Endowment claim - same end date as PPI ?

Mr_Benn

Hi all

Im going to see if I can claim something on an Endowment I was sold in the early 90s. This isnt PPI , just how it was sold to me (guaranteed to make you loadsofmoney , etc etc )

So does the date by which you have to have started a claim have to be by tomorrow - same as anty PPI claim ?

Ive tried calling various helplines but guess theyre being bombarded as cant get thru !

Thanks for any prompt response

Bermonia

Erm... dunno how to break this to you but I think you’ll find the mis-sold endowment boat sailed a longtime ago

Mr_Benn

Is that definitely a fact ? In that your saying I cant claim? Ive just spoken to a guy at Citizens Advice who didnt even mention that.

Ive only really thought about it now , with all the PPI stuff going on.

LABMAN

Mr_Benn wrote: »

Is that definitely a fact ? In that your saying I cant claim? Ive just spoken to a guy at Citizens Advice who didnt even mention that.

Ive only really thought about it now , with all the PPI stuff going on.

Did you get yearly letters telling you the predicted payout and warning you of a shortfall?

SonOf

Im going to see if I can claim something on an Endowment I was sold in the early 90s. This isnt PPI , just how it was sold to me (guaranteed to make you loadsofmoney , etc etc )

You are very late to that party. It was a pretty widespread issue that existed between 2001 and 2009. By 2009, over 3/4 of endowments were barred from a complaint under the timebar rules. However, most endowment complaints failed. Not like PPI. It was big but not on the same scale.

So, you looking at this in 2019 is very very late.

So does the date by which you have to have started a claim have to be by tomorrow - same as anty PPI claim ?

Endowments were able to use the standard timebar rules of 3 & 6 years. You had to raise a complaint within 6 years of commencement or within 3 years of being reasonably aware of an issue. If you were outside of both periods then the seller could bar the complaint.

Endowments had stopped being sold by 2003 (although most stopped in the 90s). So, the 6 year rule is easily met.

The 3 year rule was triggered if the mid rate projection on the annual statements showed a shortfall. So, three years after that statement, the timebar could be made.

Not all providers followed the required format to trigger the timebar. However, another timebar was to complain within 3 years of maturity.

You may be in the minority who can still make a complaint. Telling us the provider would help many of the ones that used the timebar rules are known (such as Aviva, Standard Life, Friends Provident....)

There are a number of other issues with endowments, such as if you switched to repayment basis but retained or surrendered early. But it would take too long to go through all the scenarios.

Mr_Benn

Thank you for information SonOf.

It was with a company called CGU , who became Norwich Union, who became Aviva .. I believe .

Yes I realise I may be too late. Guess its born out of frustration not seemingly haven PPI . Although I seem to recall some sort of redundancy insurance, but cant honestly remember, and it mayve been on a Rover car dealership ...who have sadly passed the gates years ago . I have checked my banks and building societies

SonOf

It was with a company called CGU , who became Norwich Union, who became Aviva .. I believe .

Correct. And that means the timebar would be applied. If you still have old statements, you will see warnings in the statements around 2001-2004 had the shortfall warnings and messages about complaining and the last date to do it.

Mr_Benn

Ok , cheers. So I have to go back to work tommorow then :think:

Ah well, this time next year we will all be millionaires