Claiming for miss-sold Endowments?
Claiming for miss-sold Endowments?
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Bowler

Original Poster:

910 posts

227 months

Friday 26th August 2011
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Need some views please. A quick search has turned-up nothing on this so, apologies if this has been done to death before

Any Pher's made claims for being miss-sold endowments?

I’m being contacted by companies claiming that I can claim for miss-selling = compensation. Probably shysters is my first thought, but worth investigating through the PH knowledge bank

Background is that I have policies that I took out in the 80s and 90s, Subsequently got out of them years ago, but now being told that I’m still entitled to claim, through miss-selling.

Sales talk of 90+% success rate and a no win, no fee basis

Views?
Are they just chancers?
By going down this route am I contributing to higher insurance premiums for us all?
Is there an easy way to calculate the possible compensation?

I’m no mug here and I’m not easily taken in by empty promises. I totally realise that with hindsight I made a judgement with the endowment route at the time, that turned a sour. C’est la vie Etc

Worth a punt?

BTW “they” want 40ish% of any payout

jonah35

3,940 posts

173 months

Friday 26th August 2011
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i think the time limit has passed so be careful but i don't know

chard

28,119 posts

199 months

Saturday 27th August 2011
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I claimed on one policy. I didn't get a huge compensation but enough to make the claim worthwhile (a few years ago so I can't remember the details)

I just wrote to them so without involving a 3rd party.

The Leaper

5,351 posts

222 months

Saturday 27th August 2011
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Best start will be to contact the Financial Services Authority and see what they say. It could be that you end up raising the matter with the Financial Ombudsman Service, or, if the policies are related to pension benefits in any way, The Pensions Advisory Service. The services of all three are free. Contact details for the FSA, FOS and TPAS are easily found on the web.

R.

Deva Link

26,934 posts

261 months

Saturday 27th August 2011
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Bowler said:
Background is that I have policies that I took out in the 80s and 90s, Subsequently got out of them years ago, but now being told that I’m still entitled to claim, through miss-selling.
I claimed on one myself, but I was particularly miffed as I'd called them when it first became apparent there might be a problem (in the mid-90's) and the guy literally laughed at the suggestion that it wouldn't meet its projected value. I had a record of the guys name and that conversation.

I got about £4K when the original value was £30K, it's now looking like it's going to pay approx £20K.

In your case, to be honest, I would tend to just move on. You'll have to provide all sorts of information that it might not be easy to put your hands on, and then they'll probably say the claim is out of time (even though some people suggest time limits don't apply).

We had an issue with our claim as the policy started before a certain date (sometime in 1988 IIRC) but Halifax had taken over the endowment company (Clerical Medical) and they waived the date range.


Edited by Deva Link on Sunday 28th August 19:59

jet_noise

5,920 posts

198 months

Sunday 28th August 2011
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Dear Bowler,

do you subscribe to Which?
Both Mrs Noise and I used their howto and (appropriately edited) template letters and got some money back on two out of three of our endowments - you only get enough to put you in the position you would have been if you hadn't taken the endowment out (IIRC).

For a couple of hours research/letter writing why not do it?

regards,
Jet

anonymous-user

70 months

Monday 29th August 2011
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I made a claim, without (paid for)third party advice. A mate who was an IFA advised me to claim, I thought I had no chance, but he told me to make a claim, and the impoirtant question on the form was, 'where you advised that the value of your endowment may go down and not meet the cost of the loan', you must answer no.
Claim was easy to make took a while but worth it, especially as no fee, (OK cost me dinner) don't know if time has now passed.