Black Horse Life Endowment Misselling

billy_the_kid_2

All,

Have finally bitten the bullet and complained to Black Horse Life re misselling 3 endowments in the late 80's early 90's which are looking likely to come up 25000 short of my 76000 mortgage.

My question to the forum is, has anyone had any dealings with complaints to BHL and how smoothly has it all gone? Certainly in my case they have been very quick to send my the questionaires and get the ball rolling. The basis of my claim is that the risk of the endowments not reaching the target was not fully explained to me at the time. Indeed the only guidance I have is a booklet 'Guide to first time buyers' produced by Lloyds Bank in 1988-9 which basically says endowments will either mature and pay off the mortgage or give a surplus.

Any comments welcome.

Thanks BTK

Compensationitis

Sounds straightforward enough.

dunstonh

Black Horse Financial Services, as it was back then, did have a fairly standard paragraph that was entered on their reason why letter which outlined the the endowments would only meet the mortgage requirement if x rate of return was achieved over the term. This was then signed by the client. This was only implemented around 95-96. The earlier ones were very much left to the free type of the advisor.

billy_the_kid_2

Thanks dunstonh,

As with everything I should have read the small print, but I was young and gullible then. However would it not be reasonable to assume that the general man/woman on the street would read the 'user friendly guidance' in preference to the legalistic small print.

BTK

billy_the_kid_2

Have just had a letter back from BHL saying sorry they havent resolved the complaint yet, apparently they want to get resolution within a month. We have passed back all forms now so things seem to be progessing well. So far, I cant fault the service we have been given. Touch wood.

Btk

billy_the_kid_2

Had another letter back from Black Horse, saying they are sorry 'again', but due to the heavy workload of other complaints they still havent resolved ours yet.

BTK

billy_the_kid_2

Woo hoo!!!!!!!!

The bank has just sent me a letter offering 4.3K as compensation. I thought my claim was dead in the water since it has been much more than six months since the second red letters.

To all, dont give up.

BTK