How can I make an Endowment Compensation Claim?
How do I begin the endowment mortgage claims process?
Using Portal Claims to start your endowment mortgage claim process
couldn't be easier. All you have to do is
apply online or call our Claims Hotline on 08450 70 60 40
What happens once you have contacted Endowment Claims?
After receiving your initial enquiry we will send you:
- An endowment mortgage claim information pack
- A endowment mortgage claim questionnaire
- A client agreement and terms of business
You should return these to us we immediately so we can submit a
claim on your behalf. This stops the clock and may prevent the advising firm from
time barring you.
On receipt of your forms we will carry out an analysis of your endowment mortgage
claim, at which point we may ask you for further details or clarification of certain
points. Once we are satisfied we have all the relevant information our claims consultants
will construct a letter of complaint on your behalf.
Please note you have 14 days (which starts from the date you signed the authority)
to cancel your authority, instructing us to act on your behalf. The complaint report
will not be sent until these 14 days have passed and we therefore take no responsibility
for cases which are "time barred" during this period.
Once we submit a claim to your endowment mortgage provider, we will send an Endowment
Mortgage Questionnaire to you. We've made sure this does not contain the many loaded
questions often found in endowment provider questionnaires. It will also pre-empt
the questions asked by firms later - thus speeding up the entire process.
Once we have returned the endowment mortgage claim questionnaire to your endowment
provider our automated customer service system allows our claims administrators
to keep a regular check on the progress of your claim and keep you up to date...
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How will I know if I have been offered enough compensation?
Once your claim has been processed we should receive either an offer
of compensation or a letter of rejection.
We check all cases carefully, ensuring they are investigated fairly with reference
to FSA rules. Where appropriate, we will also renegotiate offers of compensation,
and if necessary take cases to the Financial Ombudsman Service for adjudication
at no extra cost.
Once we are happy with the amount of compensation offered for the claim, we will
write to you with a recommendation to accept the offer. Once this is done your acceptance
will be sent to your endowment provider who then will issue a cheque. Please note,
we then deduct our fee and forward the balance to you, normally within three working
days. Occasionally the cheque will be sent directly to you, in which case we will
issue an invoice to you for our fee ...
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What happens if my endowment mortgage claim is rejected?
Where your endowment mortgage claim is rejected unfairly by your
endowment provider we will refer your case to the Financial Ombudsman Service. When
a case is referred to the Financial Ombudsman Service it will add more time to the
process... back to top
How long will the whole endowment mortgage claim process take?
The Financial Services Authority states that endowment providers
should complete their own investigations within eight weeks. However, in most cases
they are unable to meet this deadline. We will chase them regularly on your behalf
to ensure your endowment mortgage claim is dealt with as soon as possible.
Because of this it is extremely difficult to say exactly how
long it will be before you know if your claim is successful or not. Claims which
are settled by the insurance companies usually take somewhere between five and nine
months. However, if your endowment mortgage claim is rejected and is referred to
the Financial Ombudsman Service for adjudication it will take much longer... back to top
Endowment
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