Here I present a public record of my progress (or lack of it) in
claiming financial redress for the mis-selling of two endowment
policies.
I will also keep you up to date with the latest developments in the endowment mortgage mis-selling scandal.
During the eighties, endowment mortgages were the popular method of financing a mortgage. Some 8 million people in the
UK now own an endowment policy. It is expected that the majority of these policies will fail to pay off the mortgage debt.
The latest estimate is that there will be a £40BN shortfall. However, I suspect that this will top £100BN.
The endowment policy mis-selling scandal is one of the worst
financial scandals to hit the UK.
Endowment policy holders, and home owners, are going to end up paying
the price for the mis-selling of these products by the "professionals".
Towards the end of my 25 year endowment (taken out with General Accident), I wrote to Aviva requesting a face to face interview with someone from the company to go over in detail the various questions I had. I was perfectly happy to travel to Norwich or London or wherever (but not India).This was necessary as I could never reach anyone on the phone either interested or knowledgeable enough to provide detailed answers. I received various letters all refusing face to face meetings, including one from Hugh Hessing, their 'customer experience director'. I wonder how Mr Hessing gets his experience if he refuses to see customers?! Quite apart from the fund performance aspects (shortfall of £30000) I am disgusted at the arrogance of a company that can take your money month in month out for 25 years and refuse to meet you! Not even the banks are that arrogant!
ReplyDelete