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Sorry if I am posting in the wrong place but I just had to share my news with you guy's. I took out an endowment mortgage with the Halifax 21 Years ago. When I was informed that the policy wasn't going to pay my mortgage at the end of the term I swithched most of it to a repayment. Last week I got a letter reminding me that the endowment would not repay my mortgage as well as hearing that we the tax payer would be bailing the banks out of the mess (due to their greed)they have got themselves into, I rang the ombusmun who got in touch with the Halifax. I filled in the forms that they sent me and posted them on Monday. The Halifax have rang me today agreeing that the policy WAS MISOLD and they are now working out my compensation. They will ring me later on today or Monday with the figure. Fingers crossed it will be good. I just wanted to share my news with you, and to say it is because of people like you that I have had the courage to do something like this.
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Tags: compensation, customer, endowment, fos, halifax, ico, images, investment, legalbeagles, mis, missold, money, mortgage, notification, ombudsman, provident, repayment, switching, tomorrow -
Re: endowments
well done showergirl
I love hearing about good news thanks for sharing with us -
Re: endowments
well done to you. And also for switching your mortgage to repayment.
I am seriously thinking of making my current endowment policies "paid up" and paying the monies off my mortgage instead.
It is just getting round to organisising all the life assurance that I will loose by doing that as well . It all takes time. But in the current climate we all have to look at every aspect of our finances.
Well done to you again"What makes the desert beautiful is that somewhere it hides a well." - Antione de Saint Exupery
"Always reach for the moon, if you miss you'll end up among the stars"
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Re: endowments
Great news Showergirl!! Well done. Could you just post up the sequence of events that got you to this point please? I too took out a Halifax mortgage about the same time ago and believe I was missold the endowment. What did you write to the Ombudsman to get you this far?
thanx
jaxComment
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Re: endowments
I rang the ombudsman and told him about the shortfall, he wrote to the halifax. The Halifax sent me some forms to fill in, they told me to fill them in as best I could as I did not have all the info. They rang yesterday and told me that the po;icy was mis-sold. I could not beleive how easy it was. Just have to see what compensation I am going to get. Fingers crossed it will be a good oneOriginally posted by jax007 View PostComment
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Re: endowments
I think really at that time to be fair everyone who was selling endowments on their training courses were led to believe that it was a win win situation. I know as I was one of them. this is about the time I left the halifax and went on various training courses about endowments and pensions.
The training was quite intensive and up to that time there was a guidline of sell what is correct for the customer . Then in about 1987 the guidleines changed and there was more of a start towards the staff being paid more for what they sold. Partly why I left.
As far as the person selling I am sure at that time they thought endwomwnts were a good investment - and they were for a while - and all the staff took them out as well.
Whether those at the top knew the pitfalls - I dont know."What makes the desert beautiful is that somewhere it hides a well." - Antione de Saint Exupery
"Always reach for the moon, if you miss you'll end up among the stars"
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Re: endowments
Originally posted by showergirl View Post
So if I ring the FOS and say I have had notification that my endowment is going to shortfall, hopefully the same should happen.
I would point out though that although my mortgage was with the Halifax at the time, my endowment is with Friends Provident (was another company previously but they were take over by FP) so hopefully I can follow the same course of action as yourself :tinysmile_hmm_t2:
thanx
jax
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Re: endowments
The Halifax rang me last Monday and have offered me £3225. I accepted their offer and sent off the acceptance form on friday. They have rang me today and the money will be in my account by tomorrow.Comment
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Re: endowments
Oh well done SG! Was that the amount of the shortfall?
jaxComment
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Re: endowments
£5800 But I have covered this by changing my mortgage to a repayment so when the policy does mature all the money will be mine. So well pleased.Originally posted by jax007 View PostComment
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