Crosswords1 min ago
Surrendered policy
In about 1992 and 1997 I took out two endowment insurance policies. This was with two differnt companies.
In 2007 due to a change of fortune and restructuring I transfeered to a repayment mortgage so surrendered the two policies.
I need to know the policy numbers as I am considering claiming for mis-selling compensation but I, obviously, need to know the policy numbers to begin my claim.
However both companies are refusing to give me this information despite giving them all the information they asked for (full names, addresses, amount etc).
I, stupidly, threw all the paperwork away after they paid out.
Any ideas if I can get this info from anywhere else??
In 2007 due to a change of fortune and restructuring I transfeered to a repayment mortgage so surrendered the two policies.
I need to know the policy numbers as I am considering claiming for mis-selling compensation but I, obviously, need to know the policy numbers to begin my claim.
However both companies are refusing to give me this information despite giving them all the information they asked for (full names, addresses, amount etc).
I, stupidly, threw all the paperwork away after they paid out.
Any ideas if I can get this info from anywhere else??
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I find it hard to believe if youre calling the compay up, and have the right information to pass Data security, they wont divulge the policy number,
Did the adviser say why they couldnt tell you? If you went to that company direct back in 92 and 97, Im not sure how else you could find out....if you used a broker though?
Did the adviser say why they couldnt tell you? If you went to that company direct back in 92 and 97, Im not sure how else you could find out....if you used a broker though?
Both policies were set up by the relevant building soceities through their assurance arm. I did not use a broker jus the BS advisor
I have been advised by one of them to go to the local BS offices but I don't hold out much hope and assume they wont be able to tell me if the central office can't or won't.
I have been advised by one of them to go to the local BS offices but I don't hold out much hope and assume they wont be able to tell me if the central office can't or won't.
Even if you get the policies numbers a claim for mis-selling would be refuted. You said it yourself - 'due to a change of fortune and restructuring I surrendered the two policies'. This is not the same thing thing as 'due to a salesman coming to me and persuading me to buy a policy'. You went to them.
The companies may no longer have that information, you are talking over 15 years ago and I don't know what the data protection rules are for the companies' obligations to keep records on closed policies for as long as that. Since these are life policies, there could be no claim for death benefits once you'd surrendered them, so they may not need to keep the records very long.
I think you are probably out of time anyway for a mis-selling claim (IMO) - you're talking 15 and 20 years ago, they would argue that it's taken you an awfully long time to reallise that the policies had been mis-sold, particularly since you closed them down 5 years ago. I wouldn't hold out much hope now. An FOI request wouldn't help because this would be re personal information, and they don't have to give that out.
I think you are probably out of time anyway for a mis-selling claim (IMO) - you're talking 15 and 20 years ago, they would argue that it's taken you an awfully long time to reallise that the policies had been mis-sold, particularly since you closed them down 5 years ago. I wouldn't hold out much hope now. An FOI request wouldn't help because this would be re personal information, and they don't have to give that out.
Yes BM I did go to them as advised by the mortgage side of BS - so effectively it was 'arm up the back' time.
Also the 'change of fortune' was redundancy and subsequent loss of earnings (by 75% over benefits) which meant my mortgage/insurance costs alone were greater than benefit. Result was a rapid sell of property and a drastic down-sizing of debt.
Box - they have details as of 4 years ago when I surrendered so hope they keep them for more than that.
The mis-selling was that they seemed to promise that we would get amount we put in plus interest - thats why people chose endowment over repayment. The grey area is because I had to cash-in early I dont think I got what I had paid in back but had to accept whatever thay told me I would get.
Also the 'change of fortune' was redundancy and subsequent loss of earnings (by 75% over benefits) which meant my mortgage/insurance costs alone were greater than benefit. Result was a rapid sell of property and a drastic down-sizing of debt.
Box - they have details as of 4 years ago when I surrendered so hope they keep them for more than that.
The mis-selling was that they seemed to promise that we would get amount we put in plus interest - thats why people chose endowment over repayment. The grey area is because I had to cash-in early I dont think I got what I had paid in back but had to accept whatever thay told me I would get.
Surely it's pretty standard (at least it has been with the ones I had) that if you surrender early you may not get back what you have put in, as quite often there are costs involved up front that really only will be absorbed IF it goes to full term. I'm willing to bet it said so in the T & C's you agreed to even if it wasn't said in person to you, so to be honest, I don't think you have any chance.
I think there was some kind of deadline (which passed several years ago) to claim for mis-selling. I was sold an endowment mortgage in 1985 and changed to a repayment several years later when I saw the writing on the wall. I told a friend about the mis selling compensation and, as she was in the same boat. she sucessfully claimed for compensation. I had a case too but never got around to it and in the end I`m pretty sure I had passed the deadline.
Here is an extract from the MoneySaving Expert site which you may want to read
http://www.moneysavin.../endowments-miss-sold
Companies were told they would only need to deal with claims if they were made within two time limits… the LONGER of:
Either... six year from when you bought your policy.
You have six years from the date your bought your policy, yet most policies were now sold substantially more than six years ago, so this one is mostly defunct.
Or... three years from the date you realised it may’ve been mis-sold.
Again, time is ticking here as it is more than three years since the regulator told companies it had to write to customer’s who had shortfalls. Yet not all banks started sending letters straight away and you may not have had a shortfall initially and therefore received a letter later.
What to do if you think you’re past the time limit.
Even if you are past the limit it is worth still trying to put a claim in, as we’re often talking a vast amount of money. The nature of your complaint needs to address why you didn’t put a claim in – in time.
Even if this is just “I got the letter and didn’t really understand what it was telling me, but have had it explained and it does now”. The best thing to do in this case is give a quick call to the helpline for the Financial Ombudsman, which deals with these cases, to see how the land lies, the number is 020 7964 0500.
http://www.moneysavin.../endowments-miss-sold
Companies were told they would only need to deal with claims if they were made within two time limits… the LONGER of:
Either... six year from when you bought your policy.
You have six years from the date your bought your policy, yet most policies were now sold substantially more than six years ago, so this one is mostly defunct.
Or... three years from the date you realised it may’ve been mis-sold.
Again, time is ticking here as it is more than three years since the regulator told companies it had to write to customer’s who had shortfalls. Yet not all banks started sending letters straight away and you may not have had a shortfall initially and therefore received a letter later.
What to do if you think you’re past the time limit.
Even if you are past the limit it is worth still trying to put a claim in, as we’re often talking a vast amount of money. The nature of your complaint needs to address why you didn’t put a claim in – in time.
Even if this is just “I got the letter and didn’t really understand what it was telling me, but have had it explained and it does now”. The best thing to do in this case is give a quick call to the helpline for the Financial Ombudsman, which deals with these cases, to see how the land lies, the number is 020 7964 0500.
I don't understand though why they are refusing to tell you.
You could always submit a mis-selling claim (although as I said it may be too late, but you have nothing to lose)- just provide all the info you have and tell them they kow the policy numbers
I wonder if you could apply under the data protection act for the info.
Did you pay premiums by direct debit? Maybe your bank can give the details
You could always submit a mis-selling claim (although as I said it may be too late, but you have nothing to lose)- just provide all the info you have and tell them they kow the policy numbers
I wonder if you could apply under the data protection act for the info.
Did you pay premiums by direct debit? Maybe your bank can give the details
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