mis-sold endowment policy

dave_j

I have just received back a letter from "Friends Life" (formerly Friends Provident) saying that I have missed the deadline for making a claim against the mis-selling of an endowment mortgage policy. very precise letter saying they will not process my claim any further and if I wish to complain I can go to the financial ombudsman.
policy should have paid out £58k after 15 years to clear the mortgage or £58k + lump sum if kept for 25yr term.
in June 2015 the policy reaches its 25th year and is estimated to pay out £42k.


is it still worth pushing for a settlement or am I wasting my time.


cheers Dave

McKneff

Miles out of time.


I would just move on to be honest. You should have done something about it when you started to get your shortfall letters which would have been years before your policy matured.


I really think you would be wasting your time.

dunstonh

I have just received back a letter from "Friends Life" (formerly Friends Provident) saying that I have missed the deadline for making a claim against the mis-selling of an endowment mortgage policy.

That sounds about right. Friends were starting the time bar in 2001 onwards. Their early ones failed to meet the required standard but their 2003 onwards ones meant the vast majority of theirs were timebarred by around 2007/8 at the latest.

is it still worth pushing for a settlement or am I wasting my time.

You would have to have justifiable reasons as to why you ignored around 14 years of shortfall statements and three warnings of being timebarred from complaint. The reasons cant be "i didnt know" or "i didnt read what they sent me". It would have to be incapacity for 14 years or something as strong as that. The FOS do not overrule the timebar lightly.

Bottom line is that if Friends say its timebarred then that is the outcome and the FOS wont change that.