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Thread: Missold Endowment

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  1. #1
    CYNthesys's Avatar

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    Default Missold Endowment

    Hi

    Ive suspected for years that I was missold an endowment policy back in the 1980s to support an endowment mortgage.

    Was thinking of tryng to claim through a claims management company, but their written no win, no fee terms seem a little scarce and vague. It looks like further info re their terms is only available by telephone????
    Any thoughts please?
    Ive had an email from them saying-
    NO WIN NO FEE - Financial Claim for Mis Sold EndowmentI refer to the above and would like to thank you for choosing High Street Solicitors to pursue your claim forcompensation. I confirm that I am delighted to act on your behalf and pleased to give you the followingguarantees:1. The firm is prepared to act on your behalf on a “No Win No Fee” basis.2. In the event that your claim is not successful I will not charge you for any of the work I carry out onyour behalf.3. If we win your claim our charges will not be greater than the value of 30% of your compensation plusVAT.In addition to the guarantees above, your claim will be handled by a qualified lawyer who has lots of experiencein handling compensation claims. This will ensure that you receive the maximum amount of compensation as aresult.If you require any explanation or are concerned about the “No Win No Fee” Agreement or help onany other matter regarding your case, please do not hesitate to contact us on 0151 243 6700 andwe will be more than happy to give you any assistance we can.Once again I would like to thank you for choosing High Street Solicitors to pursue your claim and I will do myutmost to settle your claim as quickly as possible.Yours sincerely,High Street Solicitors Limited

  2. #2
    wales01man's Avatar

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    Default Re: Missold Endowment

    Like PPI reclaim ask online LBers may help and claim yourself as I advised you I can now claim 10% no VAT

  3. #3
    Snoopy1948's Avatar

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    Default Re: Missold Endowment

    Hi there, I would start off with asking you exactly why you 'suspected you had been mis-sold an endowment policy' to support an endowment mortgage back in the 80s?

    In fact, mortgage endowments were a decent business proposition back in the early eighties and that was due to several factors :

    (1) Mortgage Interest relief was available on mortgage interest up to £30,000 ( I believe ) and that was available through the eighties. That actually provided a lower cost interest repayment than certainly would have been available today.
    (2) In the early eighties, right up to March 1984, Life Assurance Premium Relief applied to all qualifying policies. I believe that amounted to 17.5% of the premium back to you.
    (3) Endowment life assurances were still strong performers back in the eighties and depended on whether you chose a with profits policy or a unit linked policy .

    Please also note that there are strict time limits for complaining about mis-sold endowments. You have either:

    • six years from the date your policy was sold, or - if it gives you more time -
    • three years from the date you became aware (or should reasonably have become aware) that you had grounds for complaint

    The main reason your provider is likely to feel you should be aware that you have grounds for complaint is if your endowment has a shortfall or a high risk of a shortfall.

    Exactly when did you take this policy out and exactly when did you suspect that it had been mis-sold? Has it already matured or is that still to happen? Did you surrender the policy at any time?

  4. #4
    CYNthesys's Avatar

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    Default Re: Missold Endowment

    Thanks, I now suspect that I will be well out of time, but I will dig out all the paperwork (its in storage) and review the policy before I take any further steps.

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