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*PLEASE NOTE* This site is
for information purposes only - we are not
accepting any new cases from January 2007
This is an important question and one that only YOU
can answer. Here we give you an honest straight talking
overview of the situation.
If you have been considering whether or not to make a
claim for endowment misselling, you will most certainly
have asked yourself whether you should claim personally
or use a specialist complaints handler.
There are many companies offering this service -
particularly on the web. Most will deliver exactly what
they promise and offer you a professional "no win no
fee" service for a reasonable price.
Unfortunately there are others who will not.
This fact does not help your decision making process
so to assist - here we spell out the pro's and con's:
Advantages - claiming personally:
1) You do not have any fee to pay at the end of your
claim (some claims handlers charge a fee of up to 40% of
compensation awarded)
2) You control the case from start to finish and make
sure that delays are minimised.
3) There is a wealth of information available on how
to pursue these claims from sites such as the "Which?"
consumer pages or the FSA ombudsman official site. (see
below)
4) Most insurers will deal with you fairly and
squarely.
Disadvantages:
1) You must be conversant with the facts. You will
need to educate yourself in the principles and processes
involved. Bear in mind that it will not be an level
playing field. The insurers know their job very well and
may have staff trained to spot and exploit weaknesses in
your case.
2) Statistically it is said that many claims pursued
by individuals will fail. We cannot say what percentage
do actually fail (although you will read figures
elsewhere) because the statistics cannot be
corroborated.
3) It would be fair to say that certain insurance
firms introduce complexities and use language that does
not necessarily assist the complainant.
4) You can never be sure at the end of the complaint
process that you will be receiving
appropriate compensation. There are limited options
available to you to check the figures and available data
used by insurers in deciding your compensation award.
This aspect is particularly important in certain cases
eg: if you have switched to repayment some time ago.
Advantages - using a professional claims handler:
1) Good firms know the business very well indeed and
will fight your case assertively. The insurers do not
have the upper hand.
2) You have a better chance of receiving appropriate
compensation. We use industry standard software and
expert advice to determine whether awards are
satisfactory.
3) You do not have to worry about understanding the
technicalities or educating yourself on the issues
(although we would always recommend that you still
should)
4) Busy people can delegate the cumbersome task of
presenting and fighting the claim.
Disadvantages of using a claims handler:
1) Not all firms have the knowledge, the background
or the experience to help you win your claim. Many firms
are newly formed companies.
2) Some fees may be unreasonably high which reduces
your scope to counter balance your shortfall position.
3) Paying a fee from a compensation award means you
receive LESS than you would otherwise have done if you
claimed personally. This may affect your ability to
balance the shortfall.
Read more about endowments and real life case studies
on the official FOS site -
Financial Ombudsmans official site.
We also have a team of specialist Insolvency lawyers
providing
bankruptcy help and advice
Endowment complaint problem areas and key questions
compensation injury claims -
personal injury claim -
accident claims -
criminal
injuries compensation
- Law Society of
England & Wales -
industrial injury -
legal news -
accident compensation -
dog bite claims -
manual handling regulations -
clinical negligence -
online legal advice -
dental claims - -
useful links -
claim for your child -
personal accidents
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