Endowment Mis-selling - Don't give up!

duck_3

Sorry for this Question.
i Was sold a endowment By Lloyds TSB in 1991
I have had to top it up 3 times.
i have been on the Which site completing my letter.

The question is, Where do i send it.

dunstonh

duck wrote:

Sorry for this Question.
i Was sold a endowment By Lloyds TSB in 1991
I have had to top it up 3 times.
i have been on the Which site completing my letter.

The question is, Where do i send it.

LloydsTSB is where you send it (the address on your last statement)

Poser

when is the cut of date for claiming against the mortage company's that sold the endowment policy's .thanks

jan59

Used the template letter to approach Legal and GEneral about mis-selling of 2 policies. Have received an offer of £70k if I cash in the policies now, otherwise £7.5k and keep policies rolling (one matures 2016). This will substantially reduce our mortgage (by nearly half), thereby giving us back cash each month to reinvest elsewhere if we wish. We are currently taking advice from our current advisor on what to do next, but likely that we will take the full sum.

We realise that we now have to see about life cover as we will lose that, but what a weight off our minds!

So thank you MSE for this thread - we would not be in this position if we had not joined the merry band of MSE'ers!!!

headintheclouds

I've only recently realised that I might have a complaint about the mis-selling of my 2 endowments. I took them out in 1991 as that was when I applied for my first mortgage. The financial advisor used my parents' recent lump-sum payment from an endowment as an example and I have absolutely no recollection of being told that there was a risk that the endowment might not even reach the mortgage target, let alone pay out a lump sum. I had red letters last year, and I think I might have a valid claim. Unfortunately there seems to be little paperwork from the time, although I do have one set of papers in which there is no reference at all to the possibility of under-performance.
I'm certainly very risk-averse in terms of finance, as were my parents (I was quite young at the time and my Dad was in the meetings with me), so I wouldn't have taken out the endowments if I'd known then what I know now. I also had (and still have) no real idea of how endowments work and what they invest in.

Do you think there's any point in pursuing this? I don't seem to have much documentary evidence, which is strange as I have all the papers connected with the sale of my house and the mortgage.

Would welcome any thoughts on the matter.

Thank you.

dunstonh

Do you think there's any point in pursuing this? I don't seem to have much documentary evidence, which is strange as I have all the papers connected with the sale of my house and the mortgage.

If you think it was mis-sold, then complain. It is not for you to produce the documentation. It is for the advising company.

Mr_Warren_2

Help requested for my own mis-sold endowment please.

I have followed the recommendations from this site and wrote a nice letter to the Independent Financial Advisor people who had sold me my endowment back in 1992 (Legal & General endowment).

After six months of waiting game but kept informed of the situation at all time (could not get the right documents etc. and still have not managed to do so), the Independent Financial Advisor has written to me turning down my request for redress.

Reasons are that :

- “…as they are no documentary evidence to show the advisor gave me a guarantee that my policy would repay my mortgage in full and produce a surplus….”
- “……We refer to your comment I don’t believe the adviser explained there was a risk…….I don’t believe that my views on risks were given consideration”…..I am sorry but I cannot upheld your complaint solely on the basis of your recollections of what was said at the time……”
- “I should explain that the general legal position is that when a person signs a document or agrees to proceed on the basis of the document they have received, he or she is bound by their signature, whether or not the individual has read and understood the document”

Etc..very sorry but we will not help you.

Another same letter written to another Endowment provider worked (Allied Dumbar) and I have received since a cheque in compensation and the circumstances were the same (no documentary evidence, my recollection etc)

Your help in this matter is very much appreciated. Many thanks.

MattOsprey

Mr_Warren wrote:

Help requested for my own mis-sold endowment please.

I have followed the recommendations from this site and wrote a nice letter to the Independent Financial Advisor people who had sold me my endowment back in 1992 (Legal & General endowment).

After six months of waiting game but kept informed of the situation at all time (could not get the right documents etc. and still have not managed to do so), the Independent Financial Advisor has written to me turning down my request for redress.

Reasons are that :

- “…as they are no documentary evidence to show the advisor gave me a guarantee that my policy would repay my mortgage in full and produce a surplus….”
- “……We refer to your comment I don’t believe the adviser explained there was a risk…….I don’t believe that my views on risks were given consideration”…..I am sorry but I cannot upheld your complaint solely on the basis of your recollections of what was said at the time……”
- “I should explain that the general legal position is that when a person signs a document or agrees to proceed on the basis of the document they have received, he or she is bound by their signature, whether or not the individual has read and understood the document”

Etc..very sorry but we will not help you.

Another same letter written to another Endowment provider worked (Allied Dumbar) and I have received since a cheque in compensation and the circumstances were the same (no documentary evidence, my recollection etc)

Your help in this matter is very much appreciated. Many thanks.

This is spooky.
I claimed against Abacus for a Legal & Generel. They said noooooooo.
I complained to Allied Dunbar (Zurich), they were great and made me an offer. I have actually appealed the offer because of how the calculation was done (Long story). The people I spoke to at Zurich treated me with respect. They accidentally lost my file, and we had to start again. They apologised, and I was happy to accept their apology as there was nothing done underhand.
Both claims in my opinion had the same merits.
I have forwarded the rejected claim to the FSA Ombudsman.
It is still being dealt with.

I know who I will go to in future if I need a financial product!

Matt

doberryfirkin

King_Pugwash wrote:

Give it a go, it's easier than you think, costs you a bit of time and a few postage stamps!

I started the process of complaining in 2002. I bought a large endowment with Legal & General through a broker in 1992 and despite the promises of rich returns in 2001 started to get the indication that all was not well. Trouble was the Fin Adviser had gone into administration and Legal and General weren't interested. In Sep 2004 I went through all the hassle of filling in forms etc and forwarded claims to the FSCS since the Ombudsman wouldn't touch it. Guess what - I got a reply in April 2006 offering a paltry figure as 'compensation'. On my reckoning I would have got a better return using the time to stack shelves!
I am now considering starting the process again and to include another, smaller, endowment with CM&G which is going downhill. My question is whether to turn to the 'no win no fee' brigade and emply them to chase it. Has anyone used them? if so are there successes that I can approach?

dunstonh

I got a reply in April 2006 offering a paltry figure as 'compensation'.

It's not compensation. It's redress. If the figure was paltry, that means the cost difference between the repayment mortgage and endowment mortage wasnt that much.

My question is whether to turn to the 'no win no fee' brigade and emply them to chase it.

I doubt any of them will touch it. The judgement has ruled in your favour and the correct redress paid. A claims company will not get any more as the process is defined.