| Endowment Claim [message #373784] |
Mo, 20 März 2006 20:30 |
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Can anyone recommend a name for this?
I've been in touch with Brunel Franklin but they want 29%. Screw that
methinks.
My mortgage was =A332950 and after 15 years the settlement value is only
=A39100.
I took out the mortgage with National & Provincial which was gobbled up
by Abbey.
The endowment policy started life as Guardian RE, then someone else and
now Norwich Life.
So, if you know a claim chaser that you know has successfully
manouvered this type of terrain I'd be glad to take your advice..
Thank you.
Arthur
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| Re: Endowment Claim [message #373787 ] |
Mo, 20 März 2006 21:37 |
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>"Davao" <ravenscrofta [at] yahoo.co.uk> wrote in message
>news:1142883006.711222.161260 [at] e56g2000cwe.googlegroups.com...
>Can anyone recommend a name for this?
>I've been in touch with Brunel Franklin but they want 29%. Screw that
>methinks.
I think this is usual. Sis asked me if she should pay 30%. I told
her 70% of something is more than 100% of nothing.
>My mortgage was £32950 and after 15 years the settlement value is only
>£9100.
What do you mean by settlement value. Is that to cash in early?
If it's a 25 year policy the sum seem pretty reasonable, the
growth mostly comes in the final years. What is the projected
value?
tim
>I took out the mortgage with National & Provincial which was gobbled up
>by Abbey.
>The endowment policy started life as Guardian RE, then someone else and
>now Norwich Life.
>So, if you know a claim chaser that you know has successfully
>manouvered this type of terrain I'd be glad to take your advice..
>Thank you.
>Arthur
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| Re: Endowment Claim [message #373788 ] |
Mo, 20 März 2006 22:58 |
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"tim (in sweden)" <tim_in_sweden2005 [at] yahoo.co.uk> wrote in message
news:488i3cFisb42U1 [at] individual.net...
>
>>"Davao" <ravenscrofta [at] yahoo.co.uk> wrote in message
>>news:1142883006.711222.161260 [at] e56g2000cwe.googlegroups.com...
>>Can anyone recommend a name for this?
>>I've been in touch with Brunel Franklin but they want 29%. Screw that
>>methinks.
>
> I think this is usual. Sis asked me if she should pay 30%. I told
> her 70% of something is more than 100% of nothing.
>
>>My mortgage was £32950 and after 15 years the settlement value is only
>>£9100.
>
> What do you mean by settlement value. Is that to cash in early?
> If it's a 25 year policy the sum seem pretty reasonable, the
> growth mostly comes in the final years. What is the projected
> value?
>
> tim
Tim.
It is a 'low cost' endowment to cover a £32,950 mortgage, started 28/02/02
Received a policy statement today.
Sum assured is £11,698
Bonuses to date are £5,536
I received a letter from NU about a year ago stating that the returns
would fall short of the mortgage amount. I think it stated that the
predicted returns would be
less than £25000.
Arthur
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| Re: Endowment Claim [message #373789 ] |
Mo, 20 März 2006 23:50 |
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"Davao" <pangga [at] btinternet.com> wrote in message
news:dvn8i0$93f$1 [at] nwrdmz02.dmz.ncs.ea.ibs-infra.bt.com...
>
> "tim (in sweden)" <tim_in_sweden2005 [at] yahoo.co.uk> wrote in message
> news:488i3cFisb42U1 [at] individual.net...
>>
>>>"Davao" <ravenscrofta [at] yahoo.co.uk> wrote in message
>>>news:1142883006.711222.161260 [at] e56g2000cwe.googlegroups.com...
>>>Can anyone recommend a name for this?
>>>I've been in touch with Brunel Franklin but they want 29%. Screw that
>>>methinks.
>>
>> I think this is usual. Sis asked me if she should pay 30%. I told
>> her 70% of something is more than 100% of nothing.
>>
>>>My mortgage was £32950 and after 15 years the settlement value is only
>>>£9100.
>>
>> What do you mean by settlement value. Is that to cash in early?
>> If it's a 25 year policy the sum seem pretty reasonable, the
>> growth mostly comes in the final years. What is the projected
>> value?
>>
>> tim
>
> Tim.
> It is a 'low cost' endowment to cover a £32,950 mortgage, started 28/02/02
do you mean 92?
> Received a policy statement today.
> Sum assured is £11,698
> Bonuses to date are £5,536
>
> I received a letter from NU about a year ago stating that the returns
> would fall short of the mortgage amount. I think it stated that the
> predicted returns would be
> less than £25000.
I'm no expert on this but:
ISTM that this is the shortfall, about 8K.
And if, repeat if, there was misselling this is the amount that has
to be made up. And given that there is still 11 years of growth
left, a claim today would probably net 3-4K.
29% of that, now doesn't seem like quite such a lot of money for
the amount of effort involved, does it?
BICBW with my calcs.
Perhaps someone who does this for a living can work out a better
figure.
tim
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| Re: Endowment Claim [message #373793 ] |
Di, 21 März 2006 08:36 |
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"Davao" <ravenscrofta [at] yahoo.co.uk> wrote in message
news:1142883006.711222.161260 [at] e56g2000cwe.googlegroups.com...
Can anyone recommend a name for this?
I've been in touch with Brunel Franklin but they want 29%. Screw that
methinks.
My mortgage was £32950 and after 15 years the settlement value is only
£9100.
I took out the mortgage with National & Provincial which was gobbled up
by Abbey.
The endowment policy started life as Guardian RE, then someone else and
now Norwich Life.
So, if you know a claim chaser that you know has successfully
manouvered this type of terrain I'd be glad to take your advice..
Thank you.
Arthur
I don't undertsand why you need a claims chaser. Either you were missold the
policy or you weren't. You were missold it if you were not told that there
was any risk of it not meeting the mortgage amount. Just because it might
lose you money does not of itself provide a reason for a complaint if you
knew that there was a risk here.
If you think you were missold it, write to the seller of the thing and say
so. They have to work out the compensation according to the regulator's
rules.
Rob Graham
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| Re: Endowment Claim [message #373794 ] |
Di, 21 März 2006 10:26 |
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I didn't know about the 'regulator's rules' so perhaps I will try that
out.
Thanks.
Arthur
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| Re: Endowment Claim [message #373795 ] |
Di, 21 März 2006 23:49 |
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In message <488pt5Fiu762U1 [at] individual.net>, "tim (in sweden)"
<tim_in_sweden2005 [at] yahoo.co.uk> writes
>
>> It is a 'low cost' endowment to cover a £32,950 mortgage, started 28/02/02
>
>do you mean 92?
>
>> Received a policy statement today.
>> Sum assured is £11,698
>> Bonuses to date are £5,536
>>
>> I received a letter from NU about a year ago stating that the returns
>> would fall short of the mortgage amount. I think it stated that the
>> predicted returns would be
>> less than £25000.
>
>I'm no expert on this but:
>
>ISTM that this is the shortfall, about 8K.
>
>And if, repeat if, there was misselling this is the amount that has
>to be made up. And given that there is still 11 years of growth
>left, a claim today would probably net 3-4K.
>
>29% of that, now doesn't seem like quite such a lot of money for
>the amount of effort involved, does it?
>
>BICBW with my calcs.
>
>Perhaps someone who does this for a living can work out a better
>figure.
It isnt calculated that way.
The correct way is to compare how much you would have paid off by today
on a repayment if you had taken one form the outset with todays
surrender value of the policy. This is then adjusted by the difference
in the total monthly payments made to date with the repayment mortgage
and with an interest only mortgage with the endowment premium. An
allowance is then made for the supposed cost of Decreasing Term
Assurance on the repayment mortgage. You then have two figures to
compare and if you are worse off with the endowment then you get the
difference (assuming it was a genuine mis-selling case that is)
To perform this calculation accurately the intermediary needs to know
all the different mortgage deals and interest rates you have been on
since the outset which most people dont know. In that case the company
must use a default interest rate which is the Halifax Base Rate. Most
companies use the same piece of software as the FOS which is called
'mortgage fundamentals' AIUI.
--
John Boyle
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| Re: Endowment Claim [message #373796 ] |
Di, 21 März 2006 23:51 |
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In message <48b2k7Firqv5U1 [at] individual.net>, "tim (in sweden)"
<tim_in_sweden2005 [at] yahoo.co.uk> writes
>> I don't think the claim companies would do much more than take details
>> from you and use these to fill in Abbey's standard claim form. Paying
>> someone £1k to fill in a form on my behalf (perhaps 20 minutes of clerical
>> time) sounds like quite a lot to me!
>
>One imagines that they know better ways to answer the questions
>than you could do for yourself.
No, all they do is send you their own form which has the same questions
on, and then they copy them onto the other forms for you.
> A bit like having your accountant
>reply to a letter from the IR, sorry HMRC.
I see what you mean but an accountant usually turns primitive records
into accounts, which isnt necessary here.
The only bit of added value any of these companies can offer is to
advise you that if you dont know the answer to any of the questions
asked you can quite safely put 'cant remember - have thrown the records
away' and it wont effect your claim at all.
--
John Boyle
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| Re: Endowment Claim [message #373869 ] |
Fr, 24 März 2006 00:50 |
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Rob graham wrote:
>
> If you think you were missold it, write to the seller of the thing and say
> so. They have to work out the compensation according to the regulator's
> rules.
>
> Rob Graham
>
>
Substitute 'should work out' for 'have to work out' :-)
http://news.bbc.co.uk/1/hi/business/4605998.stm
Jeff
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