Calculating Endowment Compensation

Amanda65

I have heard today from the ombudsman that Windosor Life has agreed to uphold one of our mis-selling complaints and will restore our endowment mortgate to where it would have been had we purchased a replayment mortgage. Can anyone tell me how I can find out what this would be so that they don't try to rip me off? We have a £73k endowment taken out over 25 years in September 1988. Any advice gratefully received - thank you!

robnye

they will have to calculate the compensation using a formula as stated by the FSA, i doubt very much they would try and rip you off.

I went through the calculation two years ago, purely for my own interest..... it was a blooming nightmare, but i was ablt to see that the figures they arrived at where correct - too be honest my figures where not as accurate

FOSman

Amanda65 wrote:

I have heard today from the ombudsman that Windosor Life has agreed to uphold one of our mis-selling complaints and will restore our endowment mortgate to where it would have been had we purchased a replayment mortgage. Can anyone tell me how I can find out what this would be so that they don't try to rip me off? We have a £73k endowment taken out over 25 years in September 1988. Any advice gratefully received - thank you!

If you are not happy, ask the adjudicator to check it for you. The FOS can tell you if they have done it right.

Amanda65

Thanks for the replies. I think why I am concerned is that I apparently will have to sign to agree to the settlement in principal before they will release the figure they are proposing. This sounds a bit suspicious to me, but the guy at the FOS seemed to think it was quite normal

FOSman

To be honest, its the best you are going to get really. See the post by Katykat. Rarely are people awarded more. I would be interested to find out who is dealing with your case. Send me a Private Message and I might be able to check.

samsyerman

FOSman

I have sent you a pm as I have a query about the FOS.

samsyerman