I've got an endowment that is currently worth less than I have put in. It's now over 11 years old and still hasn't even levelled.
I'm in a position now where I'm going to cash it in as I need the equity to move house.
I'm thinking of complaining about the endowment as I have the original paper work which actually states that the policy will be worth more than is paid into it in the "first few years" of the policy and that after that it will make money (or words to that effect)
Anyway, my questions are :-
1) Who should I complain to ? The financial company behind it? (CGU, formerly General Accident) Or is there an ombudsman type organisation who oversees these complaints?2) Will my cashing it in (I really need as much as I can get now) ruin my chances of getting any compensation at a later date?
3) Is there a website with a guide of how to complain about endowments? If there's a standard letter which I can tailor to suit that would be great.4) What are my actual chances of a result - Are most complainers getting something or is the usual response a "read the small print.... Your investment can go down as well as up"
I'm not looking for major gains, to be honest I'd be happy if I just got back what I've paid in. I'm currently 1500 down.
Cheers
Cubik.