easyrider

Has anyone had any success with using any of the "no win no fee" solicitors against the endowment policy companys-if so-give me some tips please

easy

Tiggs

the system is soooooo simple to complain i cant see why you would bother. ppl are falling over themsleves to help you moan that you were half asleep when the salesman came round.

google it and DIY

T

fast bloke

write this

"Account number ********

I would like to make a complaint about the above numbered policy. I was not at any time made aware that it may not pay off my mortgage"

Sit back, fill in the paperwork and wait for your cheque to arrive

Chris J

And then get ready to pay the tax due on the compensation.

little miss fire

I got £1,200 for being mis-sold my endownment policy that i'd only had for 2 years. Cancelled it and went to a re-payment mortgage, and I didn't even complain! Thinkk it was a sweetner payment

camk

I got nothing fro TSB as they said that an endowment is a medium risk investment and that I'd said at the time I was open to low to medium risk....its not as straightforward as it looks.

Tiggs

what did you expect then? if you knew it was med risk then you knew it might drop....and it did. why would you complain???????

the only reason for complaint is if you were not told about he risk.

you cant take back your lotto tickets for a refund either.

EddScott

As stated its quite easy to file a complaint regarding your possible endowment miss-selling. Go back to whoever sold you the original policy and file a complaint and they have to abide by certain rules to respond in a proper manner and at certain times.

Its a bit harder if you had IFA advice as the IFA practice may not exist anymore. In that case you need to contact the Financial Ombudsman for advice.

Unfortunately low cost endowments were a very cheap way of proving to mortgage lenders you'd put some sort of investment in place to pay off your capital at the end of your mortgage term. Once realised that the LCEs wouldn't make their target figure, the FSA or what was the PIA turned on advisers and blamed them for selling the things in the first place without proper risk warnings even though the majority of policies sold would have been in line with the PIA guidance of the time.

Its an odd business really. Sell a policy in the manner in which we tell you and if theres any problems down the line will change our mind and make it retrospective and blame everyone else.

Tiggs

its the public that gets screwed at the end of the day because advisers stop advising on touchy subjects in case they get done because the client suddenly decides they had the mental capacity of a 2 year old when they were sold it.

Robert Rosario

Remember though that is fraud to make a statement that you know is untrue in order to receive money.

EddScott

True, but it becomes a grey area when someone makes a claim for a policy sold over 10 years ago and the correspondence are no longer available. Without a letter from the original seller stating the risks whose to say the client was or wasn't told the risks involved. Its amazing how someones recollection of 10 years ago becomes so precise.


Agreed. What will and is happening is that IFAs don't want to take on clients who will produce low amounts of income in relation to the risk involved in selling a particular product. Its not worth the risk to the adviser so the client will go to a bank and potentially be at even greater risk of miss-selling.

Tiggs

6 years ago i gave advice to anyone and everyone....whoever needed it.

now i have no clients under the age of 50 and none with a net worth under £750k.

i deal with no more than 20 new bits of business a year.

all this to avoid getting screwed over by some mechanic in Slough that you tried to help!

T

Robert Rosario

As you may have guessed from my earliest post, I too am in the same boat as yourselves. Pick and choose, small HNW client bank, lots of renewal, and don't help everyone. This will produce an under class of "no advice" but there is no other option imho.

Tiggs

nope in 20 years us and our clients will be laughing.....the other 99% will be broke pensioners with no income and a photo of the P1 they got 20 years before when they thought their house was the only pension they needed!

Robert Rosario

Spot on!

camk

Tiggs,

I never commented on it I just stated the facts of what happened in my case only to counter the statement made earlier by someone that said it was a simply matter of sending in a form and you get a payment.

It wasn't a major issue for me as the 2 Endowments I had did just cover the mortgage, however I know that repayment was never mentioned to me as an option which was wrong. They also said it was very likely that I'd make at least 50% more than the plan was meant to and that the figures used in calulating the numbers were very conservative. In my view, if you're getting commission on one product and not another and you are only commision based then you will be biased.

easyrider

My complaint is the fact that i was told that (back in 1995) there was a very small possability that it MAY not cover the mortgage-so it was best to "top it up"by making higher payments so that i would definately have a lump sum after the mortgage was payed,which is what i did.A few years ago they sent a letter saying that it probably wont reach targets,with a shortfall of about 4-5k,i thought fair enough,i can stomach that-but now they say it my be short by as much as 16k ,i was prepared to let it be short by 10k because what's 10k going to be worth in 15 years-but im now angry that its predicted to be 16k short-and this is on a "relatively small these days" 50k mortgage!!!

easy