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can anyone offer some advice or guidance on mis sold endowments


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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

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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.

HSBC

7th October 2006 - Prelim for £3078

24th October - LBA

7th November - Claim filed

11th November - Acknowledged with intent to defend

11th December - Defence filed

16th December 2006 - Offered full amount but no default removal. Rejection letter sent.

 

Halifax

7th October 2006 - Prelim for £3427

24th October - LBA

3rd November - Offered £913

3rd November - Accepted as partial payment

7th November - Claim issued

21st November - Acknowledged with intent to defend

11th December - Offered full amount but no late payment removal

4th January - SETTLED + removed adverse credit info

 

A & L

19th October - Prelim for £540

26th October - Offered £358

2nd November - Accepted as partial payment and LBA

27th November - SETTLED + removed adverse credit info

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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

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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

Lloyds TSB -PPI - Full refund . 05/09/06 :D:p (As Seen on TV) :p

Halifax settled in Full.. :D 22/09/06

TSB First Claim SETTLED IN FULL 19/10/06 :D

Second Claim to Lloyds TSB - Settled in Full

Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07

PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.

 

 

 

If my post has helped you, please click the scales! :grin:

 

Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.

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

HSBC

7th October 2006 - Prelim for £3078

24th October - LBA

7th November - Claim filed

11th November - Acknowledged with intent to defend

11th December - Defence filed

16th December 2006 - Offered full amount but no default removal. Rejection letter sent.

 

Halifax

7th October 2006 - Prelim for £3427

24th October - LBA

3rd November - Offered £913

3rd November - Accepted as partial payment

7th November - Claim issued

21st November - Acknowledged with intent to defend

11th December - Offered full amount but no late payment removal

4th January - SETTLED + removed adverse credit info

 

A & L

19th October - Prelim for £540

26th October - Offered £358

2nd November - Accepted as partial payment and LBA

27th November - SETTLED + removed adverse credit info

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

 

 

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

Lloyds TSB -PPI - Full refund . 05/09/06 :D:p (As Seen on TV) :p

Halifax settled in Full.. :D 22/09/06

TSB First Claim SETTLED IN FULL 19/10/06 :D

Second Claim to Lloyds TSB - Settled in Full

Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07

PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.

 

 

 

If my post has helped you, please click the scales! :grin:

 

Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.

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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.:)

-------------------------

CAPITAL ONE * SETTLED*31st Oct 06

HBOS *SETTLED* 8th Oct 06

WOOLWICH *SETTLED*12thJan2007

Monument (Barclays) *SETTLED*10thMar2007

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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...

PINKPETAL

 

Lloyds TSB (1) Statements received

LLoyds TSB (2) Statements Received

LLoyds TSB (3) Statements received

Halifax Credit Card (1) Statements received

Halifax Credit Card (2)

SARS request Sent

RBOS (Halifax) Credit Card (3) SARS has Elapsed, on 54 days now

Barclaycard - Goodwill offer of £264.00 :mad:

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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

  • Haha 1

Lloyds TSB -PPI - Full refund . 05/09/06 :D:p (As Seen on TV) :p

Halifax settled in Full.. :D 22/09/06

TSB First Claim SETTLED IN FULL 19/10/06 :D

Second Claim to Lloyds TSB - Settled in Full

Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07

PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.

 

 

 

If my post has helped you, please click the scales! :grin:

 

Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.

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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

-------------------------

CAPITAL ONE * SETTLED*31st Oct 06

HBOS *SETTLED* 8th Oct 06

WOOLWICH *SETTLED*12thJan2007

Monument (Barclays) *SETTLED*10thMar2007

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  • 2 weeks later...

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.

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  • 3 months later...
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

Nadia.

 

 

------------------------------------------------

Barclays Current Account - S.A.R 22/09/06 - Prelim sent 23/10/06 - part pay accepted - sent LBA 16/11/06 - Payment out of court March 07. Hooray!

Capital One Credit Card - Sent S.A.R 22/09/06 - statements recived 30/10/06 - Settled Dec 06.

Egg Credit Card - Sent S.A.R 22/09/06 - statements recieved 30/10/06- about to send prelim

Barclaycard - S.A.R 22/09/06 - Microfishe letter - non com. 29/09/06. - wont comply letter - 16/10/06 16 days left- getting nowhere letter back! 16/11/06 Information Commissioners Office compaint - 18/12/06-Statments sent - prelim going out 24/5/07.

Virgin/MBNA - S.A.R 22/09/06 - part pay accepted - settled.

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  • 3 months later...

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?????

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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

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Guardian are one of the very worst companies to deal with and they got their shortfall letters out early so almost everything is time barred. If it is more than 3 years since the first letter stating the words 'high risk' then they will object to FOS looking at the case regardless of your parents circumstances.

 

i am afraid there is nothing more that can be done

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sorry to hijack again ;)

 

i sent a letter to standard life regarding misselling and got a reply saying

 

"thank you for contacting us about your endowment.

 

we've investigated your complaint and found that personal & general ins servs, sold your plan in august 1987.

 

the FSA regulates standard life. it is an FSA rule that complaints about the sale of a plan must be raised with the company that sold it.

 

IFAs can recommend a product from any provider across the financial services sector. standard lifes role is to provide quotations requested by IFA, process the application and set up the plan that you choose.

 

As personal & general ins servs, were responsible for the sale, they are obliged to investigate your complain. our records show that they may no longer be trading or authorised to give financial advise."

 

they then go on to give us the last known address and other options like complaining to FSCS. (these don't deal with plans sold before 28 august 1988)

 

I'm confused (still :) ) i don't think i have any case because the people who sold the endowment (personal & general ins servs) don't seem to be around anymore and there doesn't seem to be anyone who can help:( .

 

any advise truly appriecated

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jster

 

Nowhere to go with this one either I am afraid. As you have identified FSCS only apply to post August 1988 sales and as the broker has gone there is no-one to claim against.

 

One very faint glimmer of hope is Standard Life record keeping. I have seen many cases from them where they have identified the wrong company. If the name of the broker is not familiar to your parents, ask for copies of any original documentaion to confirm what your parents are being told

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many thanks eric.

 

i kinda thought this was a no go....which is a shame as my parents had to take out a repayment mortgage to ensure they pay the whole amount. i get confused with mortgages they can be very complicated :o .

 

anyway they have continued to pay the endowment because there is only a few years left. so at least they will get something at the end of it.

 

my mum seemed to think the original company who sold the endowment moved to or got bought out by another compant who are local to us. so we will have a look into that and then i think we will give up. :(

 

at least we had a go:)

 

many thanks again

 

J:)

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  • 10 years later...
Any can point me in the right direction on FCSC Decision letter. advice. I feel they made the wrong calculations

 

vizki, you need to start a new thread of your own please, this one is 10 years old.

 

HB

Edited by honeybee13
Typo

Illegitimi non carborundum

 

 

 

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