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Julie,
We have now decided which route to take with the ‘Alba offer’, and have mailed the required documents back to you at E.A.L. earlier this evening. We have also enclosed a cheque to cover your invoice.
We have filled in the acceptance document for the £4,147.74 therefore keeping the endowment running which gives us life cover for the full £17,000 for the duration of our mortgage.
With the sum assured, the added revisionary bonuses and the compensation offer we will be approx £230 adrift of the maturity figure required.
We intend to put the compensation monies into an account at the Building Society which will hopefully generate some interest towards the £230 shortfall.
We would both like to take this opportunity to thank you and your team for the professional and speedy manner in which you have successfully completed what you suggested.
We also confirm that we are actively promoting your services to all of our colleagues and family.
We look forward to receiving the cheque at our home address.
Best regards.
Mr & Mrs H
May 26, 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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