mis sold endowment claim

sunrise27_2

we've got a claim going for 2 endowments - we've got a company doing it for us ( don't shout at me please ) and I've just rung them for an update
basically Clerical medical have said they didn't give us advice it was a mortgage advisor that was someone my husband used to work with at the time but they are no longer around and authorised so it has been sent to the FSES ( ?? ) who will send a questionaire out to the company we're using who will fill in what they can and then we have to fill some out
what sort of questions will there be and has anyone got any helpful tips ??
at the time we took it out we were told that when the endowment matured it would pay our mortgage off and there would be money left over to do what we wanted with, I can remember being told this but how on earth do we prove it ??
do you think we have reason to be compensated ?? or is just an unknown which could go either way ?

holly_hobby

Most important question .....

When did you first become aware that your policy was not guaranteed to repay your mortgage at maturity ?

Holly

sunrise27_2

not sure exactly - but the company that are dealing with this have said they wouldn't have gone ahead with trying to claim if they didn't think we had a chance
I know I've read about being time barred but then I've read conflicting reports

dunstonh

what sort of questions will there be and has anyone got any helpful tips ??

It will ask questions how it was sold, what was said, what documentation issued. Basically an attempt to get your side of the story.

Tell the truth. Don't lie. Many complaints are based on balance of probability with the side that was most credible often winning. Telling lies and getting caught out on paperwork reduces your credibility. Dont be afraid to say you cannot recall the information.

at the time we took it out we were told that when the endowment matured it would pay our mortgage off and there would be money left over to do what we wanted with, I can remember being told this but how on earth do we prove it ??

Would or could? Would is a mis-sale. Could is not a mis-sale. One letter difference in the wording after all these years. You cant prove it so it will typically be ignored unless there is evidence that backs it up.

do you think we have reason to be compensated ?? or is just an unknown which could go either way ?

We dont have access to the files or information that does exist. Statistically, most endowment complaints did fail. I'm surprised you are not timebarred. Most endowments are. You may find the FSCS, when they check if CM issued timebar letters, automatically reject it as out of time. So, basically, it is an unknown.

but the company that are dealing with this have said they wouldn't have gone ahead with trying to claim if they didn't think we had a chance

Ignore what the company say. There are plenty that put in fake complaints that have no hope on paper just in case they get lucky. Some cold callers actually get paid for sign ups for complaints. Not the outcome.

holly_hobby

sunrise27 wrote: »

not sure exactly - but the company that are dealing with this have said they wouldn't have gone ahead with trying to claim if they didn't think we had a chance
I know I've read about being time barred but then I've read conflicting reports

I'll go through time barring with you, and why I asked when you became aware of the risks.

Ok ..... lets try another way ..... when did you buy them ?

Do you still have an interest only mortgage ?

If not (and you still have a mortgage), why and when did you switch to a repayment basis ?

The claims you are making, did the claims company ring you, promising all sorts of riches .. or did you ring them ?

Holly

sunrise27_2

I remember it was ' would have money left ' as thats pretty much what sold it to us and we dreamt of paying our mortgage off and being able to go on a nice holiday , buy a new car etc etc
I would only ever tell the truth on a questionaire but it was a long time ago so not sure how we're supposed to remember details from that far back ?
and as for the time barring - I suppose its just one of those things that we'll find out

sunrise27_2

I will have to dig all the paperwork out , the company were recommended to us by a family member who has just had a successful claim . they had their endowment mortgage years and years and years ago and just got a pay out, random question but when the company we're using contacted CM and they told them that it wasn't them that gave us the advice wouldn't they have said then that we were time barred ?? or is that just wishful thinking lol

holly_hobby

No, because CM aren't the selling agent, so won't get involved full stop.

You're claiming because someone else has, and had a uphold and a payout ... doesn't mean you'll be succesful, even if the complaint is reviewed.

Anyhoo, you vividly remember being told at point of sale (and the basis upon which you purchased the policy), that you were guaranteed to receive extra monies at the end of the mortgage, but can't or don't recall when you found out this information wasn't true (and breifly mention you are aware of timebarring) .... I see ......

I'll be blunt, with the scant info you've elected to provide, the policies are obviously pre 2000. Since 2000 all proivders were required to issue revised maturity values since this date, which not only made clear that the target sum under the policy was NOT guaranteed, but also gave a indication of how the policy may peform on the revised industry prescribed growth rates.

You will have almost certainly received your first red letter (clearly stating a shortfall at the highest estimated growth rate), well over 3 yrs ago, and that means you're time barred, unless you can prove that there has been some catastrophic reason preventing you from not complaining within the last 13 yrs or so (or whenever you recd your 1st red letter in pre 2010) - of which even if you say you can't recall receiving any of these, there will be records detailing when the 1st red and how many were subusequently issued to you over the yrs, so don't worry if a little hazy, as relying on your memory isn't all any investigation will be based on, as all point of sale documentation will also be reviewed (if as I say its not timebarred or the selling agt volunaters to investigate regardless).

I really don't hold much hope.

Hope this helps

Holly

dunstonh

random question but when the company we're using contacted CM and they told them that it wasn't them that gave us the advice wouldn't they have said then that we were time barred ?? or is that just wishful thinking lol

CM have no liability. So, they just respond saying "Not us". However, the responsible party, or in this case the FSCS, can ask CM if they have issued the timebarring letters and if they have, then they can reject it as being timebarred.

It is expected that memory fades. Many people hear things they want to hear but over time what they heard changes in their memory. This is why evidence is key in complaints. Verbal unprovable allegations are not reliable unless the evidence that is available suggests it was probable that you were told that. Usually that does not exist. So, in that case, you are going to be largely reliant on documentation that is available to the FSCS having an error on it. i.e. getting lucky.

People with selective memory tend to be viewed as unreliable. e.g. definitely remember something that suits their side of the argument but not actually remembering anything that else that may go against them. So, be careful playing that game.

sunrise27_2

to be honest I've always said knowing our luck we'll end up owing them money lol it was always a dream keep down we knew we probably wouldn't get anything