Endowment Mis-selling - Don't give up!

Chaufeurse1956

Thanks for that info - I thought it would be the 'end' so to speak. I was advised that had the policy been sold to me by Sun Alliance then they probably would have considered me for compensation but as it was an independant advisor my only choice would be to either find him and shoot him (preferably) or take him to court. I was hopeful in as much as this endowment was my 'pension' and life cover due to me suffering from cancer three times and finding policies a strict no no. I had no other choice than to make it a paid up policy this year as £1500 being paid in yearly compared to £98 back in bonus was crippling me. The shortfall was £30k and still rising. No point in continually throwing good money after bad. Thanks very much for your time. Chris

nippadee

We have been refused our claim to ECA on the grounds that we had ran out of time to claim.they claimed they had sent a letter in Aug & we didn't respond to it.The only thing was we had just had twins which were only a couple of weeks old,i also lost my grandma at the same time.
Do you think it would be worth trying to claim from the ombudsman or trying again with the ECA?

defender_of_the_weak

Who are ECA the, broker, provider, or claim company ?

TrickyTrotter_2

Just wanted to say thanks to everyone who has contributed to this thread and helped others pursue their claim. Didn't think it would go on this long!

I just wanted to share my experiences when I started it, and emphasise to people that you have to keep pressing your (legitimate) claim. As many others have said on here and other threads this is something you can do quite easily for yourself, you don't need to pay others to do it for you, you just need a bit of perseverence.

Brian123

First post so I apologise if this info is somewhere else.

Went into the Halifax for a review of our mortgage and mentioned that we were going to claim for misselling on our endowment (sold in 1992 by the Halifax). Nice lady there started the process for us through the Halifax itself. Explained as a simple process, no mention of any charges, problems or disadvantages of doing it through them rather than independently.
Is this the case or is it preferable to do it on your own.
Also how is the compensation amount calculated? Just wondering if theres a rough "back of fag packet" calculation we could make.

Thanks

Brian T

mung_bean

Grateful for some advice please.

In 1987 we were advised by a relative to take out an endowment policy with his employer, Standard Life, to cover our mortgage. He said that we would get a lump sum over and above what we were due the Halifax building society.

Since then we have moved house a few times and have increased our mortgage. Over a period of time, the Halifax arranged another 3 endowment policies linked to our mortgage. These are with Standard Life, Scottish Life and Scottish Mutual.

We were led to believe that for all the policies we would receive a lump sum in addition to the amount required to repay the mortgage. All 4 policies are under-performing therefore we wish to complain.

Do I write to Standard Life regarding the first policy and to the Halifax regarding the remaining three? Or do I include details of the 2 Standard Life policies in one letter and who should I send it to? Or do I write to the Halifax regarding all four?

Thanks in anticipation.

silvercar

I have just written to Standard Life about two policies.

Within a week they responded with copies of letters they had sent to the people that were listed on their books as having sold me the endowments and told the recipients to respond within 5 working days and copy responses back to them.

So, if you write one letter covering all the policies to standard life they will do a lot of the work for you.

Lottie

Has anybody successfully complained about a policy missold to them through the Abbey National?

I see there are many posts on here referring to the endowment company (L&G, Sun Life etc) but my understanding is that the complaint is against the advisor so has little to do with the ensowant company. Am I right, or seeing things to simplistically (or just plain wrong!!!)

defender_of_the_weak

Brian

I'm sure the lady in Halifax was lovely, the responsibility for your sale probably lies with Standard Life as Halifax worked as reps for them in 1992. SL should send some forms out soon, fill them in and I confidently predict you will recieve an offer in a few weeks

Brian123

defender_of_the_weak wrote:

Brian

I'm sure the lady in Halifax was lovely, the responsibility for your sale probably lies with Standard Life as Halifax worked as reps for them in 1992.

Thanks. Yes it was Standard Life, through the Halifax advisor.
Nice lady should perhaps have been in quotes, not that she wasn't but they're employed to be nice.
Is any compensation supposed to be roughly equal to any shortfall or is there some other calculation involved.