can anyone offer some advice or guidance on mis sold endowments

[pt2537]

Hi Everyone.


I was wondering if someone may be abale to offer some advice regarding mis sold endowments.

in 1990 my mother and father re mortgaged their house and the financial adviser told them the best option for them was an endowment mortgage ( infact it was best for him in the way of commision which he never told mum and dad) he told them that the endowment would pay off the mortgage and would give them loads of cash left over which is now not the case.he also didnt look into the fact that the endowment would continue past dads retirement.

its horrible seeing my parents suffering and struggling to meet their outgoings because of some leech of a salesman and i want to help them out but dont know where to start. iam ok dealing with banks as i have a claim going on against lloyds ( largely thanks to all the advice from the C.A.G and everyone associated with it) but im not sure where to start or how


any help would be greatly appreciated

thanks

Paul

[alexifa]

The first thing to do is write a letter of complaint to the financial adviser that sold the endowment. They will reply and send you a leaflet detailing the way forward.

[pt2537]

Hi alexifa.

thanks, since i posted this thread i came accross the Which ? website which has a letter template so i am gonna fill it in with dad 2morrow and get it sent off to them asap.


thanks again

regards
paul

[reidnet]

Can you make a claim on mis sold Endownment policy even after it has been surrendered ?

Just curious as I split from ex 6 yrs ago and about 5 yrs ago house etc was sold and we surrendered the policy to the original provider.

Bearing in mind that the same provider was done when they mis advised me regarding personnal pension and had to pay out a fair bit in compensation.

Just I am running out of things to claim for now too..lol

Ian

[alexifa]

You can still complain even if you've surrendered it, yes.

[demon_x_slash]

LOL getting to be a bit of a hobby for you, Ian...

[reidnet]

Originally Posted by demon_x_slash

LOL getting to be a bit of a hobby for you, Ian...

Hey Demon..Dont blame me its all CAG's fault..lol

[e28bigalbexley]

Hi
Sorry dont mean to hijack thread what happens if the person who sold the endowment has now left the firm (9) years ago and i cant get an address for him.

thanks Al.

[pinkpetal]

There is a get out clause by the endowment companies, if they have sent you a letter saying that there will be a shortfall, then there is a limited time from the receipt of the letter for you to complain, so please bear this in mind...

[reidnet]

Hi e28,
Even though the employee has left the company that sold you the policy the company have of course Vicarious Liability for the Actions, Omissions and Misrepresentations of the salesman who was an employee carrying out duties on behalf of the company.

Hope that Helps..

Ian

[e28bigalbexley]

Originally Posted by reidnet

Hi e28,
Even though the employee has left the company that sold you the policy the company have of course Vicarious Liability for the Actions, Omissions and Misrepresentations of the salesman who was an employee carrying out duties on behalf of the company.

Hope that Helps..

Ian

Thankyou very much i may well be back:o

AL

[batterseacassie]

Hi, Ring up the life company direct. They usually have a department which deals with mis- sold policies. I did that with the Pru and told them we were promised that it would pay off mortgage and have a bit left over. They investigated and then made us an offer. Not enough to cover the short fall though.

[nads75]

Originally Posted by pinkpetal

There is a get out clause by the endowment companies, if they have sent you a letter saying that there will be a shortfall, then there is a limited time from the receipt of the letter for you to complain, so please bear this in mind...

Hi, you say there is a get out clause if they have sent out the "you will be short letter" Well we had ours with an amber warning, but i cant remeber when they sent it out (no date on letter!!), what is the cut off date if they have warned us?

edit: just found a date on the letter saying the illustrations have been calcualted at 8/05/06 so is this too long to claim?

Thanks

[jster$$$]

please can anyone help. this seems to be a good thread to ask for some.


i'm tring to sort out my mum and dad endowment policy as being missold, however wherever i look for information on this i keep getting a date of 28 august 1988 where theres is nothing anyone can do about anything to do with misselling, shortfall or anything. the sad thing is my parents got their endowment in August 1987. how frustrating!!!

just to clarify, is there anything i can do with a missold endowment which started in august 1987?????

[ericollyandyoyo]

A claim can be made for an endowment sold in 1987 if it was sold by a bank, building society, or a direct salesman, (such as the man from the Pru). If it was sold by an indepedent there is nothing you can do.

[pt2537]

Hi ericollyandyoyo,

the thing is we complained to the fsa and the ombudsman and they refused to take on our complaint as it was outside the 6 year period. the mortgage endowment was sold by a salesman who worked directly for guardian royal exchange as they were back then.

how do you go about taking on this type of complaint?


regards
paul