Mis-sold endowment policies

samurai_2

Hi
I am a new member of this site forum.
I have 2 under-achieving endowment policies which are due to mature 2012.
Two leading insurance companies.
I have taken steps to cover the predicted shortfall's by increasing my repayment mortgage. However, I was sold these policies with a promise of not only repaying all monies borrowed, but also a hefty lump sum to boot!!
My question to you learned folk, is how and where do I start to think about compensation for these shortfall's. (potentially £19,450 altogether @ 4%).
Is there a standard letter or procedure when claiming.
Your advice would be much appreciated.

Kantankrus_Mare

The "which" site apparently has a template for writing a letter of complaint but I myself was in the same position as you with two endowments grossly underperforming.

I wrote in my own words to the Building society which sold me the endowments, explaining how we were never ever told there was a possibility that the endowments would not at least pay off the mortgage when due and had we been informed of this we wouldnt have gone down that route at all and would have taken out a repayment mortgage.

They sent us a formal comlplaints form and we filled it in to the best of our ability.

We have had 2500 compensation off our first endowment and are awaiting news on the second.

I think we were lucky with our first complaint as Nationwide is a pretty good company but our second complaint is with Standard life and it will be interesting to see what results we get if any.

It just shows though that its worth the effort to complain in the first place.
Initially we weren't going to bother as we didnt think we would get anywhere.

But after finding this site I thought.......well we've nothing to lose and it paid off.

Hope this helps and good luck!

Even with compensation though I am still looking at a shortfall and need to address this when my finances are in a bit better state.

Froggitt

I agree - the which site has a good standard letter as a starting point. I also have two missold policies maturing in 2012 with shortfall......received compo from Hal for both of them.