Miss sold endowment?

wannaberich41

Hi

About 2-3 years ago we had 3 endowments which we sold. 2 of them had been going along time. My husband had been informed today that although we have sold them that we could be entitled to compensation. Could anyone tell me if this is the case and who do we contact. The reason we sold them because they were not going to pay out by a long way even though we were told on taking them out that we would have a nice nest egg once the endowment had finished and we had paid the mortgage off. Would the company that we had them have records of us still as when we sold them i think company had all information?

Any help in this would be very much appreciated.

dunstonh

The reason we sold them because they were not going to pay out by a long way even though we were told on taking them out that we would have a nice nest egg once the endowment had finished and we had paid the mortgage off.

How do you know? The fact you sold them meant they couldnt have been as bad as you thought. Many endowments have swung back in to surplus positions and some are still showing shortfall projections but are above track to pay a surplus (due to the way projections work). The bad ones can be worse than projections. However, there isnt much interest in buying the bad ones.

You can still make a complaint 3 years after you were notified of a high risk of not hitting target. So, you sold them 2-3 years ago because you thought they were off target. So, you are going to be close to a time bar, if it already hasnt passed.

If your complaint was upheld and redress payable, they would take into account your sale value and not the surrender value. As the sale values are higher, this would reduce your redress payment and possibly wipe it out.

Would the company that we had them have records of us still as when we sold them i think company had all information?

They should do. Although they may have lost them or destroyed them if it was a very old endowment.