Think You Were Missold Your Endowment Complain Now!!!! [CLOSED]

Pennywise

canny_yorkshireman wrote:

I am in the same position as you but the broker has ceased trading and I would have to persue the directors in the small claims court to get any kind of compensation which is not viable when you take into consideration the risk of court costs etc. good luck and hope this helps.

Also don't forget that for any claim to be successful, you must prove that you were mis-sold the policy, i.e. that you weren't told of the risks. If you can't produce any evidence of this, the small claims court can be a dangerous place. My firm was taken to small claims court by someone claiming endowment mis-selling (policy sold long before my time I hasten to add) - unfortunately for them, our firm keeps all its records and a lot of digging around in the basement and attic located the file which contained a document which mentioned the potential risk and which was counter-signed by the policy holder. This document was produced at court and the case was thrown out with the policy-holder having to pay us compensation for our costs! Beware of the smaller firms who are more likely to keep their records!

defender_of_the_weak

Papadak

Abbey have signed for voluntary jurisdiction, but in many of the cases we submit they are claiming that they provided no advice. Interestingly enough, once we place the case with FOS, they agree to sette. So best of luck, but you may need to file with the Ombudsman to win your case.

Nikki

Have been phoned up twice in the past week by some company dealing with endowment mis-selling. 1st time they just wanted to send some info to me(didn't get it) today some bloke was trying to convince me we had grounds for complaint, I'm not sure I agree. We took out an endowment with Abbey in '95. OH dealt with it all as I was in the R.A.F at the time and away during the week. I think he went with the endowment because it was the cheapest option for us and we had a baby on the way. Last year the short fall was about £15,000 (mortgage was £45,000) so we decided it was time to change to a repayment, kept the same mortgage term ,monthly repayments still well within our budget. Cashed in the endowment - paid out pretty much what we'd put in. Although we weren't aware the policy may not have paid out until about 7 years in, we weren't that bothered and changed to a repayment when things started to look bad. The bloke that phoned me seemed pretty amazed that I'm not convinced about putting in a complaint, but I don't see how we've lost anything from this. My instinct is to not go down the mis-selling route as it's now in the past and we've moved on. Am I right?

defender_of_the_weak

If you don't think you were mis-sold then you probably were'n't. Anyone phoning to solicit business is only interested in the slice they will earn, not you.

If you think something was done wrong, do something about it. In your case this does not appear to be so.

mostin_3

hello all

like many here i had 3 endowments which where never going to reach there potential , when it was advertised of the shortfalls i decided in haste to cash them in & get what i could .

do i still have the oppertunity to complain ??

i have searched the site & couldn't find any info on this thread but apologise if its been already answered

cheers

mostin

Angela40

Hi All,

My brother and I have an endowment policy that we took out with Legal and General in Oct 1991. Our mortgage was with Abbey National and it was the Abbey National Rep. that sold it to us.

The property we had at the time we have since sold last year but we have both kept up the endowment policy like a kind of savings plan.

Like you all we started getting letters in 2000 about shortfalls so we like idiots took out a further policy with legal and general to cover the shortfall. They kept writing us with further shortfalls but we never bothered because by then we knew we would sell up.

I am about to try and make a claim with L&G my question is the fact that they notified us about the shortfall and we took out another policy would this make a difference to our claim?

I’d be grateful for any advice.

defender_of_the_weak

Getting rid of a policy or stopping using it for a mortgage repayment method does not invalidate any claim, it only means that if the case is upheld, the loss, if any, will be calculated on the date it was stopped/surrendered/released from the mortgage

elliehenny777

Many thanks to Martin, One week before the deadline, I read your article about claiming compensation for a missold endowment with Standard Life. I rang, wrote and emailed them to make sure they got my complaint.

Recently I had a phone call from a very nice man in Scotland, thanking me for sending such a detailed complaint, including extensive paper evidence to back it up. He was impressed as most claimants just send the barest details. Obviously they don't belong to Martin's money saving club.

The good news is that we have had our claim upheld and will hearing from them soon! Yippee.

It's all down to Martin's timely warning about the deadline.
We were not aware that we could qualify for compensation at all.

A Big Thank you Martin, I could kiss you!
Ellie

anthonymartin

Too late - advice

I have Royal Sun Alliance Policy purchased for a mortgage in 1990. letter dated in 2000 says there is a shortfall again same lattter in 2003. I have complained in july 2005 about misell today 3 months down the line they say i am out of time. Seems carazy that the literature sent in 2000 and 2003 does not mention 3 year period in which to complain.

Any thoughts on how to complain? thanks

GIRLPOWER_2

Have just come across this thread... I know where have I been????

I took out an endownment in 1995 with at the time general accident, then it changed name to??? and now it's gone to Norwich union. I have been paying 81.00 for the last 10 years of in hope of getting 53,000 in another 15 years which by the quote I had for cashing it in last year of 3500,00 and the letters I have received in the past saying it's going to have a shortfall is looking very slim.

Am I to late to claim???
Does it matter they have all changed name???
I went via a financial adviser at the time who talked about us having money over to spend not a shortfall. We wanted a repayment but he convinced us this would be the best way to pay off and make money.

Thanks in advance for any advise.