MattyA's Masterplan....

[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....

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....

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

[Deepie]

Re: MattyA's Masterplan....

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

[MattyA]

Re: MattyA's Masterplan....

I had a standard life endowment in the 90's - at the time they based it on the old "6, 9 & 12%" valuations. As it happens only the 12% would have come close. But I sold up and then cashed the endowment a year later.

It would have been around 1996 till 2002 I had it.....

Remember paying about £450pm (even back then)!!

Thanks for help Matty.

My claim was similar - they had highlighted the best returns which I argued was why I took it out - the FOS decided that the risk element involved in trying to achieve that was not explained properly to me & that in his opinion if explained properly I wouldnt have taken it out.

IE - I wasnt financially savy enough to understand such things and I had a young family at the time and was looking for financial security and certaintity - not casino style investments / returns.I must admit that I laid it on a bit thick.

Matty

[MattyA]

Re: MattyA's Masterplan....

I had a standard life endowment in the 90's - at the time they based it on the old "6, 9 & 12%" valuations. As it happens only the 12% would have come close. But I sold up and then cashed the endowment a year later.

It would have been around 1996 till 2002 I had it.....

Remember paying about £450pm (even back then)!!

Thanks for help Matty.

No probs Boss.

I had a couple of small standard life ones from the late 80's also - both sold to me by a mortgage broker.

1st claim failed - as it was sold before they were regulated (1987) + Broker had ceased trading. Went to FSCS but drew a blank.

2nd one was upheld by FOS after initial fob off from Standard life - however their calcs showed that I only marginally lost out and despite a lot of arguing I had to settle for £300 ish in the end.

£450pm is mega bucks for an endowment - got to be worth a go !

Good luck

Matty

[di30]

Re: MattyA's Masterplan....

I had a standard life endowment in the 90's - at the time they based it on the old "6, 9 & 12%" valuations. As it happens only the 12% would have come close. But I sold up and then cashed the endowment a year later.

It would have been around 1996 till 2002 I had it.....

Remember paying about £450pm (even back then)!!

Thanks for help Matty.

Crikey that was a lot of money to pay back then Niddy!

Good one Matty.

[Never-In-Doubt]

Re: MattyA's Masterplan....

I had a standard life endowment in the 90's - at the time they based it on the old "6, 9 & 12%" valuations. As it happens only the 12% would have come close. But I sold up and then cashed the endowment a year later.

It would have been around 1996 till 2002 I had it.....

Remember paying about £450pm (even back then)!!

Thanks for help Matty.

[MattyA]

Re: MattyA's Masterplan....

L&G endowment

When going through my paperwork (boxes of the stuff) when I first started the UE and then PPI reclaiming process, I came across an endowment that I had taken out when I had moved house / remortgaged.


At that time I had been reading all kinds of stuff on various sites and had come across an old thread on MSE and asked a question or 2, but was told I had no chance that it would be time barred etc.(By a mortgage advisor I believe )

I decided to give it a go and just wrote to them,telling them that I believed that I had been mis-sold,that the endowment was not fit for purpose as it was not going to come anywhere near clearing my mortgage , never mind provide the hefty surplus that the advisor had told me to expect.

They wrote back rejecting my claim and enclosed a copy of the original application form, which they said proved that their advisor made the risks clear to us etc etc.
A couple of letters passed between us but they were not for budging - in fact they were very dismisive and quite rude.

I sent it to the FOS and after a while and a couple more letters they found in my favour - however L&G refused to accept the adjudicators findings and refused to pay up, so he sent it to an Ombudsman to review it.
After another long wait the ombudsman confirmed that he also upheld my complaint and had written to L&G telling them so and that they MUST pay compensation in accordance with the guidelines.
(This decision was legal & binding).
A couple of weeks later I got a cheque for just under £2K - worth a punt me thinks!.

I took the endowment out in 1996 when I moved house but converted to a standard mortgage in 2000 when I first received notice that there was going to be a shortfall.
I kept the endowment for another couple of years as a savings policy but cashed it in a couple of years later due its abysmal performance and realising that the fees being taken from it were more than the profits being added to it.

Original letter of complaint sent to L&G - September 2010
Sent to FOS - December 2010
Cheque received - March 2012

Hope this helps.

Give it a go you have nothing to lose,just a bit of time and a few stamps.

Matty

PS- My sister got an L&G endowment via the same broker and is now going down the same path.

[Never-In-Doubt]

Re: MattyA's Masterplan....

I had an endowment many years ago - Matty, wanna give us some history please so others can follow this process

Cheers & well done!

[di30]

Re: MattyA's Masterplan....

Congratulations Matty!

Very chuffed for you!

[Deepie]

Re: MattyA's Masterplan....

Update re L&G (mis-sold mortgage endowment)

Letter of offer received from them on Thursday - cheque received yesterday!
Not sure if its correct or not but I am going to accept it as I dont know how to work these out , but as it was from 1996 and I had cashed the thing in in 2002 I was never very hopeful of getting anywhere with this.
So its a RESULT.

Matty

Result Well Done...........had one of these back then never looked into it.......... where do I start ?

[Undercover Elsa]

Re: MattyA's Masterplan....

Great news Matty...well done!!!

Shep x

[MattyA]

Re: MattyA's Masterplan....

Quick update

L&G - Long standing complaint for mi-sold mortgage endowment - Received notice today from FOS that an Ombudsman has upheld our complaint and they must pay us back in accordance with FSA guidelines - no figures mentioned , so will have to wait and see what they come up with.....but the decision is binding.

HSBC - Have written to Cheif Exec today hurring up my claim for complete redress as per FOS guidelines.


Matty.

Update re L&G (mis-sold mortgage endowment)

Letter of offer received from them on Thursday - cheque received yesterday!
Not sure if its correct or not but I am going to accept it as I dont know how to work these out , but as it was from 1996 and I had cashed the thing in in 2002 I was never very hopeful of getting anywhere with this.
So its a RESULT.

Matty

[Never-In-Doubt]

Re: MattyA's Masterplan....

Best of luck matey