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Endowment question

Apologies if this has been asked time and time again but a google search only seems to give me the results of claims rather than the process.

What is the process for claiming against the company who sold me an endowment mid 1988? Needless to say it has performed abysmally and will leave me with a projected shortfall of £20k in 2013.

I have the option of an excellent share matching scheme with my company (which is performing extremely well) and it would seem sensible to surrender my policy and put it into this.

My question is should I have grounds for claiming compensation on top of the surrender value?

Reply to
Baldrick
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Write to the company and complain. They'll send you some forms, unless you're time barred, i.e. left it too long. But just write anyway.

Rob Graham

Reply to
Rob graham

That in its self is not grounds for complaint. You can only complain if you weren't advised that there could be a possibility of a shortfall.

Unlikely. And it is also unlikely that you could claim for the full surrender value. If you were aware that the endowment route could leave you with the risk of a short fall, you may have chosen to take the more expensive repayment mortgage option, which is guaranteed. The compensation will only put you back in the same position that you would have been in had you taken this option.

Reply to
Jonathan Bryce

This is exactly what has happened to me, Ive been offered the amount of shortfall that I would have paid off if my mortgage was a repayment mortgage.

A goo dplace to start is here

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it wasn't a difficult process, you just need to emphasize that you weren't told in the first place that the endowment wouldn't meet the mortgage value. (if that is true of course)

Reply to
Glide

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