We have an endownment policy sold to us i think in 1987 was taken out to pay our mortgage off in 2012
Friends Provident is the insurance company, to date the latest forcast's show it will not payoff the full cost of our loan
Question,
As any body made a sucsessfull claim against their insurance company and won the case for compensation.
PS we have now paid our mortgage off but are still paying the endownment premium till it expires.
Endownment for £11,500 expected payout £8,500 est.
2007-09-12 19:10:11 · 4 answers · asked by Russell B 3 in Business & Finance ➔ Insurance
I was sold an endowment in 1999, guaranteed to pay off a £36,995 mortgage. I received a letter stating I'd have to find an extra £13,000 to pay the mortgage off!
I have started to claim but it's all gone quite.
2007-09-12 19:31:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Have you been asleep for the last 10 years ?
You have to claim within a very short time of being given what they call a 'red warning' of shortfall .. and you MUST have grounds for claiming better than 'its not going to make any money' .. i.e. you need some proof of miss-selling = for example you might remember that the Salesman / Company told you it was 'guaranteed' or you might have some documentation / figures that says much the same.
NB> write to the Company mow saying you believe you have been miss-sold .. if they try to put you off, you can take it further but (as the miss-selling vultures have been saying on the TV when they try to get you to sign up with them and pay thousands to get back hundreds), "time is running out" ...
2007-09-12 19:24:29 · answer #2 · answered by Steve B 7 · 1⤊ 0⤋
Join the club, I too have been screwed. I tried to complain but was too late and past their stupid deadline. Anyway they send you pages and pages of forms to fill in with ridiculous questions about what you were earning at the time of taking out the policy, where you worked, how much council tax you paid etc etc, just basically an impossible task for the average person to remember. When our mortgage is paid off we will be £11,000 short, and I believe that figure will keep on rising and theres F-all I can do about it.
2007-09-12 19:19:52 · answer #3 · answered by georgeygirl 5 · 0⤊ 0⤋
Be honest - you just try to get some free money! Not many people are dull enough to realise that the projected is that its not guarantee. Now does it say it your documentation - that the value could go up & well as down! Time is important, I think you have run out!
2007-09-13 07:47:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋