endowment mis-sold, help needed 29 June 2005 at 5:21PM in Mortgages & endowments 2 replies 1.6K views

keithboy40

i was sold a scottish amicable ( now prudential) endowment by a company called Andrew Peat Financial Consultants ( UK ), while i was serving in HM forces, Germany, in 1990. i was clearly advised wrong and the endowment for £35000, is only worth £17000 when it is due to mature in 2015, even though the salesman stated i was garaunteed a return far exceeding this when the policy matured.

he even said it was more likely that i would reach the amount of £35000 within 15 years and once this some was reached the endowment company would pay up, therefor i was making a good investment. i was living in germany and didn't have a home, so this shows how gullable i was.

i have contacted prudential to make a complaint, however they state the selling company are the ones i need to make the complaint too. i then complained to andrew Peat, who are based in holland. however after a number of letters i have not received a response. please can anybody advise me on what to do next or are there any ex service people out there who have been through a similar situation.

what do i do now.

EdInvestor

Hi keithboy

I fear there's not a lot you can do sadly on the misselling front, as overseas sales like these were not regulated as UK sales were.

You may like to post some deatils about the policy so we can see what might be the best thing to do.

Guaranteed sum assured
Bonuses so far
Surrender value
Monthly premium
Maturity date

keithboy40

thanks editor,

i thought i would be struggling, however the company who sold the policy stated they were working on behalf of scot amicable, so i believed i was buying into a uk company, andrew peat were also based in england at the time, kent i believe. does this help.

my Guaranteed sum assured is £35000
Bonuses so far about £6000
Surrender value not known
Monthly premium £50
Maturity date april 2015

cheers keithboy