I need advice as to whether I accept compensation offered by Standard Life.
The details are as follows:
Compensation offered: 3200
Endowment details: Taken out in 1992 to cover a mortgage of 43500. The term is 25 years. Monthly payment is 50.90 Projected shortfall is 11000
The compensation was calculated about 9 months ago but the offer is still open.
Is it in my interest to get them to recalculate the compensation?
Thanks in advance.
In message , Steve writes
Something of an aside, but you've bunged in Standard Life there, I remember a few months ago, some IFA was challenging the compensation calculations on the basis that any benefit from demutualisation should be included in the calculation. So his argument was that, if the calculation was for £11k compensation, and the shares are released at a value of £1k then the compensation should be reduced.
Does anyone know what the outcome was?
The IFA lost. It was a few years ago IIRC, and I can't shake the feeling that it was unjust.
In message , Fergus O'Rourke writes
A few years ago? Help, I seem to have lost a few years, I thought it was only a few months ago.
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