Insurance Company paying Compensation on Endowment Mortgage

A

Alanmul

Guest
Hi,
Looking for some advise. I have an Endowment Policy which I took out in 2003 with a UK Endowment company. It became obvious very quickly that the Policy would never reach anyway near the original projected value in order to pay my mortgage , so in 2007 I moved to a standard tracker mortgage. But I keep the Endowment Policy and have been paying ever since. I contacted the Endowment company recently complaining that I was mis-sold this Policy and was never made aware of the ricks involved, as at the time they wouldn't allow me to reduce the monthly payments to a more affordable level. Anyway I went through their complaints procedure and to my surprise they have come back with an offer to pay me €9,500 compensation. They acknowledge in their offer letter that they didn't due diligence and didn't advise me properly of the risks involved.( or at least can't prove that they did ).
My gut feeling is that this is probably a good offer, but I also feel that maybe I should run the details by an expect/solicitor. Would anybody have similar experience or advise and could they recommend somebody.
 
I would accept the offer, your policy is only going 7 years and in my opinion it is a pretty good offer. Are you receiving back what you paid in??


UK endowments are going through a tough time at the moment.
Around 300,000 people who had hoped to pay off their mortgage this year face shameful shortfalls.

Almost three million more people will suffer a similar fate in the next few years, according to the Association of British Insurers. At the peak of the 80s’ housing boom these were being pushed as the best thing since sliced bread – largely because of the fat commission they earned the salesmen.
More here
 
Tks Marietta....I was able to get the compensation up to 14K and they also agreed to let me reduce my monthly premium by half. I won't be fully getting back what I paid in, but a lot better outcome than I expected when I initially made the complaint.
 
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