a number of times of the deadline. How would you persuade the ombudsman that you failed to notice all of these as well as all of the media coverage from around 2001 onwards?

holly_hobby

The compensation is actually the monetary difference(& interest) between you effecting a repayment mortgage and outset instead of an endowment backed interest only arrangement, for the time the policy was/has been utilised as a mge repayment vehicle .

The calculation is a set industry wide formula, so unless you have given incorrect dates and data for your mortgage arrangements, the calc won't be any more if you go to FOS, and as stated any goodwill payment will be withdrawn if you reject the offer and refer for arbitration.

Re the time bar situ on your initial policy ... EMV review letters have been issued since 2000, so well over a decade. Your first red letter (ie projected shortfall at all 3 growth rates), contains a clear statement of what to do if you felt the policy wasn't suitable, and the timeframe you had to bring your complaint within.

The firm will have a record of the date of the initial (and all) red letters issued to you - you had 3 yrs from the date of the first indication (RED LETTER) the policy wasn't suitable to your risk profile, of which it appears that time has elapsed.

FOS will not overrule this time bar, unless it is proven that due to the firms error in issuing the warnings, you failed to recieve them and thereby were unaware (and unable to lodge your complaint) until recently that the policy had issues.

Hope this helps

Holly