most companies seem to expect near 1/3 (25% + vat) of your claim as their fee & with so many companies playing this fiddle it's difficult to see who is a reputable company and whose just playing the scam
anyone recommend a successful/reputable company dealing with endowment claims mis-sold?
In short no. If you're not happy with the fee, submit your own complaint, it's only a letter.......
I'm sure you're aware that it's not 'only a letter'.
It will be you up against a financial company with a legal team who will do their best to refuse your claim (understandably) Most individuals who claim mis-selling fail in their claim.
I am using endowmentclaims.com (no win no fee)and have found them to be quite efficient so far. You fill out a short questionnaire so that they can asses you situation then if they think you have a case, you fill out the Financial Ombudsman claim form - they do the rest.
They claim a success rate of 95%; now that will be on the basis of them only pursuing cases which they think they can win, which in itself can be useful (ie if they turn you down, you probably have little chance of success on your own ;-)
Another consideration is that if you're claim is successful, would you know if there offer of compensation was correct or would you just accept anything they offered you?
Jeff
"Jeff" wrote
So there's a form as well - which you'd have to fill in for the "dodgy company" if you used them, anyway. So there's no more form-filling if you do it yourself...
"Jeff" wrote
No, they have to follow FSA guidelines.
Do you happen to work for one of these dodgy firms that say they'll do it for you? :-(
"Jeff" wrote
Absolute rubbish!
[I've been involved in many *thousands* of misselling claims, the vast majority of which succeed.]"Jeff" wrote
Ah, I see you *are* involved with one of the dodgy firms!
"Jeff" wrote
Hmmm - an *extra*, unnecessary, form?!
"Jeff" wrote
You don't go to the Ombudsman until you've already been through the firm's complaint's procedure. In fact, the Ombudsman won't even look at your case until the firm has issued a "final" letter.
Do you even know what you are talking about?
"Jeff" wrote
It'll be calculated in line with FSA guidelines - isn't that reasonable enough?
I can't agree, it's a carefully worded letter, or maybe not even that
Again, I can't agree, look at the series of fines by the FSA for firms that don't follow prescribed guidelines when reviewing endowment compaints.
and win, big fat fee
There is very little else to be done!
On this I do agree!
endowmentclaims won't be running the offer via an actury, any offer will be inline with guidelines given by the FSA....
Matt.
Matt have taken your advice and written my own letter - did a bit of research because i was suspect about writing a mere letter to the company that mis-sold me in the 1st instance (validity & size of claim) figuring they could just tell me to get stuffed or offer me 500 to keep my mouth shut - i discovered that the companies have to adhere to a set of FSA guidelines both in validating the claim (whether i have got a legitimate claim), and the compensation involved, which is again a fixed formula laid down by FSA which basically is difference between assets as of sticking to a std repayment mortgage (which we were using until persuaded otherwise) minus assets of an endowment policy, any differential being the compensation, be the claim by my own letter or by intermediate company (minus their 25% fee)
on that basis (asset differential) it does seem likely that the company could rightfully consider any 'bonuses' or demutualisation win falls as part of the assets of taking their endowment policy
only reason i am still considering using a company is that std life (who my policy is with) is due to demutualise in June-ish and i have found a company that promise to complete the claim in 8 weeks, whereas i dont know how long it would take (maybe months) to complete a personal claim - i haven't seen any FSA guidleines as to how long the comapny can take to sort a claim, which is strange because it could be never on that basis - if you know anything about this i'd be interested
"Matt Robertson" wrote in message news:9IoFf.15200$ snipped-for-privacy@text.news.blueyonder.co.uk...
"Matt Robertson" wrote in message news:9IoFf.15200$ snipped-for-privacy@text.news.blueyonder.co.uk...
95% success out of 'claims they think will win' is a not a guideline to success and ergo no advantage to writing a letter directly to the company or writing to a 3rd party (i.e. the 3rd party would turn down an invalid claim exactly the same as the company would) - wassa diff? - there is noneIn message , Jeff writes
Have you a source for that?
What 'rest'? The client has filled out one more form than they need to already!
So what value do they add?
The offer of compensation is regulated by the FSA and must follow specific rules.
In message , JethroUK© writes
In my direct experience of many claims to differing companies I think I can say that Standard Life are by far the most efficient and fair. Even in cases where they can find no evidence of a mis sale they still will pay out if the client says he was not told of the chance of not paying off the mortgage. In addition, they will pay you to get independent advice on their offer from an IFA. I cant remember if they will pay an extra £250 or £350 for this. Their claims assessors are friendly and very accessible and will explain it to you by phone if you want. In addition they will take the first complaint WITHOUT A LETTER! All you need do is ring them and they will send out the forms. When you get the form it will ask about all the mortgages you have had since you got the endowment. If you cant remember, just right 'cant remember, thrown original details away'. They will then use the default setting laid down by the FSA which is to assume that you had a mortgage with an interest rate that was the same as the Halifax Base rate. They use the same software as the FSA and FOS to calculate any payment, its called 'Mortgage Fundamentals'.
Using an intermediary firm to do this is a complete and utter waste of time and money and you will end up having to complete MORE paperwork than doing it the way I have described above. Its hardly surprising that they havent told you how good Standard life are!
The demutualisation will not delay the claim, in fact I reckon Standard want all these claims paid and off their books as soon as possible and preferably BEFORE demutualisation as it will effect the share price.
In message , JethroUK© writes
Go to an IFA who charges an hourly fee. Check they know how the FOS calcs the claim, only a few do.
I wouldn't bank on the 8 weeks, there are rules on how long a complaint should take to be resolved, but endless holding letters can be issued to keep you updated on progress
thanks for that - i think i'll just send a letter and hope they sort it in resonable time
In message , JethroUK© writes
No problem.
Dont bother with the letter. Just ring them and say 'I think I was mis-sold my endowment'.
(BTW my advice only applies if you bought the endowment either from a standard life salesman or a tied agent, such as Halifax. If it was bought form an IFA, then it is the IFA to whom you should complain.)
In message , john boyle writes
They haven't sent the voting papers out yet, but when they do, I feel half inclined to vote against. After all the board was advising how terrible and awful it would be to demutualise at the stock market peak a few years back and just about managed to get away with staying mutual, then - a couple of years later, 'actually, now the company is worth a lot less than when you all wanted to demutualise we think it would be a really good idea now.'
In message , " snipped-for-privacy@privacy.net" writes
That was before the Government stepped in and told them to secretly flog £8Billion of equities when the market was low and buy Government Bonds instead.
How will staying a mutual help it?
"Matt Robertson" wrote in message news:5%uFf.15381$ snipped-for-privacy@text.news.blueyonder.co.uk...
decided to send a letter - feedback suggests that 'std life' are dealing with personal claims reasonably & timely fashion
thanks for the suggestion
The third party may not see enough profit (for them!) in the claim.
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