Endowment claims?
Discussion
Has anyone here ever used one of these 'Endowment Claims Specialists' that seem to be advertising a lot at the moment? Had the 'amber' warning that everyone seeems to be getting at the moment. Not overly concernec as I've made other arrangements, but quite frankly - if there's compensation available, I want it!
You can always deal directly with the financial institution that sold you the policy in the first place, rather than claim through a third party.
That way you get 100% of the compensation that is offered to you, rather than give a cut to someone else.
Admittedly, the compensation offer may be higher if you claim it through a specialist firm, but if you stick to all of the truthful facts and figures on your claim to the financial institution, any compensation offer should be acceptable.
Have now had two successful claims on my endowment policies, and am very happy with the compensation offers made to me
That way you get 100% of the compensation that is offered to you, rather than give a cut to someone else.
Admittedly, the compensation offer may be higher if you claim it through a specialist firm, but if you stick to all of the truthful facts and figures on your claim to the financial institution, any compensation offer should be acceptable.
Have now had two successful claims on my endowment policies, and am very happy with the compensation offers made to me
pdV6 said:
if there's compensation available, I want it!
I have to ask - do you feel you were genuinely mis-sold the policy, or did you take the risk with your eyes open?
Compensation culture is ruining this country...
Agree, wouldn't claim otherwise.
No, I was probably mis-sold. Quite frankly I'd be quite happy if I could just cut and run with the exact money I've stuck into it, but we'll see.
It's only a small one, I am, so to speak, rather under-endowed.....
Lois's dad said:
Just had a compo payment paid circa 3k after commission, this is on a maximum projected shortfall of 12k. I guess it is possible to get more if you go DIY.
Kind of proves my point.
One of my claims paid out 4.5k on a maximum projected shortfall of just under 10k
Dealt directly with financial institution.... plenty of reading to do, but overall a pretty painless experience.
Hi Andy,
I'm awaiting a cheque for about GBP3,5K on a shortfall of around GBP8,5K(IIRC). I understand that the shortfall itself is not relevant, ie an investment can go up or down, rather that the amount of compensation brings you back to the same situation you would be in if you were on a repayment mortgage, or something....
Anyway, the claim form itself is quite simple, and I would assume an agent simply completes this on your behalf, and then takes a cut.
I can email you a standard claim letter if you want.
>> Edited by bor on Friday 13th May 10:47
I'm awaiting a cheque for about GBP3,5K on a shortfall of around GBP8,5K(IIRC). I understand that the shortfall itself is not relevant, ie an investment can go up or down, rather that the amount of compensation brings you back to the same situation you would be in if you were on a repayment mortgage, or something....
Anyway, the claim form itself is quite simple, and I would assume an agent simply completes this on your behalf, and then takes a cut.
I can email you a standard claim letter if you want.
>> Edited by bor on Friday 13th May 10:47
bor said:
Hi Andy,
I'm awaiting a cheque for about GBP3,5K on a shortfall of around GBP8,5K(IIRC). I understand that the shortfall itself is not relevant, ie an investment can go up or down, rather that the amount of compensation brings you back to the same situation you would be in if you were on a repayment mortgage, or something....
Anyway, the claim form itself is quite simple, and I would assume an agent simply completes this on your behalf, and then takes a cut.
I can email you a standard claim letter if you want.
Email me at brian*.oa.oreilly at bmw.de (remove the *)
Do you mind if I email you for this also?
Lois's dad said:
Just had a compo payment paid circa 3k after commission, this is on a maximum projected shortfall of 12k. I guess it is possible to get more if you go DIY. The formula they use to calculate the payment seemed pretty complicated (to me).
It not that complicated - it's basically to put you into the financial position you would have been in if you'd taken a capital & interest repayment method instead of the investment vehicle
it goes something like: interest on I/O loan/months held= £XXX
then interest calc on average of BBR since loan taken less capital reps compounded = £XXX
= £compo
so it's nothing to do with replacing the projected shortfall
personally, low cost endowments are long term investments, if yours has more than half the term still to run I'd suck it & see - think of the potential tax benefits!
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