Widnes Two Hats Posted January 14, 2006 Posted January 14, 2006 Right chaps I need some free advice We've got an endownment mortgage with Abbey National anyhow it's going to fall short by about ??10K How the devil do I go about getting compensation (World cup money) from the thiefs of bagdad? Do I need to take the building by storm of is there a more appropriate channel I can extract revenue from Ali Baba and the 40 Abbey Nationals? Ta
MickyD Posted January 14, 2006 Posted January 14, 2006 Go straight to the Financial Ombudsman. I did when my ??50k endowment was dropped to a ??35k one As it happened the endowment was bought by me before the seller should have realised there was any mis-selling so I got nowt. I ended up changing to a repayment mortgage. Good luck.
Widnes Two Hats Posted January 14, 2006 Author Posted January 14, 2006 Michael Do you have a link for this Financial Ombudsman Ta
Carlos Posted January 14, 2006 Posted January 14, 2006 There was an article on MoneySavingExport.com, have a search on there.
ex-Leeds Posted January 14, 2006 Posted January 14, 2006 http://news.bbc.co.uk/1/hi/business/1887292.stm
MickyD Posted January 14, 2006 Posted January 14, 2006 http://www.endowment-info.co.uk/endowment-...is-selling.html Try any search engine with "Mis-sold Endowment" The first few will be adverts but all should eventually direct you to Ombudsman.
monkfish Posted January 14, 2006 Posted January 14, 2006 Widnes, Sell your house to make up for the short-fall. that's my advice..
Wobbly J Posted January 14, 2006 Posted January 14, 2006 I complained to Abbey direct. Took a while but just got my compensation cheque through without having to use the Ombudsman. Abbey are definately on the back foot at the moment - don't delay !
Casino Posted January 14, 2006 Posted January 14, 2006 widnes i'm as per g oghani ian is the expert tbh i'll send you a copy of the letter i used if you like nb there are some time limitations
Gonk Posted January 14, 2006 Posted January 14, 2006 Just going through this mesen: First off, you need to establish grounds for mis-selling, ie. you were a numpty first itme buyer, when the endowment was forst taken out, and the financial advisor was tied to the life company, so led you down the endowment route without explaining the full facts to you. Should the life company accept that there was mis-selling, the redress is calculated based on what it would have cost you to date if a repayment mortgage had been taken out, and how worse off you are in your current position. This is calculated using a government / financial regulatory approved standard formula Redress does not include, and you can not claim for, any extra that he may have stated you were going to make, ie. if the mortgage was for 30k, but he said that you could get 40k if it performs well, tough shit. The only entitlement you have is to the current position of how much the endowment has cost you with interest only, to how much it would have cost you on a repayment includeing reducing life cover. the likelyhood is that your redress will be hundreds of pounds, not thousands. Still better than nothing though. Claims companies take around 30% of any redress awarded, however, they state that as they know the process they ensure that you don't f??ck the claim up in the first place, and also ensure that the claim is maximised and the redress is correct. I decided to go with one, brunel Franklin. The process is still continuing, the life company have accepted responsibility even though Ihyad no evidence to support my claim, other than my version of events, probably because it would cost them more to argue with the cliams company. If they had said no to me directly, I probably wouldn't have challenged the decision and therefore I still consider it a win. There are two offers 1- buy the policy back at surrender value plus redress - obviously this means that you can pay a lump off your mortgage, or enjoy it but make your mortgage totally repayment or 2 - accept the redress and keep the endowmnet going. If you coose this option you can't make any further claim to shortfall. Finally - if the endowment is unit linked as opposed to with profits - the likelyhood is that it is unit linked - if you are unsure, the policy will begin with a 'UK' ie. UK98563641 then don't call AAP 'cos they aren't interested. You will get no more than the surrender value offered by the life comany That will be ??150 please - send you cheque in the post, or post your credit card details on here.
Smiley Posted January 14, 2006 Posted January 14, 2006 Widnes I thought you said you were well endowed?
Widnes Two Hats Posted January 14, 2006 Author Posted January 14, 2006 If houses were allocated by penis size, I'd live in a mansion
Gonk Posted January 14, 2006 Posted January 14, 2006 If houses were allocated by penis size, I'd live in a goat shed
SatanGreavsie Posted January 14, 2006 Posted January 14, 2006 If houses were allocated by penis size, I'd live here
MickyD Posted January 14, 2006 Posted January 14, 2006 Oh the joy of Wanderers Ways. . . from serious discussion about endowment policies to the size of Widnes' d??ck in one post!
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