Endowment not paying - whats the best no win no fee?

zodiac

Cut a long story short, my parents are stuck in a bit of a rut, their rather large (wont tell me how much :mad: ) endowment isn't going to pay up. They've sent the letters off to the revelant financial compancys and have basicly been told that no one gives a monkeys.
They've asked me to ask on here if anyone knows a no win no fee solicitor (or some one simila) that will take on the case. (The type that get thier legal cost paid by the opponent)

If anyone has any advice or pointers please do post

Richie(UK)

Hi Z,

There are plenty of companies that will take on the case on a "no win, no fee" basis. However, if successful they will take a hefty proportion of any compensation that is awarded. If you google "endowment compensation no win no fee" I'm sure you will find plenty of options.

That said, it would be useful to know what your parents included in the claim that they submitted and what the relevant company said in its reply. Any claims company will not be able to change the basic facts of the case, only present a claim based on those facts.

You can find plenty of info about making your own claim on the Which site.

HTH

dunstonh

Also, if they have complained already, depending on the outcome of that complaint (i.e. how far it got and did the FOS make the decision), a endowment claims company may not want to get involved.

Endowment claims companies are not solicitors. Not many endowment complaints go down the legal route and I havent heard of any outcomes. Its possible that if you havent exhausted the conventional route, any legal claim may be lessened (?)

Look out for a response that should come soon from Defender of the Weak who works in that area, so will have a better idea.

EdInvestor

Hi zodiac

zodiac wrote:

They've sent the letters off to the revelant financial compancys and have basicly been told that no one gives a monkeys.

I assume by this you mean they have determined who sold them the endowment (usually a life insurance company, an IFA, or a bank or building society) and complained that they were missold (see Which site for grounds for complaint) and the company has now rejected their complaint.

The next step is to take the complaint to the Ombudsman (free).

https://www.financial-ombudsman.org.uk

You must do this within six months.

If you don't like what the Ombo says, you can still go to court later.

Rikki

I too would use the financial onbudsman first. Why end up paying money out when you can have the same advice for free.

defender_of_the_weak

Very few solicitors get involved in endowment claims although they have started to see how much money the big organisations are putting aside to pay for claims and like the time honoured profession they are , are now circling overhead. None of the companies have their costs met by the other side in these cases so if they want help it will come out of their own pocket. With regard to Richies comment about hefty fees I quite agree, some companies charge up to 50% of whatever they win. This is way too much.

If you PM me your details I would be happy to look at your parents case, my opinion is completely free but please note I do run a complaint company so if they want me to get involved properly there would ultimately be a cost to them, (not hefty) That said, we advise lots of people on how to handle complaints where it is simply a matter of supplying a small piece of information whereby they can then do the complaint themselves or highlight the relevant issue.

Everything beyond this is pure conjecture without seeing the paperwork or discussing the case with them.

On a final note, if the Ombudsman office is so good why do I keep getting cases where we have to return the case to a FOS adjudicator after rejection, and subsequently have the decision overturned?

Froggitt

zodiac wrote:

their rather large (wont tell me how much :mad: ) endowment isn't going to pay up. They've sent the letters off to the revelant financial compancys and have basicly been told that no one gives a monkeys.

Remember just because it has a shortfall is (in itself) no grounds for a complaint or legal case.

If they they think they were missold, why dont they look at the which site for help as to how to complain.