Endowment Compensation Payout????

moneypennyless

Hiya

We took out an endowment in 1996 to buy our home, we had felt, for the last few years that we had been mis-sold it, had several re-projection letteres saying we had a shortfall, and in 2001 we changed the interest only mortgage to a repayment, but kept on the endowment as a savings plan (such as it is!!), as it wouldn't be worth anything to cash in.

Last year, we heard advertised, a company who takes on complaints on your behalf, to win you compensation on your mis-sold endowment, and we went through these people July 2004, which the claim was rejected, it then went to the FOS in November 2004, and finally, in sept 2005!!( I know they are busy!!) we have had a letter saying our endowment company, Winterthur, has decided to pay out.

My query is, wondering if anyone has been in same situation, how long it takes, for payment to be received, once the discision to pay out, has been made?? And also, we still haven't been told how much we can expect to receive, as this still has to be calculated. Does anyone know how the figures are calculated??
Many Thanks

defender_of_the_weak

It can take up to 3 months from the day the FOS says they should pay up. Winterthur are not quick on paying and get your company to confirm the figures are right before you bank any cheques, they should provide this as part of the service.

Figures are calculated using a standard FSA system, but again, get your company to check them

moneypennyless

Thanks for the reply defender.
I have just received a copy of the letter the FOS sent ECA (endowment compensation claims people), which ECA should have sent to me, along with the forms we had to sign, last week. The letter was dated 06th july 2005, and say they are closing the file if they don't hear anything within 14 days. Thats worrying, as 2 months on, I have only just had the feedback they will calculate the compensation!!

Oh well, we will have to wait (again!!) and see, won't we?!!!