endowment claims and endowment compensation

Endowment claims

This week, we had calls and emails totalling over 50 new clients. Some of these had called other firms first, some hadn't. If you need an endowment claim made, or would like to retain as much of the endowment compensation as possible then you need to use MKFP. If you want endowment compensation we can help

We are the lowest charging firm in the UK. Guaranteed.

We investigate missold endowments, and claim some of the largest endowment compensation amounts around.

With other endowment claims firms out there charging over the odds, just use us.

MKFP.

Mark Knight

0117 9501234
Endowment compensation

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Millions of endowment policies still in force are in danger of falling short of the sum required to pay off the policyholder's mortgage.
Insurers are required to write to endowment policyholders every two years and inform them whether their investment is on track to meet the target sum.
what should you do if you are told that your endowment may not measure up?
How big a problem is endowment shortfall?
In 2003 the government estimated that about eight in 10 of the endowment policies then in force were unlikely to pay off the mortgages they were taken out for.
Since then, nearly 70% of those facing a shortfall have remortgaged, sought financial advice or applied for compensation.
However, the Financial Services Authority (FSA) said that about 700,000 people had still done nothing about their endowment shortfall.
Some of these people may find that it will soon be too late to complain.
The general rule is that people must complain within three years of receiving their first "red letter" - outlining a likely shortfall - from their insurance company or lender.
Under industry rules insurers are allowed to ignore complaints made after the time bar comes into play.
What will my endowment statement letter tell me?
The letter tells you whether your endowment is on track to re-pay your mortgage, or whether it is heading for a shortfall. The letters are colour-coded according to the level of potential shortfall.
Those who receive green letters are currently on track to re-pay their mortgage. However, the value of their endowments must continue to increase by at least 6% a year, otherwise they may fall into arrears.
If you receive an amber letter, there is significant risk that your endowment will not pay off your mortgage.
If you receive a red letter, there is a high risk of you being unable to repay your mortgage at the end of the endowment's term.
Experts warn people not to panic, even if they have received a red letter.
Help! My endowment is heading for shortfall - what should I do?
The Financial Services Authority (FSA) has banned insurers from giving advice in the shortfall letters.
You should get an advice booklet from the FSA, called: "Your endowment mortgage - time to decide" when you receive the letter.
If you have not received one of these, you can get a copy from the FSA website, under 'Consumer Help.'
Alternatively, you can obtain one by calling the FSA on 0845 456 1555.
The FSA also has an endowment information sheet, which explains how the investments work.
Should I top up my endowment?
Most experts warn people to steer clear of either increasing their payments on an existing endowment or buying a new one.

What about mis-selling?
A Treasury Select Committee report suggests as much as 60% of endowment policies may have been mis-sold.
It added that the time limits within which complaints must be lodged had been poorly communicated and required an urgent review.
But just because your endowment isn't performing well does not mean that you have a case for mis-selling.
If you think you do have a case, you should act on any shortfall before you file a claim for compensation.
What are the grounds for compensation?
The first step is to complain to the company who sold you the endowment.
If the company can not resolve your complaint or has turned you down for compensation, you must approach the Financial Ombudsman.
In June 2005, the Financial Ombudsman Service (FOS) revealed it was receiving 1,300 endowment mis-selling claims a week.
Of cases examined by the FOS, about 40% have been ruled in the claimant's favour - and they have received compensation.
Basically, you should have grounds to complain if:
The product was unsuitable at the time it was sold.
You did not understand what you were buying or the risks involved at the time you bought the policy
The sale was inappropriate given your financial and personal circumstances at the time, for example, if you were told that your endowment would pay off your mortgage when you retired.
For any claim to be successful, the Ombudsman must determine that you have lost out as a result.
It will calculate compensation based on comparing the performance of your endowment with a repayment mortgage over the same period.

Up to 700,000 people who had left it too late to complain about their mortgage endowment may now be able to seek compensation.
People who were sold the policies without having the risks explained to them may be able to get financial redress, but only if they act within three years of being sent a warning letter by their insurance company.
The companies have to write to all their customers with mortgage endowments at least once every two years giving an assessment of whether the money invested will be enough to repay the mortgage at the end of its term.
We have the power to make them, but what we hope is they will implement a voluntary agreement

In most cases it will not. And more than five million people face a collective shortfall of around £30 billion.
But only around half a million have complained. And some are now too late. They were first warned more than three years ago and have still done nothing.
Concessions

This warning was given after the FSA had already acted to force the companies to explain the time limit more clearly.
Clearer warnings
From 1 June everyone must be told by letter when the three year time limit begins, and be warned again six months before it ends.
But some of the companies seem reluctant to do more for the 700,000 for whom this change is already too late.
.
Can you imagine - in terms of ruining confidence in the industry still further - what would happen if people were time-barred?

Research by Money Box has found that four major companies are waiving the time-bar, HSBC, Legal & General, Prudential, and Standard Life.
But most of the smaller companies are imposing the three-year rule strictly and throwing out cases that are out of time.

Are you entitled to endowment compensation? If you are facing a projected shortfall in your endowment policy, you might be entitled to compensation. It is estimated that in the 1980s and early 1990s as many as three endowment mortgages in five were mis-sold, but even people facing a shortfall might not be automatically entitled to complain. Over the last few years banks and building societies have been sending out letters to warn people if their endowment policy was not likely to rise in value enough to pay off their loan when it matures (reprojection letters). These letters are coded by colour, green for endowments that are likely to cover the loan, amber if this is uncertain, and red if it is likely you will be left with a shortfall. If you are facing a shortfall you might be able to complain and win compensation from your loan provider. You have grounds to complain if: At the point of sale your adviser did not:
Tell you how your money would be invested and explain the risks involved
Explain that endowment policies are long–term commitments which often give poor returns if you cash them in early
Make sure you were comfortable with the risks involved with your money being linked to investment performance, including the stockmarket
Check there was a reasonable expectation you would be able to keep up payments until the end of the term
Explain the fees and charges and how they would affect the return on your savings You might also be able to complain if:
Your endowment policy finishes after you retire and your adviser did not check that you were likely to be able to carry on paying the premiums
You were advised to cancel one endowment policy and take out another
Your endowment policy runs on after your mortgage loan is due to finish
You were given a guarantee the endowment policy would pay off the mortgage loan. But there is only a limited window of time in which you can complain. Typically, you only have three years from the time when you first became aware or should reasonably have become aware you had good reason to complain. Companies can reject complaints as being out of time – known as time–barring – if they are received outside these limits. But since June 1st 2004, companies can normally only time–bar your complaint if:
You complain more than three years after receiving a red reprojection letter (or a similar letter warning you there is a high risk your endowment policy will not reach the target amount at maturity) or
You also receive at least six months' advance notice of the expiry date for complaining. If you make a successful complaint you could be due compensation. This is normally worked out by calculating where you are now with your endowment mortgage and comparing it with where you would be if you had a repayment mortgage and making up the difference. However, once you have received compensation, you cannot then complain again later on if the position becomes worse and you are still left with a shortfall.

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Hi. Today we had 12 new clients contact us, 3 claims accepted with over £12000 endowment compensation and 1 declined due to time barring.

The pressure is on when it comes to time barring. Unless we know that you are time barred we will usually accept the case and start the wheels in motion for the endowment claim.

If you want to apply click below

www.lowestcostendowmentclaims.co.uk

We are offering a lowest fee guarantee and we simply cannot be beaten on customer service, just call us and see on 0117 9501234.

Visit our website for more info www.lowestcostendowmentclaims.co.uk

Mark Knight

http://www.serpsclaims.blogspot.com

http://www.endowmentclaims.sm4.biz

http://www.pensiontransfer.sm4.biz

http://www.free-reviewcentre.sm4.biz

http://www.serpsreviews.co.uk/401.html

http://360.yahoo.com/lastwillandtestament

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endowment claims and endowment compensation and endowment claim

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