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Hi Glen,
From my understanding of endowments if a rate of 6% is used for predicted growth there will be a 30% shortfall. Alot of endowments are acctually growing at 8%, hence my warning - don't just sell in a panic because some unscrupulous individual will do ya!! Of course there are many variations and circumstances to take into account. Being a financial muppet myself I took independent advice from a recommendation of someone I trusted.
Dave
Thanks for the advise dai, sorry that I didnt get back to you earlier. I hope that your bathroom is now finished and that you are happy with product? I will most proberbly see you at the Llandudno Branch give me a call
Hi Carl,
Bit late looking at the forum, however, I have some info which might help. When we first starting trying to trace Mark Dunning regarding our shortfall in 2004, we traced him through a company called Mount Financial Services and a fella named Brian Win. He advised us that Northern Services had ceased trading and that his company were acting as continuing Independent Adviser Company for ongoing clientele.
However, 2 months later we received a letter from Mark Dunning himself on Northern Services headed paper stating he had reviewed our case and insisted that all information regarding possible shortfall had been shown to us at the time the policy was sold to us - RUBBISH!!
We went through the FSCS but they have eventually told us (took about 18 months) that we are unable to claim any compensation.
If you need any more info, get in touch - hope this helps.
Mal Owen 96
Hi!
I'm sure you are aware that the Government is now involved in tracing these scams that saw incorrect selling of insurance products and especially Endowment Mortgages. There is an advertising campaign on TV regarding this and it's worth anybody contacting them (it's free according to the advert) as there is a cut off date for claims(so I'm led to believe!).
My middle son has just taken out a Mortgage with Northern Rock which is a repayment style mortgage. Having trawlled the Financial Institutions for the most appropriate deal the only way it seems your going to be sure of the property being yours at the end of the term of payment is by using the repayment method. It's a mine field out there, these agents are only after making a fast buck or two on the backs of people who only want a home to live in.
Good Luck to all in chasing any shortfalls you may have.
Hingey
Hello all,
Firstly i like to thank everyone for there replies. As for the last posts from Mal and Paul i to have been chasing this for the last three years, only to be told that the company does not exist and the Battalions old friend Mr Dunning has long gone and was not able to claim any compensation. If there was a way you could go through the MOD to claim compensation i would as if you all remember this great man was introduced to the Battalion by the Regimental Paymaster 1 RWF dating back to Ternhill where i took out my first policy. As i can remember since then Mr. Dunning was like a VIP member of the WOs + SGTs Mess were at times he was accommodated were he set out from ripping the Battalion members off. Just to finish i know i sound bitter and apologies for that, but can i advise that all you Mr Paymasters please do your research.
Regards Happy New Year to you all.