Old Endowment Policy - Can Anyone Help

[Mumofthreeboys]

Well I'm going to court with the Woolwich and so feeling there was more money unlawfully taken I should go after our old endowment for mis-selling.

We were sold the policy by Hambro Guardian Assurance in March 1991 for £64,000 for our first house together.

Basically, they sent someone round to discuss the endowment and made it sound so good you couldn't turn it down....... it would pay off the mortgage and then some and we would have enough for a holiday, etc, etc.

We took out the policy, but in August 1992 stopped paying into it, as we just couldn't afford it.

So, I paid a visit to the Which? website and fired off the letter of 'complaint concerning advice received on endowment mortgage' on 22nd May giving them 14 daysto reply.

Got a letter back dated 8th June from Countrywide Assured saying 'that there were time limits that apply to complaints regarding the sale of endowment policies. These rules state that customers have three years to complain from the date they ought reasonably to have become aware they had grounds for believing the policy was mis-sold.

I note in August 1992 you ceased to pay any further premium to the policy and the policy subsequently lapsed. Had you been unhappy with not receiving a value or about the sale of the policy I feel you would have contacted us at that time'.

They have said they will not investigate my complaint and this is their final decision.

So, does anyone have any useful ammunition with which to hit them please - all comments welcome

[gordonhall]

Hi mum!

I would suggest another letter, outlining the fact that the policy was frozen/stopped due to your financial reasons, and not due to the performance of the policy at the time.

Refer them to their legal obligations to deal with a complaint properly and not to come back with excuses. Also, ask whether any actual deadline has passed, or whether it is just their opinion that you should have complained earlier.

It's my opinion that they don't give money back willingly (who does).

There also may be other avenues to go down, but start with the possible mis-selling

[Mumofthreeboys]

gordonhall, thanks for your help. I have added your comments into my draft reply letter.

[dax]

Hi mum
I too had an endowment policy taken out around 1991. I paid into it for a while and then stopped paying for the same reasons really, I just couldnt afford to keep doing so. I thought no more about it untill last year and considered doing the missold avenue. I made enquiries myself, almost signed a solicitors, no win, no fee, contract, to take the Royal Sun Alliance to the Court/tribunal, but then thought the solicitors were on a dodgy roll so backed out. Instead, I contacted the Insurance company myself and said I wanted to cash my old policy in. I got £6,500 back and left it at that. No one said a word about the fact id not paid anything for nearly10 years. Apparently, even though I cashed it in, I still have the right to make a complaint about it being missold, irregardless of the fact its been cashed in, but havent done so yet.

Why dont you just, try the same and see what they come up with?

[dax]

Hi mum
I too had an endowment policy taken out around 1991. I paid into it for a while and then stopped paying for the same reasons really, I just couldnt afford to keep doing so. I thought no more about it untill last year and considered doing the missold avenue. I made enquiries myself, almost signed a solicitors, no win, no fee, contract, to take the Royal Sun Alliance to the Court/tribunal, but then thought the solicitors were on a dodgy roll so backed out. Instead, I contacted the Insurance company myself and said I wanted to cash my old policy in. I got £6,500 back and left it at that. No one said a word about the fact id not paid anything for nearly10 years. Apparently, even though I cashed it in, I still have the right to make a complaint about it being missold, irregardless of the fact its been cashed in, but havent done so yet.

Why dont you just, try the same and see what they come up with?