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

marksue_2

Hi

We had three mortgages that were all under performing, with this in mind we changed our mortgage to a repayment mortgage and cashed in the endowments in one case receiving less than we payed in. Does any one know if we still have any recourse for complaint of miss selling and compensation. Or did we act too soon?

Mark

defender_of_the_weak

Cashing in or surrendering the policy does not mean you cannot claim. It only means that any financial loss will be calculated to the date when you stopped using the policy in connection with a mortgage, if there was a loss, interest would be added to bring the figure up to date

JHolden_2

JHolden wrote:

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?

Can anyone out there advise me please?? Feel strongly that we were not told about the risks associated with endowments in particularly with the first when we were told to expect to have a lump sum left over after our mortgage was repaid.

Also can they lump our two endowments together and therefore say we are on target? Why then are they then sending out 'amber' warnings?

Not sure what to do in this matter.

Would appreciate some advice.

dunstonh

Can anyone out there advise me please?? Feel strongly that we were not told about the risks associated with endowments in particularly with the first when we were told to expect to have a lump sum left over after our mortgage was repaid.

I believe that Police Mutual didnt provide any advice on these products and only issued them on direct offer basis.

If this is the case, then you cannot blame anyone as you didnt seek advice and did it yourself. This means you have no comeback and no-one to complain to.

Going with leaflets, websites etc means you are buying the product. They are not providing the product with advice.

Companies like this give the suggestion that they are there as a good deal to that employee group. In reality, this is usually complete and utter rubbish.

To quote their website:

Because we know PMAS members do a challenging and sometimes dangerous job, we think they deserve to be supported by a financial services organisation that they can rely on.

I just had a little play on their site and reviewed some of the products and have to say that they are amongst some of the worst I have seen. However, they can get away with it as no-one is advising you. You are choosing to buy.

JHolden_2

dunstonh wrote:

I believe that Police Mutual didnt provide any advice on these products and only issued them on direct offer basis.

If this is the case, then you cannot blame anyone as you didnt seek advice and did it yourself. This means you have no comeback and no-one to complain to.

Going with leaflets, websites etc means you are buying the product. They are not providing the product with advice.

Companies like this give the suggestion that they are there as a good deal to that employee group. In reality, this is usually complete and utter rubbish.

To quote their website:



I just had a little play on their site and reviewed some of the products and have to say that they are amongst some of the worst I have seen. However, they can get away with it as no-one is advising you. You are choosing to buy.

Thanks - not exactly what I wanted to hear but certainly clarifies the situation for me - I am going to go back through paperwork just to make sure of it!

GIRLPOWER_2

Can any one help,

Have just completed the which on line form as I consider I was mis sold but not sure where I sould be sending them to.

Is it the financial Ombudsman service?

I was sold the policy by an independant financial adviser..I have his details and his company is still going, a GA policy which is now with Norwich union as they merged.

GIRLPOWER_2

Battenburg667 wrote:

Sorry for being so thick but ......!
I am in a similar situation to GIRLPOWER in that i too have an endowment policy from 1995 with GA which was sold to my by an estate agent FA. I pay £80 a month and was expecting it to cover a mortgage of £57,000.
What I want to know is are you recommending that I don't do anything until after the supposed windfall payment (which i knew nothing about, so am happy about that!) or should I still try to claim a mis-sold policy now?
Thanks - wonderful site by the way!!

They said on earlier posts to keep the endowment going till after the windfall but complaint now re being mis sold.... I have letter done just not sure who I should be sending it to.... anyone..please????

Frances_4

I was very interested to read Etta's letter about getting £27,000 compensation from Standard Life re her endowment policy. I was also never told that my Standard Life policy might underperform. The very opposite in fact. Despite two very lengthy claims that I conducted myself (re the same policy) with the Financial Services Authority and thereafter a decision made by the Financial Services Ombudsman, my claim was recently dismissed for the second time.

The Ombudsman (the same Ombudsman unfortunately assessed my case both times) came up with very unfair, untrue and inaccurate reasons for dismissing my case each time. The Ombudsman also actually stated that my concerns were raised as a result of press comment. (Why would that be something for him to even mention.) It's not true either as I had explained to him that it was an FSA leaflet from Standard Life together with my statement asking whether it had initially been explained by the IFA 'that the endowment policy might not pay off my mortgage' that made me resurrect my claim for the second time. A lot of the things he stated are inaccurate and distorted to suit his decision.

Can I ask Etta whether she had used an IFA to buy her endowment policy, or did she go straight to Standard Life. I can't understand how she obtained such a quick settlement and would love to hear her story, which may help me.

I feel quite sick about the whole thing, especially as I think I have got as good a case as anyone. My endowment payout will fall very short of what I was promised almost 15 years ago - even though I know I can't use that for a reason - but as mentioned before, I was assured by the IFA that 'not only would the endowment pay off my mortgage, but would also give me a large tax free lump sum on top'. Rubbish.

dunstonh

They said on earlier posts to keep the endowment going till after the windfall but complaint now re being mis sold.... I have letter done just not sure who I should be sending it to.... anyone..please????

Send it to the advising company not the insurer.

GIRLPOWER_2

dunstonh wrote:

Send it to the advising company not the insurer.

Don't get all this and feel very thick. the IFA that I went to see who sold me the endowment.. I send the letter of complaint to him??? .. Great. He married someone very close to me a few years after and it did not work out very well!

I have not even heard from his company since he sold me the endowments I have all letters well I say letters I only get yearly statements with bonus details on from the endowment company.

Thought the ombudsman service would deal with it all????

Just one last question then I promise to go away..... If I was awarded comp then who would pay it??? The IFA who mis sold it me?? If this is the case why are they not all going out of business????