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Are there any people on this forum, whom, could help with topic, pleeeese.

Hello to all, not-so-morning-glory!

I sold my unit in May 2000, after making a spurious judgment concerning the markets,-yes, and don’t I feel like kicking myself today? That’s life, and I had owned the live in unit for a period of 10 years prior, on a 25 yr mortgage.

Regardless, having decided to maintain payments on a L and G Endowment policy on recommendation on Legal and General advice team-(big joke), there may be a severe shortfall, of which, I have since been notified. This is the only source of finance I have, and being recently married,-with kids, will now be looking for a property after things have shown a cooling/crash/whatever-they-do-period.

Are there any bystanders out there whom, could enlighten me on the prevailing decade, upon how these policies will mature? I understand that this subject is not real estate per se, however, being associated with real estate and investment stocks that have been discussed here recently, I do question if this request, really is that audacious?

Hence, can anyone shed light on the dilemma to ‘broker’ the policy- and how to go about it? I know nothing about the intricacies of the stock markets, and those baffling 4%-8% targets are meaningless to myself. Please forgive my ignorance. What I have leant in conclusion, is if, I can prove that such a policy was initially sold on the full knowledge of a potential shortfall, or was sold as a deliberate scam, compo can been sought from the insurance co. The policy was taken out with a 38,000 mortgage. Info has it, that this must be done before the end of this month, and I have only just learnt this aspect last night.

Is this following link a legitimate source of information, to prove that potential shortfall would be imminent?. Economics is not my forte, and, am currently in Australia with the folks.

Anyhow. take a butchers at this link, from “The truth Seeker” Interesting stuff.

http://www.ripoffsandscams.com/mortgage_index.htm

Many thanks again, to all of you, for sharing your views so openly on these forums.

Concerned down-under :unsure:

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If you want to sell on your endowment go to Google and type traded endowments, the take your pick. Normally only policies sold before 1990 are acceptable, and they need to be with profits, not unit linked.

If you want to make a complaint about mis selling go to the Consumers Association website. They have tailored made letters. All you need to do is type in your personal information. Their site is excellent for advice on endowments.

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If you want to sell on your endowment go to Google and type traded endowments, the take your pick. Normally only policies sold before 1990 are acceptable, and they need to be with profits, not unit linked.

If you want to make a complaint about mis selling go to the Consumers Association website. They have tailored made letters. All you need to do is type in your personal information. Their site is excellent for advice on endowments.

Thunderbird900,

How can I ever thank you for that speedy piece of advice. I have found the compo page, and being 2.30pm here in the Sunshine state, hopefully will hear a reply by 8pm est. Sorry I was so long to reply, but its been a hell off a day at work, HOT, and have only just got home. Thank you so much. If ever you arrive in Brisbane, give me a call and I'll buy you a lot more beer than the one in your tag pic. Thank you so much again, and I'll keep you informed of the process in due time.

Kindest regards :P

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Hello Hollow. Thanks for your kind words. I will accept your offer of a beer as long as it's not Castlemaine xxxx!

With regards to you cashing in your endowment. Your first port of call must be the provider, Legal & General, to give you a surrender value on the policy. Then compare it with the best offer from a traded endowment company.

With regards to complaining to L&G about being mis-sold the policy. Prepare for a possible battle. Some life companies are known to be obstructive when dealing with claims. If they send you a financial questionnaire DO fill it in. It will be worth it in the long run.

DO not use one of those no win no fee companies to file for compensation. They normally charge a minimum of 25% of the total payout. A complete rip off. It is very easy to do it yourself.

Good luck!

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Hello Hollow. Thanks for your kind words. I will accept your offer of a beer as long as it's not Castlemaine xxxx!

With regards to you cashing in your endowment. Your first port of call must be the provider, Legal & General, to give you a surrender value on the policy. Then compare it with the best offer from a traded endowment company.

With regards to complaining to L&G about being mis-sold the policy. Prepare for a possible battle. Some life companies are known to be obstructive when dealing with claims. If they send you a financial questionnaire DO fill it in. It will be worth it in the long run.

DO not use one of those no win no fee companies to file for compensation. They normally charge a minimum of 25% of the total payout. A complete rip off. It is very easy to do it yourself.

Good luck!

Hi Thunderbird900,

Do you really think I would try and poison someone, who has been so helpful with a cruddy XXXX? That, and many other brews here, should realistically be catagorised under the hazardous chemicals act. Absolutely shocking stuff I agree.

I referred to the Consumers Association on google, and have already submitted a form with one of those no win no fee companies. It could be withdrawn I guess, and proceed to ignore all correspondences.

I couldn't find one of those self-fill forms anywhere. As said, I have no intellectual capacity in dealing with insurance companies. whatsoever. They are all but a rip off, and have a cunning scheme of instilling that 'what if' attitude, into the members of our societies, helped off cause, by the media propaganda machine.

I was one of these spellbound victims myself, until I woke up a few years ago, with the realisation of the huge capital they accumulate every year, prying on peoples insecurities, that 'they' themselves create. Monopolising on peoples fears. How caring they really are???????? The sad thing is, they can even have the clout to get backed up by Govt policy, to make insurances with landlords and automobiles compulsory. They take your money to invest and make more for themselves, but when they lose, they manage to wash their hands of all responsibilty.

Anyway, that's my grumble for the day T900, and, could I ask for a link concerning that form,-sorry to be a pain, but the old grey matter cannot comprehend. I am more educated in the realms of Politics and Sociology.

Enjoy your weekend T900, and many thanks again.

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Hello Hollow. Sorry, I should have mentioned that the consumers association in UK goes under the name of Which?

Go to Google. Type in endowment compensation consumers association. Go to the third heading down -Which. Click on make a complaint. Click on complaint letter generation. Click on online letter generator. Fill in your personal details. At most it should only take you about ten minutes or so to complete. The life complanies are under obligation to reply within a period I think of two weeks.

Let me know how you get on.

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Hollow Dollar,

Might be worthwhile finding from one of the people that know about the industry exactly where you stand. A lot of these policies were sold with all manner of promises and all manner of hidden charges buried in the policy documents. If you still have the original docs then you could be in a good position if L&G have lost cases in the past and flew close to the wind with their sales. Process is fact find/questionnaires/recall of sales pitches etc etc

I've had dealings with Paul Cooper (see article) in the past and he handled such a situation for me with a successful result. I'm not sure what sort of basis he does his work now but he has been doing it for a long time and was one of the first, I went for a couple of meetings with others affected by one particular company, some of the stories were quite frankly horrific.

Good luck whichever way you go.

http://news.bbc.co.uk/1/hi/programmes/moneybox/3816651.stm

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Take Legal and General to the Financial Services Authority. I did re my endowment and and got full compensation for misselling - they had to pay over £10k to take me to the position I would have been in had I bought a repayment mortgage. The FSA commented that the product I had been sold was so poor that it is unlikely - even at the time I was sold it - that it would EVER have paid my mortgage off.

From what I could see, Legal and General had no chance of mounting any kind of defence, there appeared to be no proper record of conversations that took place etc.

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Quote!

"Regardless, having decided to maintain payments on a L and G Endowment policy on recommendation on Legal and General advice team-(big joke), there may be a severe shortfall, of which, I have since been notified. This is the only source of finance I have, and being recently married,-with kids, will now be looking for a property after things have shown a cooling/crash/whatever-they-do-period."

Might as well stop paying it now but don't cash in, try and leave it for 20 years, might be worth something then.

A shortfall on what!. You said you have sold your property, thierfore the mortgage principal loan is already paid off. It may be short of target as assessed when you took it out.

Next time get a proper mortgage, a repayment and be done with it.

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Hello group,

I hope you had a fine weekend, up over in Blighty.

Many thanks T900 once again. Nice picture of peter perfect. Also to Only Me, English Rose, Deano, and Mad un, for all your views, advice and contribution to my quest. I will in due time comment, however, I am really busy now and must dash to work. And its gonna be a tough one, as I emptied the fridge off all brews, including the home made. Why do we do it?

Have a great public holiday.

PS, I have 2 questions; Just how much longer do I have to lodge this complaint? Many thanks, and, how do I place a picture by my name? Nice picture Only me, priceless, absolutely priceless.

Many thanks to you all again.

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Hello Hollow, Once you lodge your complaint the life assurance companies have to respond within a short specified time I think it is a maximum of three weeks. Other contributors please advise.

To put your picture in your posts follow avatar instructions.They are on your home page.

By the way, who is peter perfect? The avatar is Ogri, my hero.

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Hello Hollow, Once you lodge your complaint the life assurance companies have to respond within a short specified time I think it is a maximum of three weeks. Other contributors please advise.

To put your picture in your posts follow avatar instructions.They are on your home page.

By the way, who is peter perfect? The avatar is Ogri, my hero.

T900, Man I'm losing it. I had completely forgot about Ogri and his side kick Malcom. What a mag that was. I was a biker, i had a GS1000E for twenty years. Had to sell it sadly when I came to Au. Off topic I know T900, But Peter Perfect is the smooth suave sophisticated dude, always there for Penelope Pitstop in the Wacky Races, -Remember than???

Thanks again, sorry about the mistaken id, , , , ,hear from you soon.

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Hello Hollow, Once you lodge your complaint the life assurance companies have to respond within a short specified time I think it is a maximum of three weeks. Other contributors please advise.

To put your picture in your posts follow avatar instructions.They are on your home page.

By the way, who is peter perfect? The avatar is Ogri, my hero.

they may have their own internal service standards, but if they do not issue their final position on it within 8 weeks then you can refer it to the Financial Ombudsman Service... www.financial-ombudsman.org.uk

I would lend my strong support to the view that you should not get involved with any of these "ambulance chasing" firms offering to take the case on your behalf. They will only cream off a substantial portion of the compo that you may be entitled to. As mentioned above, it is relatively easy to deal with it yourself...

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Fancypants,

I’m stoked downunder. Really stoked. I am at home all day, - being a subbie, one can do this. After cleaning the top shelf of all brews yesterday arv, I am a lot under the weather anyway. Thanks Fancypants (nice name incidentally) for your response. I really appreciate all of you who have fed back so much info. These forums are great hey? To be honest, I was beginning to feel a bit insane in this ignorant town, until I found Cracker.com, (an Australian forum, and they one poster highly recommended housepricecrash. Now that I know my views are not idiosyncratic, based on others assessing this impending, global chaos. That’s the trouble when you live with arrogance and TV/bs. Denial, or ignorance? Doesn't matter, the outcome of the world is the same.

Many thanks for all of your postings, however, I still wish to know the date, when the deadline for no more complaints becomes absolute.

Choa-kidest regards.

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PS Thunderbird900.

Thanks for the avatar thing. My thick brain would never have thought of navigating it that way. I am really after something else but, that resembles this reserve-make-money-out-of-thin-air more sufficiently. And what made you change yours to Ogri? :o

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Hello Hollow.

The time limit or time barring as it is called is very confusing. The best site I have found to explain all this, particulary Legal & General, is www.uk-endowment-mortgages.com/time-barring/index.htm

The Financial Services Authority have stated that once the red warning shortfall letter is sent out the complainant has three years to respond. However, it seems some companies are imposing very strict time criteria. In your case it seems L & G are not imposing these time limits.

With regards to Ogri, plus ca change!

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Hello Hollow.

The time limit or time barring as it is called is very confusing. The best site I have found to explain all this, particulary Legal & General, is www.uk-endowment-mortgages.com/time-barring/index.htm

The Financial Services Authority have stated that once the red warning shortfall letter is sent out the complainant has three years to respond. However, it seems some companies are imposing very strict time criteria. In your case it seems L & G are not imposing these time limits.

With regards to Ogri, plus ca change!

yeah that's the key point - when did L&G inform you of the potential shortfall? The firm should entertain any complaint about this regardless, but you will only have the right to refer it to the Ombudsman if you do so within 3 years of the shortfall letter (I think)

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Hey Fancy pants, thanks for that link. Sorry about no getting back to you all earlier. Married life and too much going on here.

Will  be in touch peeps. Thx again

I believe it would be appropriate at this point to say "no worries"

PS hope you're giving it the large one down there at the moment re: The Ashes :D

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I believe it would be appropriate at this point to say "no worries"

PS hope you're giving it the large one down there at the moment re: The Ashes  :D

Hey Fancy pants,

There ARE, some good sportsman downunder. I fell in love with the RFU victory, Wilkos kick shocked the nation, -it was all over the front pages. I remember it well :rolleyes:

The Balmy Army will always out do the Aussie Aussie oy oy thing. Go the Poms. It is a refreshing change to see this match. "Fair Dinkum." Pontings s%&@ is already hitting the media fan here. Snigger. :P

Sometimes you can only love life!

Have a great day FP

I'm an immigrant anyway. Like all here.

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Take Legal and General to the Financial Services Authority. I did re my endowment and and got full compensation for misselling - they had to pay over £10k to take me to the position I would have been in had I bought a repayment mortgage. The FSA commented that the product I had been sold was so poor that it is unlikely - even at the time I was sold it - that it would EVER have paid my mortgage off.

From what I could see, Legal and General had no chance of mounting any kind of defence, there appeared to be no proper record of conversations that took place etc.

Hello Rose,

It has been some months now, since I was advised by so many, on a duff endownment policy.

To Rose and the board, it has been many months since I lodged a complaint with the FSA,- 8mths to be precise.

Have heard nothing. Got mum to call, three months ago, and they said simply, , , , ,we are investigating.

Had nothing but incompetence from L & G. I requested they freeze the policy, then I got a surrender value. Then requested they stop immediatley from any further Direct debit payments for this policy. That was in Aug 2005.

Shock horror. They never heeded and have been taking monthly payments out since. With me down-under, I can only trouble my ailijg mother when absolutely essential.

SHe went to the bank and it was confirmed. These direct debit statements, will be posted to join all other letters previously sent. In one of them sent to the FSA, there was specific instructions to cease taking payments for this policy.

AHHHHHHH

Anyway Rose, how long did your pay out take from when you first lodged the complaint?

Kindest regards down under

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Guest Winners and Losers

Yay, a new friend for WAL! Tail wags. I would just like it noted that only the Queenslanders drink XXXX! Talk about buying into the stereotype. You pommies don't alf make me larf! ;)

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I'm also still paying into my index linked endowment started in 1994 although I've sold the property. Still debating whether to cash it in for around 6k but might hang onto it - £51 a month & it matures 2019 giving around 25k BUT is off target - could be under 20k easily, depends how the stock market performs over the next decade or so. What would you do?

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B)

Yay, a new friend for WAL! Tail wags. I would just like it noted that only the Queenslanders drink XXXX! Talk about buying into the stereotype. You pommies don't alf make me larf! ;)

WAL,

Me a Qlder?

No, I just happen to live here.

So, only the Queenslanders drink XXXX hey?

No, true QLDERS drink Bundy and Cola.

I brew my own beer, I would never drink that XXXX muck.

And I would never buy into a stereotype. Thanks for your comments and judgements regardless. B)

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  • 301 Brexit, House prices and Summer 2020

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      • down 5% +
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