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BBC News - Endowment mortgages: Legacy of a scandal
I too have an endowment policy which I took out nearly 25 years ago. In 2004 a claim I made through a solicitors firm dealing the the mis-selling (similar to the PPI debacle) was upheld and was awarded about £3k of which 50% went in fees to the solicitor. If the total award had been invested at that time in a "safe" deposit at the bank, it may be worth nearly £4k, but that's about it. That is still going to leave a £6k shortfall on my original policy cover.
According to the article in the above link, the ombudsmen put a time limit of 3 years on making any claim once the shortfall was announced. So many people are unable to claim.
TBH, I am thinking of "investing" £25 in making a claim through the small claims court. If the insurance company/bank want to contest my claim, then fine. It will cost them a lot more to prepare for the case than me. Probably a lot more than than the outstanding amount. Given the state of distrust there is with most financial services and banks, I fancy my odds in front of a court.
I too have an endowment policy which I took out nearly 25 years ago. In 2004 a claim I made through a solicitors firm dealing the the mis-selling (similar to the PPI debacle) was upheld and was awarded about £3k of which 50% went in fees to the solicitor. If the total award had been invested at that time in a "safe" deposit at the bank, it may be worth nearly £4k, but that's about it. That is still going to leave a £6k shortfall on my original policy cover.
According to the article in the above link, the ombudsmen put a time limit of 3 years on making any claim once the shortfall was announced. So many people are unable to claim.
TBH, I am thinking of "investing" £25 in making a claim through the small claims court. If the insurance company/bank want to contest my claim, then fine. It will cost them a lot more to prepare for the case than me. Probably a lot more than than the outstanding amount. Given the state of distrust there is with most financial services and banks, I fancy my odds in front of a court.