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Endowment Mis-SellingThe Credit Crunch/Crisis will ensure millions of endowment mortgage policyholders will face a shortfall when their policy reaches its maturity. Few customers were told that such a shortfall was possible and the associated risks that would result.This is a classic case of mis-selling (being told one thing when the opposite was just as likely to happen). Millions of Endowment Mortgage Policies were sold in the UK during the '80s & '90sPolicyholders were not given sufficient or accurate information concerning the risks involved in linking an endowment policy to the repayment of their mortgage at the time when it was sold and are now entitled to compensation (redress) as a result.Endowment Risk -The risk of not doing anythingHaving failed to do anything so far with regard to your endowment complaint, it must be assumed you are satisfied with the advice you were provided with at the point-of-sale. If that is not the case and you have been "waiting and seeing" you will no doubt have received letters from your endowment provider forecasting the future "high risk" of a shortfall at maturity. Some of the firms sending these letters are trying to mitigate their own losses and are using these warning letters to implement a time-bar, under the Limitation Act. Should this underhand tactic work (and the Regulators seem happy with this) you will have no means of achieving any form of redress unless you react within certain time constraints and the forecasted shortfall of the policy will have to be paid from your own resources. As the consequences of not mitigating your loss are obvious, we would recommend you take action and the sooner the better.Endowment Shortfalls are now a certainty...As explained on the previous point, our main task is to get the message across to the hundreds of thousands of endowment policyholders, who have so far done little or nothing to help themselves and have been hoping that something will "turn up".In our view it is too late for things to resolve themselves naturally as bonus rates on these policies continue to fall significantly. The credit crunch/crisis is making matters worse. It is time to take action, as your redress is waiting for you because the Rules have been put in place to protect you from mis-selling. You may not realise that your home could be at stake if you do nothing. In addition, your retirement could be ruined by having to extend your mortgage when you should be enjoying the "fruits of your labour".If you are forced to sell your property consider the true cost of downsizing; the cost of stamp duty, solicitors and estate agents fees. All because you were sold an endowment mortgage which more than likely you didn't want in the first place! Endowment Risk- A significant percentage of people fail when handling their own endowment complaint...The claims procedure involves the 'tortuous' process of proving beyond doubt the mis-selling of your endowment policy. People are reluctant to embark on a process of which they often have no knowledge and little understanding. It occurs to us that it must be difficult to complain about something you know little about, as the compliance issues raised in mounting a successful claim are often deeply complex. Moreover, one must prove beyond reasonable doubt that you were mis-sold a policy as the mere mention of performance issues will guarantee rejection.This is where you need the experience of an organisation with many years experience in this area, who can help explain your complaint in the most relevant and appropriate way, in order to get the most satisfactory result for you and largely does away with the sorting out of who said what to whom at the point-of-sale, as this occurred many years ago. Instead, its better to concentrate exclusively on the evidence available (which the Firm holds). We therefore expect to win a large percentage of cases we take because our interpretation of the evidence available is likely to prove that mis-selling took place. The people who seemingly need the most help are the ones being failed by the system, which has been put in place to assist them in obtaining what is, after all, their entitlement. If you are worried how the complaints procedure works it is all done informally by letters, there are no appearances in court, no cross examination, or (hopefully) little involvement by yourselves. Finally on this subject you can only make one claim so make sure it is handled correctly. |