I am thinking about trying to claim as i have been missold an endowment policy. Anybody done this and how do you go about it.
help
A.

Which company is it with. I was sold a Standard Life policy through the Halifax and they approached me seeking details of the selling process. I thgink they employed a seperate company to sort out the mess for them and they were very proactive and resolved it in my favour. Funnily enough, the same happened with my pension where Pru approached me to see if I had been mis-sold as I could have joined a company scheme. Again, found in my favour.

I worked for a couple of years in the endowment remediation process for several insurers when claims were at their peak – what makes you think the policy was mis-sold?

Aren’t you about 5 years too late ?

the company that sold me the policy is now closed down, but the actual policy is with the Pru.

What makes you think the policy was mis-sold in the first place though?

because the “advisor” that sold us this policy, his forecast isn`t even in the ballpark. His lowest estimate was plenty but that is now where near enough.I have it under control but i was thinking about claiming maybe i am to late.

Poor performance is not cause for complaint.

bigdugsbaws obviously knows the topic but mine was found in favour because the risks were not explained and the projection was that we would have plenty over at the end of the term. This is going back 20years mind

okay thanks for the info. yeah we was going to have loads to spare 🙄

I’ve just cashed one in which was forecast for a moderate shortfall.

I reckoned that the FTSE rallying in recent months was a good omen and time to just get shot of the bloody thing. Surrender value was slightly more than I’d paid in over the last 12 years so I jumped at it.

I tried to sell it but no-one was interested as it still had 13 years to maturity.

Perhaps it would have performed well in those 13 years, but I’d rather just stick the cash in the mortgage and bring down the remaining payments/term that fret about it til my mid 50s.

hey stuartie that is what i have been thinking about doing.I would rather get it payed off than praying it is going to be enough.

Jordie as the company who provided the advice has closed down, you would have to claim through the FSCS; the Pru are not responsible for the sale so you couldn’t seek recourse from them directly.

FWIW Pru endowments are one of the best of a bad bunch.

Mis-bought or Mis-sold?

Sorry for the hi-jack but could someone answer a quick question? I had two endowments with Equitable life (12 ish years ago) which i’m guessing were mis-sold as I was told only 5% of people get a repayment mortgage and if you get an endowment you’ll have loads left been that way for the last 10-15 years. When they got into trouble eight? years ago I was offered the choice to stay in or take back what i had invested. I took back what I had invested, would it be possible for me to claim?

Jordie,

I worked out how much I’d paid in and got a surrender value back in October which was less than I’d hoped so I sat on it in the hope that the FTSE would continue its recovery. As soon as it reached 6000 I bit the bullet and it had made another £1000 in those three months. Bear in mind that the premiums also cover life assurance and it’s a fairly easy decision.

Give them a call and see what they quote you.

It’s a weight off my mind.

Burls72 – no

I have often wondered about this too. Also have a Standard Life one sold by Halifax in 1989, and it mutures in 2014. Initailly was forecast to pay out on mid interest projection 45k, reckon I will get 25 if I am lucky -(. There is some kind of 5K ‘compensation’ attached to it to try and stop early redemption though..

allthepies –
Aren’t you about 5 years too late ?

I think so….

IIRC about 6-7 years ago you should have received a letter detailing your endowment and the likelihood of meeting its target.

RED – no chance
AMBER – Maybe aye maybe naw
GREEN – You should be OK

This letter should have detailed any complaints procedure and what to do if you thought you were mis-sold. It should also have explained the time limit on complaints. But you could still give it a go.

Iainc, you will very likely be time barred from complaint now on an SL plan.

There is some kind of 5K ‘compensation’ attached to it to try and stop early redemption though..

Lost me there though ❓