Endowment complaint - should I re-submit figures?

Had an endowment policy complaint upheld and I have received a compensation letter and a breakdown of how the figures were obtained.

They have made a mistake and put me down as paying £400 a month for 21 months when I was really paying £500 a month (a £2,100 difference). I only have a small mortgage meaning I'm overpaying my mortgage by approx £440 a month.

I have spoke to the company concerned and they said that I can either accept their original offer or they will recalculate their offer based on the new figures. Not sure if the new repayment figure will make my compensation offer better, worse, or the same.

Should I accept the original offer or should I get them to re-calculate?

Any help from anyone who knows how these calculations work would be much appreciated.

Reply to
Ashley
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In message , Ashley writes

So, are you asking this group if lying is likely to get you a better payment?

Tell the truth. If you dont, then you dont deserve a bean of compo.

Reply to
john boyle

No, the original figure I submitted were all correct. The endowment company didn't bother reading my submission properly and therefore made mistakes in their calculations.

I have been give a choice as to accept their compensation offer based on thier bad calculations or I can make them do it again properly.

If I get them to re-calculate, my new compensation offer may come out better, worse or the same. I'm trying to find someone who knows about these calculations who can advise.

Should I take the momey & run? (I've pointed out their mistake and they're happy for the original offer to stand) or do I get hem to recalculate the figures properly this time?

Put another way, if I had two identical mortgages (one repayment one endowment) and I paid the same lump sum off each. Which type of mortgage would have the lower reultant balance??

Reply to
Ashley

In message , Ashley writes

So, if you are honest, then you should ask them to do it again properly.

Yes.

But, does the outcome really matter? If you are honest then whatever the outcome is, either better or worse, should be sufficient for you.

As already said, be honest.

You give insufficient information to answer this.

Reply to
john boyle

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