6k down today

ah well, whats 6K when we have betfair to supplement our income?

You have paid less in re-payments due to interest rates being lower than projected,you cant have it both ways.

Cant agree with that Hearts. Endowments are robbery with larceny. Biggest bull market EVER during the lifetime of mine and STILL looking at a big shortfall. If ever there was a case waiting under the Sale of Goods act these policies are it. They are patently 'not fit for the pupose they were intended' The fact you have to wait 25 years to prove it should be irrelevant imo.

^ I believe about 6 years ago there were company's who would claim for you if you suspected you were mislead ?

I do not know if you still can claim.

mine you, as we paid, i gave them 6k worth of verbal.

you should ask your bank for a breakdown of what they invested in and what return they got

though I know it's a load of sh!t

isn't the stock market not bigger than it was 25 years ago?

if so, and you lose money? makes no sense

Bear in mind markets have actually lost value over the last decade.

punterfleecer 14 Jan 20:07
isn't the stock market not bigger than it was 25 years ago?

if so, and you lose money? makes no sense

^ I'm only asking as I don't know,but is the stock market a gamble ?

ie your shares can go down as well as up ?

He hasnt lost money though.

6 k ?

I thought for a horrible moment someone had lost their head and followed my All Weather tips.

what the mkts did or didn't do is not my problem, we were told there would be x pounds at the end of 25 years plus a nice bonus on top.

if there was any hint of a risk, my wife would not of had a endowment.

I didnt think the final sum was guaranteed and you were supposed to monitor them over the years and increase contributions if there was a shortfall forecast?
There are many types arent there. What exactly was yours?

Read the frequently asked questions at the financial ombudsmens website that may give you some idea of what you can do and the process to follow.

ours, we were told was on track, until the newspapers expossed the rip off about 4years ago

financial ombudsmens waste of time they won't look into it, as the Halifax won't give permission.

Hearts.no1 14 Jan 20:09
punterfleecer 14 Jan 20:07
isn't the stock market not bigger than it was 25 years ago?

if so, and you lose money? makes no sense

^ I'm only asking as I don't know,but is the stock market a gamble ?

ie your shares can go down as well as up ?

FTSE price in 1985 was 1413

FTSE price in 2009 was 5413

looks like he should have done very well, makes no sense, load of sh!t really

source : http://swanlowpark.co.uk/ftse0604.jsp

I dont think the Ombudsman needs permission from Halifax to investigate a complaint made against Halifax.

punterfleecer. How can you judge how badly or otherwise this has performed from the information given!

SPOT THE DOG 14 Jan 20:14
what the mkts did or didn't do is not my problem, we were told there would be x pounds at the end of 25 years plus a nice bonus on top.

if there was any hint of a risk, my wife would not of had a endowment.

^ so you were mis-sold ,I don't know if you can still claim though ?

You are not exposed to the stock market fluctuations though, such policies are designed to give a smoother growth over a period.

So when the stocck goes up you gain less, but when the stock goes down you lose little.

Ombudsman needs permission from Halifax if as the halifax told us we are out of time.

It was in the papers/tv about 5/6 years ago to claim.

Ok Spot yes time barred thats bad luck.

HarryCrumb 14 Jan 20:39
punterfleecer. How can you judge how badly or otherwise this has performed from the information given!

Because that's probably what the banks info gave to all the poor sods who invested in an endowment

but what's your answer?

We tried to sort the problem out with the Halifax, but they gave us the run around.

all companies sent out letters giving a time frame to put your complaint in, though why is there such a market in buying up such policies?

Are the end of the full term bonuses going to be shocking?

I think they are supposed to give you written notice of 6 months if they intend to timebar a complaint?

HarryCrumb the Halifax closed the complant, as they said they had looked into the case,we didn't.

complaint

we said we were not happy with the findings, so they said they would take another look at it.
48 hours later the same STANDARD LETTER came.

All I can suggest is check that halifax have followed the procedure that the FSA requires them to follow.
This means you have 3 years from the first warning letter of a shortfall or 6 months after a second whatver is the later.
It also means they must write to you and give you 6 months notice of the date which they intend to time bar you from.
If they havent done this then perhaps you can challenge this with the Ombudsman.

do they actually explain anything when selling an endowment mortgage?

FTSE price in 1985 was 1413

FTSE price in 2009 was 5413

looks like he should have done very well, makes no sense, load of sh!t really

source : http://swanlowpark.co.uk/ftse0604.jsp

oh you still need to owe use 6k

because we gave £50 million in bonuses

so in that case probably not regarding in explaining an endowment mortgage

bankers disgust me

Just spotted that it also appears the ombudsman has different rules for sales made pre 1988. The more you look at these things the more complicated it gets- which I suspect is the general idea.
Good luck anyway spot maybe someone else will have something more useful.

thanks for your time, but as i said, they moved the goal posts

so the FTSE question went unanswered, rather typical anyway

if anyone can get our 6k back,and the Deeds, i will give them £1,000

Hearts.no1 14 Jan 20:04


^ I believe about 6 years ago there were company's who would claim for you if you suspected you were mislead ?

I do not know if you still can claim.

The whole problem with these endowments is that people forget how they were sold. With a £37k mortgage in 1988 I was sold a policy that 'projected' £63k return! I really never believed that would happen but I figured even if it fell £20k short I would still have enough for the mortgage. On target for £29k at last projection ;(

Complained to Ombudsman, long stary but upheld. Because I had paid off some off the mortgage (as was the advice at the time) I asked what the compensation figure would be because if u accept the ruling, that is the end of the process. They would not tell me!! So, you want me to agree to accept a figure but you wont tell me what it is??!!! Obviously rejected.

The whole Ombudsman route was littered with so many caveats that it was/is essentially a PR exercise. As I said earlier, some enterprising solicitor should surely be able to bring an action under the sale of Goods act. I would be there in a shot.

The whole episode is just another example of the banking/insurance industry seeling garbage to people who at the time (I was a callow youth back then!!) really did not know any better. Also the interest only option on mortgages was not freely available and you usually had to take out ANOTHER insurance policy to protect the effin bankk!!

Because of the very high projected growth rate most endowments sold latterly had little chance of achieving the target. However, what most neglect to realise is over the term of the endowment they have paid SIGNIFICANTLY LESS than a repayment mortgage.

You are probably a lot better off than if you did a repaymenmt mortgage so stop moaning and count your blessings. This nation is so greedy. If you were mis sold you could have had it investigated and banks have absolutely no say on whetehr you go to the Ombudsman. If you have not had a satisfactory response to a complaint then you are entitled to bring your grievance to the Ombudsman. So don't talk twaddle about 'the bank won't let me.'

People always hear what they want to hear and what suits them and conveniently forget about 'risks' etc when things don't tun 100% smooth.

HarryCrumb 14 Jan 20:09
Bear in mind markets have actually lost value over the last decade.
==============
BEAR
very good Harry
as in BEAR market .. :D

spot - theres avery easy way to sort these feckpigs out.

http://z.about.com/d/familycrafts/1/0/K/o/1/ct2-16_superglue.jpg

if u place this in the locks of any of their branches - usually on a friday is best - then u will soon get 6 grands worth of compensation.

halifax, hbos, call them what u will - have to be one of the vilest companies that have traded. financially, morally and ethically bankrupt.

charwell 15 Jan 11:46


Because of the very high projected growth rate most endowments sold latterly had little chance of achieving the target.

Charwell, that's my point exactly! These policies were sold, mainly to youngish people, with what amounted to totally false promises. It's a moot point whether you have or have not paid SIGNIFICANTLY more or less than a repayment mortgage over the course. The point is that for the endowment, and ONLY the endowment , the promises made at the time of the sale are SO far out that it is not greed to expect some recompense. In my case, as I said, the projection was £63k for a £37k mortgage, currently projected at £29k!! I dont think it is unreasonable to ask that at least £37k should be paid

have you claimed spot the dog with the financial ser auth I got some money back .. not a lot but better than nothing