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    • MSE Martin
    • By MSE Martin 12th Jul 06, 8:22 PM
    • 8,116Posts
    • 42,310Thanks
    MSE Martin
    Report Endowment Misselling Compensation SUCCESSES
    • #1
    • 12th Jul 06, 8:22 PM
    Report Endowment Misselling Compensation SUCCESSES 12th Jul 06 at 8:22 PM

    This thread is especially to report your successes taking on the banks/insurers to get compensation for missold endowments.

    The aim is to show others that it is possible and it works.

    Please report your successes here, if possible in the format


    The story: (just a few sentences)
    • Read the article
      Act now on missold endowment (includes when and how to claim at no cost to you and without giving a claims handler a cut!)
    Please don't use this thread for general discussion on endowment misselling compensation - go through the article's discussion links for that.

    Last edited by MSE Helen S; 22-09-2014 at 2:22 PM.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

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Page 2
  • rachel-285
    Provider Abbey Life
    Compensation £4300

    I wasn't going to bother complaining on this policy, as we had already surrendered it, and switched to a repayment mortgage. But I read some of the posts on this site and thought that it couldn't hurt to write a letter. So I wrote, then filled in a questionaire, then had a couple of phone calls with a very nice man at the Abbey, which resulted in an offer of £4300. To say we nearly bit their hand off is not much of an overstatement! I want to say a big thank you to Martin's Money tips: if it wasn't for him I wouldn't have bothered!
  • MaximUK
    Bank / Provider: Leeds / Standard Life (through a broker)
    Compensation : 2400

    I wasn't going to bother as I don't remember who sold me the policy and they have long sence left the building where I remember buying it. Someone at work was successful and there are so many success stories here I decided to see what happened even with my incomplete info. I wrote a letter based on the web link created one. Standard Life returned a form for completion. There was nothing too difficult to fill in and on those questions where I didn't have the answer, they will apply asumptions so don't be put off by not thinking you have all the facts.

    The letter and form took no more than 2 hours to complete and as said above 1000 per hour must be worth it isn't it?
    • treaclebob
    • By treaclebob 26th Jul 06, 9:26 PM
    • 42 Posts
    • 45 Thanks
    Endowment company Standard Life
    Seller Nationwide
    Compensation 4500

    we had already switched to a repayment but we kept on the endowment to provide us with a lump sum as there's not much time left on it (and we won't be getting all those extra thousands promised when we took it out in '89!!). Didn't take long about 4 weeks - still a bit miffed about the one taken out in '87 as it was before the set up of FSA so ineligible for compensation. Still better than a poke in the eye with a sharp stick.......
    • Snuggles111
    • By Snuggles111 27th Jul 06, 1:42 PM
    • 31 Posts
    • 4 Thanks
    mis sold endownments
    We were missold an endownment by Abbey National in 1986 on a 50,000 loan and have just received a cheque for 869.00. Thanks Martin. It took a while to do because Abbey were a bit slow about it but it was worth it in the end. We did it through the Financial Services Ombudsman who were brilliant and very patient, even when I kept ringing them up about wordings and things I couldn't understand.
  • supersub
    Don't give up - as I said above, our two endowments were taken out in 1983 and 1987 and I got compensation for both. Presumably the older the policy, the less you are likely to get because returns were better then, but it's worth a go!
    • irishjohn
    • By irishjohn 27th Jul 06, 3:01 PM
    • 1,224 Posts
    • 1,982 Thanks
    Its worth a little effort - I am 9500 richer!
    I took out two policies with Legal and General - in 1986 and 1987 - sold to me by Abbey National who were selling me a mortgage - Initial one was to cover a 17K mortgage and then when I have to move to the expensive south I sold my house, bought a small flat and needed an aditional 33K - so two policies to cover a 50K mortgage as a single guy in my mid 30s.

    Got the usual letters - one, the 1987 one, definitely not going to meet the desired amount of 33K to part pay off the mortgage - never mind the additional nest egg, and the other - the 1986 one - possibly on track to provide the 17K

    Then misselling became big news and on the net I tried out one of the 60 second tests from a solicitor offering a no win no fee service. They reckoned I had a case and as I was a bit uncertain I let them get on with it on my behalf, thinking that 70% of something is better than 100% of nothing!! I wasn't quite the "disciple of martin" in those days.

    What happened was - they sent me a proforma letter to use and when they got the questionnaire from Abbey National they simply passed it on to me and I had to do all the work anyway!

    The result was that Abbey National refused to compensate me and the Solicitor wrote to advise me that the only recourse was to try the Ombudsman and would I let them know if I wanted to do this. Still not a full convert - I let it slide!!

    About 6 months later I had a letter from Abbey telling me of their little scolding and that they would review my case, and lo and behold the solicitor then wrote to tell me the same thing, enclosing a letter for me to sign authorising them to act on my behaqlf again - same terms as before.

    Well by now my conversion was complete, and what did I do? I ignored the letter from the solicitor and kept an eye out for Abbey national to contact me - and with a bit of chivvying I got the questionnaire again, completed it again, chivvied a bit more, and was awarded 9500. I had no idea I would get that much. In the meantime I am still paying the policies, they are doing OK and if I were to cash them in today I would get around 25K for an outlay of approximately 18K - They have 5 years to run and are showing signs of a reasonable terminal bonus, so I am happy to keep them going. I check the surrender value every other month and if I see the terminal bonus disappearing I will cash em in!!

    My conclusion, Martin is a star, as well as being an all round good guy, even though his shirts leave a lot to be desired. My advice - don't sit and wonder if it's worth the hassle, have a go and remember 100% of something is better than 100% of nothing!! See _ I told you I was converted.
  • mikelawson
    Success At Last!!
    I had been rattling the Yorkshire Building Society's cage for several years regarding my missold endowments from 1982 and 1987. totalling 25,000. I seemed to be getting nowhere but, after reading about it again on this excellent site a few months ago, I decided to have one last try - my last unsuccessful appeal was nearly 5 years ago. To my complete amazement, the Yorkshire capitulated completely, recognising that the endowments had been missold and offering compensation of nearly 3500 - you could smell the burnt rubber as I rushed to accept! The moral is: NEVER GIVE UP!
    Thanks Martin
    Mike Lawson
    • Fork Handles
    • By Fork Handles 27th Jul 06, 9:06 PM
    • 7 Posts
    • 2 Thanks
    Fork Handles
    Provider: Standard Life sold by Lawyer
    Compensation: Nil

    Started the ball rolling after reading all about this through this site. However, as I am in Scotland my claim had to go through The Law Society for Scotland as the policy was sold by a Lawyer. I thought I had a really good claim at being missold, however as the files no longer existed, the Law Society claimed that they could not prove that I was missold, despite the fact that the Insurance company backed up what I was claiming, and so I got no compensation.
    It turns out that I am not alone and that despite other people getting money if they were sold a policy by a broker, not a lawyer. When I last checked the Law Society had only found against one lawyer out of all the claims made against them. Seems only the Pope and Scottish Lawyers are infallible.
    • Threewheeler
    • By Threewheeler 31st Jul 06, 10:33 AM
    • 92 Posts
    • 36 Thanks
    Thought it worth pointing out that some brokers keep records, my claim was rejected as the broker could show that he had illustrated that returns could shortfall below target fogure. We had a Minimum cost policy with Standard Life, now indicating a shortfall. Claim rejected.
  • P&G
    In a pickle
    I'm new to posting messages on the site.
    Have 2 mortgage endowment policies with Friends Prov.
    First taken out in 1982 - projected shortfall of about 7k.
    Second taken out in 1985 - projected shortfall of about 6k.

    I have been told that as they were both taken out before the rules changed and protection was offered, I cannot try to make a claim. Spoke to FP some time ago and they told me that as it was not them who sold me the policies, I should go back to the broker. They either went out of business some years ago, or were taken over by someone else. No luck in finding out exactly what happened to them.

    Any one got any advice for me? Would appreciate it.
    • cannylass
    • By cannylass 1st Aug 06, 9:30 AM
    • 297 Posts
    • 694 Thanks
    P&G-one of our endowments was with Friends Provident and taken out before rules changed (1984)-it is worth trying to track down whoever sold to you. It took me a very frustrating afternoon, being shunted from one number to another to another etc, but got a result earlier this year-compensated to tune of £7,000! Not a bad afternoons work as it happened.I had been advised by Abbey National, who sold us mortgage, that they could not trace seller.
    PM me if you need more details.
    Of all the things I've lost, I miss my mind the most.....
  • henryhallsdanceband
    Double Success Out of the Blue
    Endowment company: Royal & Sun Alliance
    Seller: Bristol & West
    Compensation 3600

    Endowment company: Guardian Royal Exchange
    Seller: Financial Advisor/Broker
    Compensation 3700


    Two endowments both performing miserably. Complained about both 2-3 years or so ago. RSA agreed to pay pretty promptly. They said that they felt that on balance I knew what I was doing but as they had no record of a discussion they'd pay out.

    Guardian Royal Exchange turned down my claim as they were able to provide me with a copy of the document/interview notes I'd signed at the time. Even although I was aggrieved at this as my complaint related to how I was sold this I did not pursue the case. About two weeks ago and completely out of the blue I got a letter in the post from them saying they'd reviewed my case, that they were changing their mind and that they were wrong to have turned me down when I first complained. Please sign and date and money opn it's way to my bank account.

    I can only think that this has happened as the broker advised me to surrender an existing 6 yr old endowment and start up the GRE one. It may well be that, whether or not I knew what I was doing at the time, it was a stupid thing for me to do and they shouldn't have encouraged me to surrender the policy.

    They are also contracting the Legal and General as they think I may be due compensation from them (for letting me surrender my policy?)

    So never give up - I did - so I am lucky.
  • mac1954
    Time well spent
    Bank Barclays Woolwich
    Amount 3 700
    Thanks for your easy to follow mis sold endowment links, for a couple of hours of work have gained 3700 not all the shortfall but better than nothing!
  • mac1954
    I'm new to posting messages on the site.
    Have 2 mortgage endowment policies with Friends Prov.
    First taken out in 1982 - projected shortfall of about 7k.
    Second taken out in 1985 - projected shortfall of about 6k.

    I have been told that as they were both taken out before the rules changed and protection was offered, I cannot try to make a claim. Spoke to FP some time ago and they told me that as it was not them who sold me the policies, I should go back to the broker. They either went out of business some years ago, or were taken over by someone else. No luck in finding out exactly what happened to them.

    Any one got any advice for me? Would appreciate it.
    by P&G
    Hi try the financial ombudsman services web site you can click on there and see if the broker is out of business, assuming you know who they are, if you do not know or remember who they are FP will know and they should give you this info. Have just got 3700 back from Barclays and have written to fscs for advice regarding a policy sold to me by a firm that has gone broke, they replied very quickly and I have sent them some more info so have my fingers crossed. good luck!
  • scousertrish
    which is best?
    provider : NU
    shortfall :£10,000????????
    compensation : £4600

    Used the Which? website "Endowment Action" section.
    Heard about it on Money Box R4
    A step by step guide to complaining about missold products.
    Best bit it is the letter generator - absolutely brilliant help for composing the letter of complaint.
    Just keep going through the process and you might end up with £4600 to pay off your mortgage like I did!
    Last edited by scousertrish; 05-08-2006 at 3:20 PM.
    I have already posted on another section of this site but I will say again a big big thank you to Martin,I have just had a total of just over 4000 in cheques drop onto my carpet and none of this would have happened without the help I have had from this site,once again thankyou .
    • davidlizard
    • By davidlizard 11th Aug 06, 6:08 PM
    • 1,539 Posts
    • 1,607 Thanks
    Provider: Scottish Provident
    Compensation: 2200

    Story: Policy commenced in 1995. Realised missold in 2005 when we changed mortgage (thanks to this site). Used letter generator on Which website, but company who sold us policy had gone bust. Was advised to contact Financial Services Compensation Scheme (thanks to this site), who sent me a questionnaire to complete. Six months later, I get the compensation offer which I have accepted.

    Also, thankyou to those who recommended us to chase the compensation ourself and not pass it over to one of the claims specialist companies on telly/in the press who would have taken a substantial proportion of my compensation for (in my case) doing very little work.

    Top result. Thanks everyone.

    Best of luck to all those who are pursuing compensation for missold policies.

    • Iona_Penny
    • By Iona_Penny 16th Aug 06, 3:41 AM
    • 690 Posts
    • 604 Thanks
    provider: Standard Life
    seller: Halifax
    compensation: £4930

    Asked that mis selling claim be looked at in 2003 but turned down. Halifax revisited the complaint approx a month ago, upheld, and a compenstaion cheque arrived yesterday! Will be brill to pay another chunk off the mortgage.
  • star_gazer
    Thanx Martin and MSE!
    Provider: Prudential (formerly Scottish Amicable before being taken over)
    Amount: 3444.05

    Hi Y'all

    The story is in my case "Kick my partner up the bum!"

    My partner had an endowment before we met, we have been together now 13 years (EEK!). We moved 3 1/2 years ago and through hard saving, sacrifices blah, blah, blah cleared our mortgage, but as my partners endowment was pratically worthless to cash in, he kept the minimum payments going as a "long" term savings plan.

    I kept "persuading" (i.e. nagging!) him to investigate the mis-selling info, but as like many things went by the wayside. It was good ol' Martins update a couple of months ago, that spurred me into action! I downloaded the formatted letter, tweaked it, stuck it in front of my partners nose, said "sign here!". As I pointed out to him at the end of the day the worse thing that could happen, was that they could say "No compensation for you my laddy!"

    Anyway, less than 6 weeks have gone by, the letter arrived this morning, I phoned him at work to ask if he wanted me to open it, and when I read it out to him the reaction was "I need to sit down, I'm in shock!"

    Working it out, it took me me less than 2 hours to prep the letter, complete a form that Pru sent back to investigate, so based on that I was earning 1622.02 an hour - Hoorah!

    Funny thing is we are planning our partnership ceremony next year, and this will go a long way to paying towards it!

    The moral of the story, and I can't stress this enough "If you don't ask, you don't get!" PLEASE, PLEASE, PLEASE have a go! We are just two average guys, with no speacialist knowledge of "legal" or "financial" things. OK we are busy as aren't we all, but HONESTLY, it took no more than a couple of hours out of my time to do this! This my boot up your bum! "Have a go!" You may be pleaseantly surprised with the out come!

    Right, now where did I put that brochure for the 56inch HD TV.... Hee-hee!

    Three BIG cheers for Martin and MSE!

  • tinatiara
    Endowment redress
    Hi Martin
    A big thank you
    After following your advice i have just been offered 3896 redress, which we will be accepting.
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