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Which? advise you claim before "it's too late." |
Recent research suggests that almost half of endowment policy holders have yet to complain and half of these individuals are unaware of time-bars.
Recent research shows that over a million households feel they have a case for making a complaint but haven’t yet done so.
Half of the respondents who have yet to complain were also unaware of time-bars which could prevent them from claiming back compensation which is rightfully theirs.
For hundreds of thousands of policy holders it is already too late to complain as their deadline have passed. If those who feel they have a case for compensation but have yet to complain do not move fast, they may also miss their chance.
Louise Hanson, head of campaigns, Which?, said: "Too many people who believe they have cause for complaint put off sorting out their endowment problems until it’s too late. If you miss the deadline, you miss your chance for compensation - it’s as simple as that."
Jul 11, 2005
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Lloyds TSB plc has allocated a further £110 million to compensate endowment policyholders. This is in addition to the £250 million which was set aside to pay compensation in 2003.
Lloyds TSB plc to impose a time bar on endowment policyholders that were mis-sold their policies in order to prevent them from making a claim
Reported in the Daily Telegraph December 2004
Mortgage endowment policyholders are collectively going to face a shortfall estimated at £ 40 billion
The average amount of compensation where a policy has been mis-sold is estimated to be £3,000
Source ABI (The Association of British Insurers) 2006
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