Endowment Mis-selling - Don't give up!

bill_3-2

Editor,
The BS are offering a full and final settlement claim of £1300 which they say is what we are worse off with between the endowment and a repayment mortgage and I have no idea if their figures are correct. They make no mention of surrendering the endowment or the other two steps.iam even more confused.
bill

bill_3-2

Editor,
I forgot to mention that endowment matures August 2006.
bill

EdInvestor

Bill

What company is the endowment with?
Can you post the following figs:

Guaranteed sum assured
Total bonuses
Surrender value
Terminal bonus (if any)

You should ring up and ask the insurer.

The compo amount is worked out to a set formula provided by the regulator, so it should be correct.

But as it's so near to maturity it may be more sensible to wait before cashing in the endowment.

bill_3-2

Editor
The endowment is with Royal Sun Alliance/Phoenix. The BS sent me a copy of a letter sent to them from Phoenix saying the current gross surrender is £11,957 but the bonus rates are not guarenteed and could change at any time and would be recalculated in the event of a claim,whatever that means.
The amount on which Basic Bonus is calculated is £7395, is this the Guaranteed sum assured?
Total Bonus earned to 31/12/04 is £4799.
Terminal Bonus I thought would be calculated when the endowment matures,or can they telll me that now?
thanks
bill

TrickyTrotter_2

Editor wrote:

Sometimes you have to laugh about this product.

What's an endowment's real value?

Is it:

1.The surrender value the company will give you for it now?

2.The current value, as on your statement?

3.The guaranteed value at maturity, if you keep paying the premiums?

4.The value at maturity according to the regulator's projections?

5.The projected value at maturity plus an unspecified amount of terminal bonus which may or may not be there?

6.The amount of money an endowment trader will give you for it?

Some people might say that you couldn't make it up.;)

This is the crux of the whole endowment issue. How can a lay person make any sort of financial judgement or decision, either at the time of purchase; mid product life or on offer of compensation. The byzantine way some endowment providers operate and calculate or project policy values (including Standard Life) is outrageous.

Kantankrus_Mare

Just had a letter from Nationwide today offering us 2,500 compensation on our mis sold Standard Life policy !!!(17,000 mortgage)

Extremely pleased with this as didnt expect anything to be truthful and they will pay it straight off our mortgage.

Now I just have to chase up the Halifax/Standard Life for compo on my other 17,000 mortgage.....again with standard life.

Me thinks this wont be half as straight forward as the Nationwide who have kept us fully informed all the way through our claim. Totally impressed with their service!!

I probably wouldnt have got this far without finding this site and all you knowledgable people so THANKS!!! :beer:

And to anyone else in process of trying to claim.......keep at it!!

dbs

dunstonh wrote:

Although I would verify the real value of the Standard Life endowments before you do anything and do not rely on the projection shortfalls. Remember maturing plans are getting shortfall warnings but are going on to provide surpluses.

Could you please state where you get this information from that endowments with shortfalls are going on to provide surpluses if correct how can the projected shortfalls be so wrong?

bill_3-2

Editor wrote:

Bill

What company is the endowment with?
Can you post the following figs:

Guaranteed sum assured
Total bonuses
Surrender value
Terminal bonus (if any)

You should ring up and ask the insurer.

The compo amount is worked out to a set formula provided by the regulator, so it should be correct.

But as it's so near to maturity it may be more sensible to wait before cashing in the endowment.

Editor,
have you had chance to look at the figures posted on 7/6/05
Thanks,
bill

PhilJ_3

Regarding cut off dates. We complained about our endowments purchased in 1986 and were told 'sorry its befre the cut off date'. Last week we received a letter from the seller saying the FSA had told them to reinvestigate ours and similar complaints. This week we received a large questionnaire to fill in. Has anyone else had this? So don't give up hope (we had), you never know...

Thanks to all who have posted before, it gives us hope as newcomers.

sleepless_saver

Kantankrus_Mare wrote:

Now I just have to chase up the Halifax/Standard Life for compo on my other 17,000 mortgage.....again with standard life.

Me thinks this wont be half as straight forward as the Nationwide who have kept us fully informed all the way through our claim. Totally impressed with their service!!

I wrote to Standard Life on 15 May to complain about mis-selling, they did keep us fully informed and I got a letter today from them offering over £5k :j. (Mind you there was a huge unexpected bill for something else in the post too, so you win some you lose some )