Endowment Mis-selling - Don't give up!

Kantankrus_Mare

Nice one sleepless!!

That gives me some hope for the future. Dont think I'll be getting quite as good a payout as you though :rolleyes:

sleepless_saver

You never can tell. I was gobsmacked as it was more than twice as much as I'd thought I might get.

supersub_3

New here and finding it very interesting. Thought I'd share my experience.
We complained to the Abbey National in January about an endowment they sold us in 1983 to cover a £25,000 mortgage increase. When they turned us down, we appealed, and that appeal is still pending.
In the meantime, of course, Abbey were heavily fined for their handling of endowment complaints.
Then we complained about another endowment sold to us by the Abbey in 1987 to cover a £10,000 mortgage increase. Our complaint was identical to the first.
Yesterday we received a letter from the Abbey offering us £1,200 compensation in respect of this second complaint. This was accompanied by baffling figures allegedly arriving at this figure.
Should we accept this figure straight away? I don't want to be greedy, but I'm afraid I have little trust in the Abbey now. We're convinced their response, certainly to our first complaint, was influenced by the fact that we moved our mortgage a few years back so are no longer mortgage customers of theirs (but maybe we're just naturally cynical - no longer the financial innocents we were when we took out these endowments!). Can we trust them with this offer?

SUZYKINS

Hi all Im a newbie so I dont know if this is old hat.
I was emailed something about endowment mis selling and thought id give it a try. I cashed mine in 2 years ago so thought i had nothing to loose, anyway this company Brunel Franklin got me £2800 back but i had to pay them 25% but I always say 2/3 of something is better than 100% of nothing & if they dont get you any thing you dont pay.I put a friend on to them who was going through a claim but they said once you make a claim you cant make another and unfortunately he received nothing.

mr._prude

My Dad was sold an edownment policy about1995/6 he was told there would be some surplus cash when it matured. It was his first mortage at he was 40/41, He has just been diagnosed with cancer, we just discovered the policy had no critical illness, that after 9 years it only 12% of the promise total. He might be cover for wavier of premium. Is there anything that can be done ?

Mr P

dunstonh

Critical illness cover was not as common in 1995/6 as it is now. So the fact he doesnt have it is not a surprise. He may have been offered it but at age 40/41 it would have been quite a premium hike so he may not have considered it, if it had been quoted and assuming the provider used offered it. Its basically similar to having accident cover or personal possessions on the house. It costs more and not everyone will pay it. Some will pay and never claim, others wont pay and get a claimable event but as they didnt pay for it, they dont get the benefit. Its the risk you take with insurance/assurance. Dont see any grounds for complaint on that front to be honest.

Kantankrus_Mare

have had a result today from Standard Life!!!

£2500 for our second endowment which matures in 8 years which we are accepting.

Received the same amount off Nationwide for our first endowment so we are well chuffed!!

So thats £5000 off a £35,000 mortgage with 8 years still left to run.

Not going to make any rash decisions until demutualisation next year but not sure of the way forward from then..........whether to attempt to overpay a bit each month to bring the debt down even further or not sure if its worth cashing policies in and looking at other options to pay off remainder.

Guess we will have to wait and see what demutualisation brings.

susan47

After two and a half years of waiting for our complaint to be resolved, FINALLY the Ombudsman came down on our side and ordered our IFA to pay us compensation. We had been sold a 38k endowment from Scottish Amicable in 1991, which now has a shortfall of around 15k. So what happened? The IFA decided to ignore the ruling and we didn't get a penny. We asked the Ombudsman to give us some idea of what we were owed to try and take the guy to court, but he didn't help. Right now, we feel we just wasted two and a half years! It's infuriating to think that there are people out there who are working as IFA's, but they just play the system. I'd never take advice from an IFA again.

dunstonh

It's infuriating to think that there are people out there who are working as IFA's, but they just play the system. I'd never take advice from an IFA again.

Over my life, I have seen bad doctors, bad teachers, bad mechanics, bad bankers and so on. If I was to apply your attitude to every area, I would have to hide in a hole and not see anyone ever again. Every industry has bad apples.

What grounds has been given for non-payment i.e. has IFA lodged a request for case review or is he just refusing to pay it? If the firm is just refusing to pay it, you can start court action to enforce and award.

defender_of_the_weak

Was the ruling from an actual ombudsman or an adjudicator? If it was only an adjudicator the IFA can ask for an ombudsman ruling on the matter. Also you may find his professional indemnity may not pay out unless it is an ombudsman ruling, thereby delaying thinks still further.

If you have an ombudsman ruling you can seek enforcement through the courts.

Dunston, do you have access to mortgage fundamentals where you could run the calculation. Obviously they won't let me have a version of it and my own system would probably not carry enough weight for a court to decide