MaveriK Posted July 19, 2005 Share Posted July 19, 2005 Well, like alot of people i was duped into getting an endowment that was over spec'ed and is never in a million years going to hit its totals. I have managed not to go and have a frank talk with the guys that sold it to me as a punch in the chops often offends. So, i have some forms to fill in but want to put a covering letter in as well to save time on questions/bitchings etc. Other than "you didnt mention there could be a short fall in fact you basically told me i would holiday for weeks at a time and buy a 1000bhp Aerotop in flip paint with the profit" what else can i put in that will seal the deal? Ok, i fibbed a little about the promises, he never mentioned flip paint Quote Link to comment Share on other sites More sharing options...
Pete Posted July 19, 2005 Share Posted July 19, 2005 A letter can help. My old man got some benefit and so he did the same for my uncle who also got some money back. Quote Link to comment Share on other sites More sharing options...
Digsy Posted July 19, 2005 Share Posted July 19, 2005 Some of the ambulance-chaser "claim4being@clumsytwat" kind of companies are offering assistance now, too. Quote Link to comment Share on other sites More sharing options...
paul_y3k Posted July 19, 2005 Share Posted July 19, 2005 In the same situation as you mate, my FSA is dealing with it all on my behalf. H'es writing the letter etc etc. It might be worth diggnig out a local FSA to do the same for you ? After all they are free Quote Link to comment Share on other sites More sharing options...
GeordieSteve Posted July 19, 2005 Share Posted July 19, 2005 My parents were hit by this and lost out on many MANY thousands. They got told to go fook when they complained about the lying arse. So if anyone comes across Mr David McCartney... let him know we're thinking about him Quote Link to comment Share on other sites More sharing options...
magicmatty Posted July 19, 2005 Share Posted July 19, 2005 I'm in the same boat with an endowment from years ago.....Not sure how anyone can blame anyone other than themselves in most cases????? Its explained clearly verbally and on paper that at "X"% growth you will get "£xX" or at "Y"% growth you will get "£xY" also if it grows and "x-shite" you will receive "£F-all" like it. You cant whinge when you buy a lottery ticket and dont win?????? Whats the difference, how many people deal stocks and shares and lose? You wont always win Quote Link to comment Share on other sites More sharing options...
Digsy Posted July 19, 2005 Share Posted July 19, 2005 The problem is that (at least when I got mine) they choose three projected growth rates to illustrate the return on the endowment - one average (which the mortgage calcs are actually based on), one "high" (woo-look how rich you could end up), and one "low" (let's not talk too much about that). Yes, it should all be written down but I guess it is down to the individual salesman how much emphasis they place on the "low" figure. It also depends on what % groth rates the bank or buliding society are officially using to illustrate the "average" rate. During the 1980's the growth rates were set very high and expected to stay that way. My PEP mortgage needed to maintain an everage 7.5% annual growth over its 25 year period in order to pay out, and for the first three years it nearly doubled that, but then the bottom fell out of the markets, people started crashing airliners into buildings and that was the end of that. Even now its only just clawed back into positive growth (but I've started again with a straight repayment, anyway). The other thing is that for a 25 year mortgage, you sometimes don't get a review until after the first 10 years, then after 15, then 20, but because the money you put in at the start works hardest (because it has the most time to grow) the first review is usually too late to allow you to take any corrective action other than piling more cash in. I asked the Halifax what the maths behind the year-on-year growth figures was so that I could monitor it myself when I got the statements every 6 months. They couldn't tell me, so I had to work it all out myself, and I'm bloody glad I did. If I was still with that morttage, I'd be about 5% behind the required growth rate and still a year away from my first review. It's not good. Quote Link to comment Share on other sites More sharing options...
paul_y3k Posted July 19, 2005 Share Posted July 19, 2005 most of the compensation claims are based not on the fact you actually got the policy, but that it was missold to you. ie not enough empahsis on low rates etc etc Quote Link to comment Share on other sites More sharing options...
Pete Posted July 19, 2005 Share Posted July 19, 2005 This is why it was repayment for me all the way when we got ours 6 years ago. At least it's guaranteed to be paid. I can understand why so many people went for them though as everyone really believed it was better for all the said reasons. It's like pensions too. Quote Link to comment Share on other sites More sharing options...
Suprasteve Posted July 19, 2005 Share Posted July 19, 2005 read this, it might help... http://www.which.net/endowmentaction/questions/was_i_mis_sold.html also some Contacts for advise... Financial Ombudsman Service: 0845 080 1800 Financial Ombudsman :- http://www.financial-ombudsman.org.uk/ FSA :- http://www.fsa.gov.uk/ Its well worth complaining as you stand a very good chance of receiving compensation as most companies budget for this. I'm a mortgage advisor and i get at least 1 person a week stating that their endowment is not on target. Your options are:- -cashing it in and go full repayment -selling it on the open market (might get more than cashing it in) -make up for the shortfall with a part interest, part repayment mortgage You're not alone this is a major fukc up in the finance industry along with Pensions but we won't even go there... hope you sort things out. Quote Link to comment Share on other sites More sharing options...
GeordieSteve Posted July 19, 2005 Share Posted July 19, 2005 My parents were told if they took it out, they could cream 20k off the mortgage to spend now and still have money left at the end when the mortgage was paid off... turned out to bollocks. There's now not even enough to cover the mortgage Quote Link to comment Share on other sites More sharing options...
MaveriK Posted July 19, 2005 Author Share Posted July 19, 2005 Cheers for the advice SupraSteve, just what i was looking for! Quote Link to comment Share on other sites More sharing options...
Suprasteve Posted July 19, 2005 Share Posted July 19, 2005 Cheers for the advice SupraSteve, just what i was looking for! no worries, you never know you might get your flip paint after all. Quote Link to comment Share on other sites More sharing options...
Paul Posted July 19, 2005 Share Posted July 19, 2005 Well worth doing, we took 2yrs and a massive pile of paperwork between us and the FSA, luckily had alot of the original qoutes on paper. The place that sold it had gone bust ages ago so they paid out from the comensation fund, was expecting between 2 and five grand but got £9500 !! Paul Quote Link to comment Share on other sites More sharing options...
MaveriK Posted July 20, 2005 Author Share Posted July 20, 2005 Hell, thats flip paint and a single!! Quote Link to comment Share on other sites More sharing options...
Paul Posted July 20, 2005 Share Posted July 20, 2005 Hell, thats flip paint and a single!! LOL, I know it's boring and you can spend it on whatever but it came off the mortgage. Quote Link to comment Share on other sites More sharing options...
peter richards Posted July 20, 2005 Share Posted July 20, 2005 hi mate did all mine on my own before these companys set up to help . if you write a letter of complaint to the endowment firm , you mus say that you were MISS SOLD, and a repayment option was not offered . they have to by law reply to your letterif you say the above . it took about a year to finalise everything for me but they have to put you in the possition you would have been in if youd taken a repayment out. hope this helps peter Quote Link to comment Share on other sites More sharing options...
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