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

tisha

We tried through one of the no charge companies, i filled in the form but put the cross in the wrong place when they asked if we had made an enquiry before and know they want to charge us 300 pounds for there services, what service, well they can whistle for the money, so if you are putting in a claim make sure you fill in the forms correctly.

lynnechapman

Hi.
We were sold 2 endowments which started in June 1988; one with Scottish Equitable and one with Friends Provident. We have just cashed in the Scottish Amicable one and are considering doing the same with the FP one.
At the time we took them out we were told that the endowments, when they matured in 2013, would clear the mortgage and give us a lump sum. As I would be 62 when they matured, and my husband would be 60, we thought that would be a good top-up for our pension.
We have received red letters for both of these and so we would like to make a mis-selling complaint but have a problem - the broker we used is a friend of the family and I feel awkward. Could anyone advise?Thanks
Lynne

dunstonh

You may find it easier to start your own threads. This thread is really hard to follow with all the different questions about different things.

Scotsman_2

Hi All (GirlPower this may be of interest to you)

I finally got off my kilt-covered backside and followed Martin's advice and made a claim on my endowments. The process proved fairly straightforward and I have just received a nice cheque for my troubles.

Endowment policy #1 was with Scot Amicable (£30K in 1986) – they just laughed and pointed out I had bought this policy directly from a solicitor in Bury St Edmunds and need to take the matter up with her if I felt there was any miss-selling was involved – rats!

Endowment policy #2 was with Gen Accident (£60K in 1996) – they (now Norwich Union) asked for their standard claims form to be completed and after a couple of weeks accepted that the policy had been miss sold by one of their own sales reps and have just sent me a cheque for £5.5K – hurrah!

A big thank you goes to Martin and all others on this forum for their many tips and such great encouragement.

Yours aye from the chilly north, Scotsman :T

lisaleea

anthonymartin wrote:

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

I have had the same problem with letters in the same years as yours. I tried initially, to try sorting it out directly with them. This had no results and alot of stress. I then took it to the ombudsmsan, who eventually came back to me 6 months later to say, no go, out of time. On one hand i would hate for you to miss out on any compensation, on the other it is a very drawn out affair, which i found very stressful and wish i had never started. I find it incredulous that in this day and age that the govrernment cannot just hold up their hands to ignoring the mis-selling and put a STOP to this nonsense time-barring. I mean for goodness sake, there are people out there who cant even fill in a working families tax credit form because they don't understand it. These companies have got away with murder and are mainly laughing as so many people have been time barred. :mad:

JHolden_2

My husband and I have two endowment policies with the Police Mutual - taken out directly with them. The first was in 1986 for £40k and the second in 1998 for £60K - £110K in total. We have been receiving not red warning letters but letters marked as amber warnings. They state that the first endowment is showing a loss but that the second is on track. Before we received the first amber warning letter we had received correspondence from them again showing a loss on the first and a profit on the second they then added the two policies together and stated that we were on track since the second's profit covered the first endowment's loss. Is this correct or do we have a case to pursue?

irritable

I made two claims for mis-selling. One went through ok, the other was with Royal Sun Alliance. They tried to fob me off by claiming that I was out of date. my arguement, which I think was reasonable was that if there was no doubt about the fact of mis-selling they were not entitled to impose date restrictions. In the end I went through the Ombudsman service, who were surprisingly (for an official body) fantastic and forced the insurer to cough up. Moral of the story is don't be discouraged by aggresive responses from insurance companies. If that happens fight all the harder using the publicly available organisations.
Other than a bit of standard paperwork there is no reason to give up a part of your right to parasites who do what a child of ten could do just as easily.

jeanie_3

EdInvestor wrote:

One related pointer at present if you are reviewing the state of your endowment: interest rates are widely expected to be cut next month, and mortgage rates at some providers are already coming down.

So the next few months could be the time to consider remortgaging to repayment, and possibly surrendering* the endowment to cut the total amount owed. If you successfully claim misselling, the compo money could be paid in too.

If you can get a good mortgage deal and you pay the endowment premiums in as well, you might be able to cut the size of the shortfall dramatically.

If you want to remortgage now but the endowment surrender or compo money won't be available till later, make sure the new mortgage deal doesn't have penalties for overpayment.


*Note that not all endowments should be surrendered - post separately for info.Standard Life With-profit endowment holders should not surrender before next year's planned demutualisation or they will miss out on their windfall.

We cashed in our Standard life endowment a couple of years ago because we had a letter from them saying the policy was not on target and that it would have a shortfall on our top up mortgage. Could we claim any compensation because we felt we had to cash it in and pay a part repayment mortgage to cover the shortfall? The original amount was for £5000 approx. for the end of term policy. It looks like we missed out on the Standard life demutalisation windfall anyway ( just our luck )

Smudge32

Stupid question: I take it this won't work if I've cashed in my endowment a couple of years ago?

Lintonandy

I'm in the same boat cashed my endownment in three years ago because they(Allied Dunbar) sent me a letter saying the policy was 11 grand shy am i entitled to claim???