Endowment Mis-selling - Don't give up!

jsg_2

Hello,

My fiance took out a £40k mortgage 12 years ago - currently the projected shortfall is up £12k. He complained and has been offered £3k - which is fantastic - but now he's wondering whether their quick admission of guilt and offer of £3k is to stop him going further and possibly getting more through the ombudsman. He has to decide whether to accept the offer in 28days - obviously he doesn't want to lose that money, but doesn't want to let them off the hook too easily. Does anyone have experience going on to the ombudsman?

dunstonh

jsg wrote:

Hello,

My fiance took out a £40k mortgage 12 years ago - currently the projected shortfall is up £12k. He complained and has been offered £3k - which is fantastic - but now he's wondering whether their quick admission of guilt and offer of £3k is to stop him going further and possibly getting more through the ombudsman. He has to decide whether to accept the offer in 28days - obviously he doesn't want to lose that money, but doesn't want to let them off the hook too easily. Does anyone have experience going on to the ombudsman?

Redress is paid based on the difference in cost between endowment vs repayment mortgage. This isnt a negotiation point. The ombudsman will just look at the file and see if its been done correctly and tell you to accept it. In the meantime, a recalculation could be done which could result in you getting less than 3k because of recoverying stockmarkets.

vinno65

As Dunstonh says you may get less than the 3k offered because of recovering stock markets but what he doesn't explain is that your surrender value will have gone up by the same amount so you won't lose out if you plan to surrender and use that and the redress to pay off a lump sum. So there is no problem refering it to the FOS
regards Vinno

joolee_2

Hi Everyone
just reading through this thread and trickytrotter who started the thread said he complained one yr and got rejected then wrote again the yr after - more than 6 months after having his initial complaint rejected. I wrote in 2004 and was rejected but thought id have another go and got the same reply again - 2 pages of reasons why it wasnt upheld. Is there any point in persuing this any further given the timescales??

vinno65

joolee wrote:

Hi Everyone
just reading through this thread and trickytrotter who started the thread said he complained one yr and got rejected then wrote again the yr after - more than 6 months after having his initial complaint rejected. I wrote in 2004 and was rejected but thought id have another go and got the same reply again - 2 pages of reasons why it wasnt upheld. Is there any point in persuing this any further given the timescales??

What were the reasons they rejected your complaint for?
regards vinno

joolee_2

um long letter - attitude to risk was assesed at 4???
guaranteed lumps sum at end of term not made clear - they say i received a booklet confriming projected maturity estimates.......oh it goes on an on with building soc jargon i cant understand that is why i didnt persue at the time!"!. its a full 2 page letter if you think u can underatand it i will scAN AND send though i dont expect you to offer me the time!
im thanking you anyeway and watching the post

cardiffkjk

Can anybody help me? I sent Norwich Union a letter from Which website stating the reasons that I felt we were missold an endowment policy. (in july 1988)They have now sent me a questionnaire several pages long , asking me things that I no longer have any recollection of-mortgage rates etc and dont have any proof of.I am also a bit apprehensive about filling out this form as I dont want to answer these questions wrongly.Any advice gratefully received

dunstonh

cardiffkjk wrote:

Can anybody help me? I sent Norwich Union a letter from Which website stating the reasons that I felt we were missold an endowment policy. (in july 1988)They have now sent me a questionnaire several pages long , asking me things that I no longer have any recollection of-mortgage rates etc and dont have any proof of.I am also a bit apprehensive about filling out this form as I dont want to answer these questions wrongly.Any advice gratefully received

Dont answer them incorrectly then. State that you dont know. However, you need to be aware that by saying you dont recall any of it could allow NU to respond that if you cant remember what happened then, how can you say you weren't told the risks. So dont go over the top with the "cannot recall" responses. Equally, don't lie. Lies found out can be used against you.

IClaudius

4 endowments taken out at various years since 1989.

1 claim rejected, still one to hear from. Just had a cq for £1800 from Standard Life and £700 from Barclays!!!
All because I followed the advice from THIS site and completed the Which letter that did it all for me.

THank you , THANK YOU THANK YOU!!!

:grouphug: :grouphug: :grouphug:

TobyTops_2

Another (semi) success story!

Having put off claiming for a fair while I was partly spurred into action thanks to some advice from this site. Using the template letter from the Which site as a baseline I have had both of my claims upheld against Standard Life and Scot Am. Received nearly £6k for the Standard Life policy (nearly £12k short! :mad: ) but nothing for the other policy as they calculated that the policy was worth more than I would have paid off under a repayment mortgage. :rolleyes: (Prudential seem to have done reasonably well over the last couple of years and that endowment is nearly back on course)

re : cardiffkjk

Yes the forms that are sent back can be a bit daunting (and very repetitive) but like me just answer what you can truthfully and say 'don't know' if you can't remember all the dates and mortgage products that you've had. I couldn't, so they just assume standard halifax rates for the period. (I probably had a halifax mortgage for a fair amount of the time anyway).

So don't give up, don't feel embarassed and go and get what you're owed!

Now I need to look in the savings section to work out where to invest the compensation! After a few ...:beer: