MattyA's Masterplan....

[Deepie]

Re: MattyA's Masterplan....

Where do we start............?

[Never-In-Doubt]

Re: MattyA's Masterplan....

Ahh my mortgage was sold by the wimpy rep as it was a new build - they pretty much tried to sell the lot, even though I worked for an insurer at the time

[MattyA]

Re: MattyA's Masterplan....

Where do we start............?

I would write them a letter advising them that you believe that the endowment(s) were mis-sold to you and the resaons why.
Most peoples reasons are the same.....the endowment was not fit for purpose as it did not / will not pay off your mortgage as it was supposed to do , nor will it provide you with the additional funds (surplus) that the salesperson no doubt used as a reason for you to buy this product instead of the standard repayment mortgage.

I can post up copies of my letter(s) if anyone thinks that may be useful?

Matty

[Never-In-Doubt]

Re: MattyA's Masterplan....

I can post up copies of my letter(s) if anyone thinks that may be useful?

Please, just the main bits (copy/paste) if you dont mind....?

I will send one to Std Life myself - bit of a long shot what with the dates eeek

[MattyA]

Re: MattyA's Masterplan....

initial letter of complaint

RE: Complaint concerning advice received on endowment mortgage

Endowment policy number

I am writing to you to make a complaint about the way I was sold my mortgage endowment policy. I believe, for the reasons set out below, that I was mis-sold this policy and am requesting you to investigate the sale. I am also requesting that you send me a copy of my endowment file so that I can see all the documentation you have relating to my case.

The reasons I am complaining are as follows:
· The endowment was not suitable for me. Other options for repaying the mortgage were not discussed fully with me. The adviser did not explain there was a risk the endowment would not meet the target amount. The adviser did not properly establish my attitude to risk.
· The sale didn't follow the rules. The adviser didn't fully explain the fees and charges on the policy. No fact finding was completed during the sales process and therefore the adviser did not have full knowledge of my/our financial situation.
· The adviser said the policy would definitely pay off the mortgage. The adviser said there would be a lump sum in addition at the end of the term.
Furthermore, I would also point out that:
· I was not advised that I had cause for complaint or redress when discussing surrender of the policy due to its poor performance and potential shortfall in relation to our mortgage.
· I was not advised of the timescales for making complaints and that any such complaint may become time barred if not made within the prescribed timescales.

I would be grateful if you could reply to this letter within 14 days and handle this complaint according to your usual complaint procedures.

[MattyA]

Re: MattyA's Masterplan....

Response to initial 'fob off'
RE: Complaint concerning advice received on endowment mortgage

Your Reference
Endowment policy number


I write further to your letter dated xxx in which you inform us of your decision not to uphold our complaint.
We are obviously disappointed with your response and find it very dismissive and feel that it’s nothing more than a standard company ‘fob off’.
We would like to question the reasons you give for this decision, in the same order as detailed in your summary:


You say:

• That you can find no evidence that we were given any guarantees about the final amount that our policy would give us.

As previously stated we were advised that the assumed rates of interest shown were very conservative & that we could expect returns well in excess of the figures quoted and that we could expect to receive a surplus on maturity.
Fact.


Your agent was an acquaintance of ours and we trusted what he told us.

• The illustration, given to us at the time of sale, made it clear that there was a risk that the policy could achieve less than the target amount.

We would again point out that whilst your illustration did detail returns at 10%,7.5% & 5% growth, however the 10% growth rate was sold to us as a minimum return to be expected - even your own illustration has these figures highlighted which is no doubt a trick of the trade used to mislead potential customers.
As previously stated the potential surplus of £18,148.00 achieved at 10% growth is highlighted and the figures for performance at 5% growth are not – why else would this be?

• That having assessed our circumstances at that time that you are satisfied that an endowment invested in the managed fund was suitable for us.

I couldn’t agree less with you on this and again point out that we simply took your advice that this was the best route for us at that time.


We were not and are not investment managers or experts in the field of investments or financial products.

• That the PFR signed to us at the time of sale confirms that alternative methods of repaying our mortgage were discussed with us.

Whilst the form might appear to indicate this - This was not the case.
The initial discussions and information gathering were done during a brief meeting at your agent’s office.
Further information was given during telephone conversations with your agent who then filled in the application forms.
Your agent then ‘nipped’ round to our house one Sunday afternoon with the completed forms for us to sign.


No discussions took place about other options available to us – We were simply presented with the forms to sign, which we did then he left.

• That you are happy that your adviser considered our existing life cover when formulating his answer.

He was advised of the existing life insurance policies that were in place
He also aware of both of our circumstances and that we would both receive generous benefit packages from our employers in the case of accident, illness or death and yet he still sold us the additional cover and CIC cover, without fully explaining what it was we were buying, that we could buy the cover from another source / provider or of the limitations and exclusions of the cover.
Nor were we asked about existing medical conditions or the affect that pre existing conditions would have on any claims made.


This was a blatant single provider product sale – no doubt to ensure the maximum possible commissions were received.

• That you are satisfied that CIC was appropriate to our circumstances and that it was clear that this was an optional extra.

Please refer to the previous comments above.

• That you find no evidence that the sale didn’t follow your processes or the rules appropriate at the time.

Please see comments above.

• That you rely on your customers to let you know when they want to make a complaint about their policy.

We did not complain at the time that we surrendered the policy as we were not aware that we could – we simply felt that we had been, at best, badly advised and let down by our acquaintance / your agent..
We surrendered the policy as it was not fit for purpose.
We would also like to question why you have not considered, whether we have been financially disadvantaged by taking out the endowment policy instead of a standard repayment mortgage at that time.
We were mortgage free at the time of seeking your agent’s advice as to the BEST solution to our mortgage requirements.
We do not believe, that we received the best advice from you for our circumstances at that time and that it has cost us significant sums of money, in the first instance for following the route advised and paying for something, for a number of years ,that was not fit for purpose & finally in converting to a repayment mortgage, including the fees associated with the conversion along with the higher cost of the monthly repayments and the loss of value in surrendering the (not fit for purpose) endowment policy you sold to us.
We complained about the policy as soon as we were made aware that we could make such a complaint.
We would therefore, in light of the above reconsider our complaint, in the timescales allowed to you
If we don not receive a satisfactory response from you within 14 days we will refer the matter to the Financial Ombudsman Service.

[MattyA]

Re: MattyA's Masterplan....

Hopefully the above 2 posts are of help to all - I hope so as they worked for me.

If you are not happy with what I have posted please delete Boss.

Matty

[CleverClogs (RIP)]

Re: MattyA's Masterplan....

I had an endowment many years ago

Doesn't Viagra help?

[MattyA]

Re: MattyA's Masterplan....

Quick up date on my PPI stuff.

Mint have settled - got a cheque back from them the other day AFTER they had deducted the whole of the outstanding balance on the card £11K! - which I dont agree with as part of this balance was made up of default charges and associated interest which adds up to a sizeable sum - So I am going to fight them for that.
it is another one off the list though.

Amex PPI reclaim - with the FOS for a year , have received an update letter from FOS saying as AMEX are not playing ball and settling like other banks an ombudsman will now get involved and this could take more than a year!

GM Card PPI -also with FOS who have sent a letter saying that their investigations continue - again this has been with them for a year.

Matty

The Mint thing rumbles on ( as do the others TBH)

Mint and RBS have ignored everything I have written to them.
Latest letter has been returned to me , stating that my complaint is already logged - Nothing else.
That is the whole reason behind my last letter - I have not received a response to any of my previous letters and was reitterating my points and asking for answers!

They have paid themselves back evrything outstanding on the account , including many default sums / fees....and now dont want to know.

Not good - They are feckers

Matty

[MattyA]

Re: MattyA's Masterplan....

Quick up date on my PPI stuff.

Mint have settled - got a cheque back from them the other day AFTER they had deducted the whole of the outstanding balance on the card £11K! - which I dont agree with as part of this balance was made up of default charges and associated interest which adds up to a sizeable sum - So I am going to fight them for that.
it is another one off the list though.

Amex PPI reclaim - with the FOS for a year , have received an update letter from FOS saying as AMEX are not playing ball and settling like other banks an ombudsman will now get involved and this could take more than a year!

GM Card PPI -also with FOS who have sent a letter saying that their investigations continue - again this has been with them for a year.

Matty

Update Re My Claim against Amex with FOS

Bummer!

After being with the FOS for almost 18 months , I have received a letter fom an Ombudsman saying that after reviewing my case my complaint has NOT been upheld.
Gutted.
Not only that in reading his reasons why it appears he has been looking into completely the wrong thing ! and has taken a year to do it!!
My complaint was re interest added to PPI premiums - I wanted it back at contract rate rather than the 8% simple as offered by Amex.
He has only refered to default charges FFS!

The letter says his findings are FINAL.

I cant believe it even a junior school kid could see by looking at the statements that they had added interest to everything including PPI premiums and default charges.
If as Amex say they did not and do not apply interest to such charges then the interest charged is at a higher rate than that advertised on the statement.

Amex have been hiding behind this and avoiding settling the previously upheld PPI misselling case.

Looks like I am going to have to settle and take what has been offered - cant see the point in dragging this on any longer.

I just wonder now if Amex will use this decision to try and avoid settling the PPI claim.....

Matty

[Never-In-Doubt]

Re: MattyA's Masterplan....

Update Re My Claim against Amex with FOS

Bummer!

After being with the FOS for almost 18 months , I have received a letter fom an Ombudsman saying that after reviewing my case my complaint has NOT been upheld.
Gutted.
Not only that in reading his reasons why it appears he has been looking into completely the wrong thing ! and has taken a year to do it!!
My complaint was re interest added to PPI premiums - I wanted it back at contract rate rather than the 8% simple as offered by Amex.
He has only refered to default charges FFS!

The letter says his findings are FINAL.

I cant believe it even a junior school kid could see by looking at the statements that they had added interest to everything including PPI premiums and default charges.
If as Amex say they did not and do not apply interest to such charges then the interest charged is at a higher rate than that advertised on the statement.

Amex have been hiding behind this and avoiding settling the previously upheld PPI misselling case.

Looks like I am going to have to settle and take what has been offered - cant see the point in dragging this on any longer.

I just wonder now if Amex will use this decision to try and avoid settling the PPI claim.....

Matty

Hiya

Was it the ombudsman or an adjudicator....?

[di30]

Re: MattyA's Masterplan....

Doh, that is a bummer Matty, after 18 months as well.

Although like Niddy asks, at what phase was you with? Adjudicator, Ombudsman?

You can always point this out to the Independent Assessor if you want to. (If you have gone through all the above).

[MattyA]

Re: MattyA's Masterplan....

Hiya

Was it the ombudsman or an adjudicator....?

Ombudsman.

[Never-In-Doubt]

Re: MattyA's Masterplan....

Ombudsman.

If you feel the ombudsman has made errors (NOT with the assessment but with process) then consider the IA (I edited Di's post above to provide link)....

Bit shitty considering..... However if they have already agreed to one thing, they cannot then disagree with their own decisions otherwise that is not only confusing, misleading and downright irresponsible it also proves what I already think - the FOS are utter shyte and should have their powers immediately stripped cos they are a liability as things stand.

Maybe a central complaint to central government is in order? I know they're changing things but still, this farce with the monkeys with power has gone on for too long.

It definitely is a case of which bank they like / get backhanders from - otherwise why on earth would they ever find in a banks favour, lets not forget these ombudsmen are allegedly intelligent persons thus you'd expect them to stay abreast of news and current affairs hence have an understanding of the way the banks are actually behaving which would then in turn stop this behaviour based on the FOS finding against them.

So as things stand the fos agree with the banks over some crazy cases which suggests to the bank, they are allowed to behave this way.

Nonsense.

[Never-In-Doubt]

Re: MattyA's Masterplan....

In fact shall we "out" all the ombudsmen? ie start a thread and list all the details in public then let users post screenprints/links to their FB and twitter/LinkedIn accounts etc - see who is still friends with bankers and what not?

Basically find the shit against them, to then prove without shadow of a doubt that they are taking backhanders/friends with bankers thus affecting impartiality etc. I know they do, as I have paid off an adjudicator in the past - quite a simple process really.

I offered an adjudicator £100 for their troubles. Simple process to pay into PayPal and then expect a favour returned.

I may go public with that but right now, wish to protect that adjudicator as he was good to me at the time.