Are You A Victim Of Endowment Miss Selling?

2007-03-08 10:33:40

( Business )



In the past, people who were sold endowment policies along with mortgage loans were led to believe that any premiums paid on the endowment policy would grow over a period of time. As a result the amount that was saved would then become enough to pay for the entire amount of the mortgage, and possibly even result in a cash surplus.

People were not made aware that endowment policies were influenced by the performance of the stock market. Because this risk was not explained to the policyholders before the purchase, it resulted in endowment miss selling during the periods that the stock market failed to perform well.

A claim for endowment miss selling can be made if you received a notice regarding a mortgage shortfall, and you were requested to make further payments in order to make up for the shortfall. You can also qualify for endowment miss selling, and can claim for compensation if you purchased an endowment policy after April 1988, was informed that the endowment policy would result in a profit, and was guaranteed that the endowment would eventually pay for your mortgage loan. Finally, a claim for compensation for endowment misselling can be made if you sold your endowm1ent policy because you could not make up for the mortgage shortfall, because believed thought that your mortgage endowment was worthless.

If you feel that you are a victim of miss selling, you should approach a missold endowment advisor, so that you can obtain assistance in filing a claim. These advisors will provide you free advise, and fees do not become due until you receive your compensation. In the event no compensation is received, or your compensation is rejected, you will not be obliged to pay your advisor for services rendered.

In order for the advisor to make a claim on your behalf, you must provide complete information on the name and address of the endowment mortgage firm that sold you the endowment policy, your policy number, the details of the insurance company (if applicable), the details that were given to you that resulted in the endowment miss selling (full documentation is strongly recommended), the date you purchased the policy, and the amount of earnings you were promised. Further information may be needed as the case progresses. Any results of rejection may be resubmitted for reconsideration.

There is a certain time period for which claims can be submitted. There are also certain other conditions, which must be present in order to file for the claim: it is recommended that you check with your endowment mortgage advisor before proceeding with making any claims.


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