Hi there,
Im making a claim for an Edownment shortfall, this is my draft letter, please can anyone help me with 2 things:
1, Is there anything i should add/delete? (please feel free to edit it wherever you like!)
2, What sort of time limit should i give them? (bank charges was 14 days then 7 days i think?)
ALL advice would be greatly appreciated, Thankyou!!!
1st January 2008 Dear Sirs, Re Mortgage Endowment Plan. Policy no. Dear Sirs I am making a strong complaint regarding the above Endowment Plan which was misold to me on 31.08.1988 This is for the reasons listed below. This being my first Endowment mortgage I trusted your Manager at Barclays, XXXXX to give me trusted advice and to have both mine and the banks best interests at heart. This is seems was not the case at all. I came with my wife to see your then manager, Mr XXX at XXXX because I was struggling with my repayments on my repayment mortgage I held with you at the time. I was on Social security and invalidity benefit at the time ( and indeed is still the case) I was advised by Mr XXX to change to an Endowment Mortgage plan as this would, he said solve my problems, as the Social security would pay the interest on this and all I would have to find were the Insurance premiums and he told me that this would be beneficial to me. He said he would arrange for a Barclays Insurance representative to call at my home to talk to me about this is the near future which he did. Obviously him being a Barclays bank manager, I believed his advice would be in my best interests. The agent called and his name was XXXXX ……… (I will find out his complete name) but it will be on your records anyway. I was told by him that “Not only would it pay my mortgage off but I would also have a lump sum extra, and my only problem would be thinking how to spend it” At NO TIME during his visit did he ever mention there was any risk involved, in fact he went on to say that no Endowment had ever failed to pay a mortgage off. He was extremely bullish about the projected performance of the policy. He knew of my financial circumstances and also knew that the policy ran well into my retirement and no discussion over how I would continue to pay for this took place. No mention of the fact that he would make a substantial commission for this sale was made and of course that it was hugely in his favour to complete this sale, regardless of the risks involved for me or the final outcome. I pointed out time and time again that I was not willing to take any risks as I wanted a reliable and manageable way to repay my mortgage which was tailored to my needs. I was assured that this was FOOLPROOF, that is the word he used and of course convinced me that it was the right thing to do. He was a representative of your bank and had been recommended to me by a manager of Barclays. In conclusion, I have lost out considerably financially as a result of Mr XXXX and also the Insurance reps advice and appalling lack of customer care and in fact made no attempt to explain that there was any risk whatsoever attached to it. I look forward to hearing back from you along with the appropriate level of compensation as recommended by the FSA – by you comparing the current value of the endowment with the amount of capital that I would have repaid had a repayment mortgage been used and refunding me the difference as compensation. Unless I receive this I will be contacting the Ombudsman regarding this matter. Yours sincerely 
Endownment Shortfall-help??? 
