The Endowment Diary

The Endowment Diary

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The Endowment Mis-selling Debacle - one of the UK's worst financial scandals

Thursday, February 20, 2003

I received this today from one of our fellow endowment holders, edited extract...

"Hello Ken

Re: Endowment Mortgage Action Group

Great news - Today, after letters, faxes, emails and phonecalls, the £375 fee that I paid to ***(edited out) in August 2000, plus the documents I had supplied , was returned minus £2.16 postage!!! So they get to keep the interest for 2 years plus. Is this what is called sharp practice?

When your newspaper (edited) contact rang some months ago she was told that the scheme was being suspended because they were unable to obtain legal expenses insurance. The paper (edited) was advised that people would get their money back. When I rang yesterday to enquire about the delay the secretary first asked me if I was a new member of the group, so it looks as if the game continues. Curiouser and curiouser.

Now that I am back where I started two and a half years ago, I am pursuing my claim with the lender and of course, as you know, it is a slow grind.

Best wishes.."

My reply, edited extract..

"Hi ...,

Bit of a curate's egg really isn't it?

You get your money back but have wasted 2 years time and effort, plus lost interest income.

I agree it is a very slow grind....

best regards,

Ken"


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