Report Endowment Misselling Compensation SUCCESSES

EdInvestor · 21 July 2006 at 10:32AM

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

For once I feel sorry* for the banks. The insurance companies bear a much bigger part of the blame for the endowment debacle, since not only did they sell around half the policies, they also grossly mismanaged the investments themselves,which bore such high charges that many of them never had any chance of doing what they said on the tin. So a double ripoff. :mad:

*But only a little bit

Cappsy · 23 July 2006 at 7:25PM

Bank/Provider: Standard Life through broker
Compensation: £4000
The story: The broker who sold me the endowment was owned by the same company I work for. The broker was sold but misselling liability stayed with our company. I was a little aprehensive about claiming however the situation was too serious to be put off (£16k shortfall). Informed and ecouraged by this forum (hearty thanks) and using the Which standard letter I went ahead. The claim wasn't contested.

Lintonandy · 26 July 2006 at 12:20PM

Allied Dunbar

£5500.00

Having read articles on misselling i looked into it.

I had taken out a policy to mature at £110K in 2000. I received a letter in 2003 to say it had an expected shortfall of £11k. I thought sod this and cashed it in and got a repayment mortgage. Earlier this year after hearing about the misselling I thought I'd give it a bash (other half thought I was mad). I got hold of the financial ombudsman gave a few details a few letters back and forth and lo and behold money. Would just like to say thanks to all who work and advise on this site - without which I wouldn't have bothered chasing this (now after woolwich for bank charges!)

Jorayner · 26 July 2006 at 12:42PM

Bank : Standard life sold via Stimpson/Black House agency - claim against Bradford and Bingley
Compensation:£9855.89

Endowment was £76000 taken out in 1988.

Took a while to find the right people to complain to, but when Standard life finally dug the papers out of archive and proved that Lloyds sold the policy it was clear.Bradford and Bingley bought the business so the complaint was with them.

Took about 4 weeks from this point.

Surrender value of SL policy measly £28862, but have just had £3000 in shares also( We paid £19,700 in premiums).

Will now swirch to repayment of £37,000 with 8 years left. This is affordable to us, so in 8 years we will hve cleared this part of the morgage , rather than have a £25,000 shortfall due to the underperformance of the SL policy.

Quite chuffed. Martins drip drip drip nagging approach finally worked , and I kicked it all off with a letter from endowment action.

Thank you - the future is bright rather than a big cloud hanging over us.

colyoung33 · 26 July 2006 at 1:30PM

Bank:Co-op
Amount:£4500

FAirly simple to do . 1994 policy for 25years at £40k. claimed in 2004 due to misselling of the endowment as a poor choice and also the value of life insurance.
I have just recently sold my endowment policy and was offered 7.5k by cis and the usual endowment purchasers (AAP etc) offered me 8K (upped to 8.3K) but a company called Integrity bought it for 10.5K, therefore making me another £3k.

So possibly my endowment was not the worst investment it could have been.
To find these people who buy your policy type traded endowment policy sale into a search engine and get quotes from them all.

Colin

hethmar · 26 July 2006 at 1:57PM

Well we have 5 different policies going back to 1984.

The first two were through Cheltenham and Gloucester and totalled £10k. Just had a FINAL offer of £320 for that - does that sound fair??? They give 14 days to accept.

The third was direct with Standard Life - no reaction from them yet.

The last two were through a broker who is now out of business. We are going through a claims firm simply cos I cant get my head round to sorting this myself with so many variations etc. The agent says he is tracking down the firm that the IFA was working for but is not hopeful

uoschemist · 26 July 2006 at 2:54PM

Bank Nationwide/Standard Life

Amount £2500

Story

I had hesitated for ages before taking the plunge after reading on Martin's site about how easy it was. And it was a doddle. I followed all the instructions from the Which? website (links from Martin's) inculuding a draft letter where you just fill in the blanks. Nationwide responded almost immediately, sent a very nice letter back with a questionnaire for us to fill in. The questionnaire is a bit complicated but it just asks for details of the mortgage and the endowment policy and why you think you are due some compensation.

In a couple of weeks they replied to say we were due compensation, they would work out how much and then a week later got the cheque.

It really was simple.

It is all due to Martin and his website. So thanks again.

:T

mccluggage · 26 July 2006 at 4:06PM

Provider: Barclays bank, endowment provided through Clerical Medical

Amount of comensation received: £5500

It was only after reading your email that I downloaded the standard letter and sent it off. I was worried that, because I had been divorced since the endowment was taken out I wouldn't be eligible, but it was very painless, and has reduced my mortgage by that amount. I am so very grateful.

Kathy

clairejc · 26 July 2006 at 4:37PM

I am glad I have the opportunity to share my success with y'all!
Big thanks to Martin and Norwich Union....

I claimed for endowment mis-selling in March,based on my original mortgage taken out 10 years ago. I recently moved, and reviewed my finances. With all the publicity re mis-selling I was sure I had a case. I used the 'claim letter template' on the 'Which' site, and contacted my lender.
Despite the fact that
1. I had been sold the policy by an adviser (who could not be traced) and
2. The mortgage still had 15 years to go, and
3. I had not been told that the investments would not pay it off (unlikely though)
4. My new mortgage was part investment/ part repayment to cover the shortfall..............

......within about 6 weeks I was awarded £6100!! It was quick and easy, and I highly recommend it.

Claire

PS I also rang the AA the other day threatening to cancel my membership (too expensive with a reliable car!) They said as I was a valued customer they could knock 30% off my premium if I stayed with them. No haggling, or begging either. AMAZING!
Martin's book is one of the best £7.99's I have ever spent, and I continue to review ideas to save money and reduce my paid work hours, to free up time for other (moneymaking!) projects!!

rachel-285 · 26 July 2006 at 7:10PM

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!

Report Endowment Misselling Compensation SUCCESSES

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