jonib
Elementary Poster
Posts: 51
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Post by jonib on Aug 27, 2005 14:30:03 GMT 1
Sorry...very very non horsey...lol
Has anyone applied for endowment compensation re their mortgage shortfall and if so... 1) was is successful
2) did you do it yourself or use one of the companies that advertise no win no fee
I will have a go but cant decide if I should use a company
Thanks
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Post by touchstone on Aug 27, 2005 15:26:01 GMT 1
Have been considering this myself, but haven't got round to doing anything about it! Personally I would stay clear of any companies, do your own research on the net, them if you think you can tackle it go for it. It must be worth a try!
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Post by gwenoakes on Aug 27, 2005 17:08:29 GMT 1
I got compensation for a mis sold endowment. I went to an agent who wrote a letter out and told me about the questions I might be asked after they received it. It really was the best money I spent as I had no hassle, answered questions when they rang straight away (apparently they do try trick questions) and they sent me a nice lump sum. I would look into it sooner rather than later though, because there is a cut off time. Sorry cant remember what it is now. Good luck.
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Post by thistle on Aug 27, 2005 22:56:55 GMT 1
we used some info off the net, reminds me we haven't had a reply yet.
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jonib
Elementary Poster
Posts: 51
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Post by jonib on Aug 28, 2005 16:32:56 GMT 1
Gwenoakes..when you say an agent,were did you find them? I think it may be worth it ,but company seen so far wants 20% of any award....
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Post by kas on Aug 28, 2005 21:55:08 GMT 1
Have done this with two mis-sold endowments. Easy, don't go to the company - it's money for nothing to them and 20% is a heck of a fee. All you have to do is ring the endowment company, or whatever company took them over in the past in my case. They send you forms to fill in, guidelines on your rights and how to complain to the ombudsman if you aren't happy with the decision they make. Fill out forms. They will ask for your reason for being mis-sold, it's got to be about being misled about guaranteed to cover the mortgage at the end, or a way of saving for the future, or in my case I pointed out that I also had no dependants so it didn't matter if my house was sold to pay of a morgage if I died. If you can complete the form then fine, but the details can get hazy with time if you've changed mortgage a few times. It doesn't matter, if you can't give enough info they have a standard calculation they can do anyway. Don't hang about - do it now - it was well worth it in my case! Bear in mind that they can't contact the advisors who sold the policies to you, so have to give a certain amount of benefit of the doubt when you say the reasons it was mis-sold. This must work in our favour I'd have thought.
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Post by gwenoakes on Aug 28, 2005 22:01:05 GMT 1
Jonib - Just looked at paperwork and we were charged £175 plus the dreaded vat of course and we got back £4,500. But it would have been the same amount if we had got back 10k. There was a percentage rate, cant remember what it was and they did all the work for you, but I chose the other option mentioned. I could ring and speak to the man as many times as I liked and ask as many questions all for the one off payment. Got his name and tel no out of our local rag. Think the thing to be sure of is to get someone who has dealt with endowments and knows what they are talking about. Oh also he visited me at home for that amount as well, so pretty good deal. It was a financial services consultancy that dealt with endowments and stated that in their advert.
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SteveW
Novice Poster
Posts: 28
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Post by SteveW on Aug 28, 2005 23:22:55 GMT 1
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jonib
Elementary Poster
Posts: 51
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Post by jonib on Aug 29, 2005 19:45:11 GMT 1
Thanks everyone..... I shall get started and keep everything crossed.....The bit about no dependants is definately worth me mentioning....I go on about it enough when moaning about paying all my money for something my brothers and sisters will benefit from...lol
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Post by gem on Aug 31, 2005 9:04:22 GMT 1
Having worked in the business its better if you can have as clear a recollection as possible. I would advise going onto the FOS and the FSA where they have wonderfully helpful advise for people who believe they were mis sold endowments.
Go directly to the company and ask for a copy of the fact file that they hold on you, you have to be clear as to why you believe that the endowment was mis sold and not just that you lucked out and picked a bad investment policy.
If they refuse you compensation then you can go to the FSA to complaint if you dont think the response was fair.
try and include as many facts as possible.
From experience those who shout loudest dont always get, there was alot of mis selling at the time as sellers genuinely didnt feel there was a risk so didnt explain the risks adequately.
Hope that you get some comp.
Ps Dont use a company, we didnt treat them with any more importance or any differently to the way we would have anyones complaint
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jonib
Elementary Poster
Posts: 51
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Post by jonib on Aug 31, 2005 23:23:08 GMT 1
Thank you Gem.That is very helpful to know.
I just remember the salesperson telling me how I would pay off my mortgage and have a lump sum,and how if I moved it was better that a repayment etc etc.....
So fingers crossed.
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