Guardian Royal Exch. Ass. questions...

[heidi1]

Hi there, I'm enquiring on behalf of my Grandparents.

 

I'll keep this short and to the point.

 

They were "forced" to take out an assurance policy with above co. with their mortgage, despite having an endowment mortgage. They paid a premium each month from 1985 to 1994. The FA at the bank (Barclays) said they had to have this insurance otherwise they could not remortgage, even though the mortgage had the same level of cover anyway. My Grandmother has enquired with GRE if they would have paid out aswell as the endowment, their answer was NO! meaning they have paid for something totally useless.

 

Its not PPI as such, more a life policy, can they claim it back? How do I use the calculator? (in simpleton terms please) do I have to work out the interest on each individual payment (their interest was 14.25% pa) or if I put in the start date and todays date and the premium, will it tell me what the interest was and we use that figure? THEN add on the 8% ??? I'm a bit stuck at what to do, sorry :/

 

If there is anything you want to know to be able to help me better please ask, I was avoiding turning this post into War & Peace

 

Thanks in advance

 

Heidi

[unclebulgaria67]

A complaint would need to be made in writing that the product was missold to them and therefore they would be entitled to a refund of all premiums paid, plus 8% interest per annum.

 

Worth speaking to the FOS about this, to see if they would deal with a complaint, as these issues go back to 1985 when the FOS did not exist.

 

Not worth making calculations, until it has been established that the product was missold.

[heidi1]

Ok thats great to be going on with, thank you... is there a standard template for a letter or do I need to get my clever head on an write something myself??

 

TIA (again)

 

Heidi

[unclebulgaria67]

Yes you would have to write it, as a template letter would be totally inadequate. There are some template letters on CAG about bank charges and PPI, but not really about the issue you have.

 

My advice would be to do some research online about Insurance being mis sold. In particular look at the FOS site and do a search of that site for mis sold Insurance. Look at any case studies, which have been upheld or rejected. Write down what issues have been accepted or not accepted as cases of mis selling. Also worth looking on FOS and elsewhere for court cases where mis selling has been an issue. Also the OFT will have done reports about mis selling.

 

When you have compiled the information, write each bit down asa bullett point and then form sentences around each to form the letter you want to send. That is the way I would do it, as I find it easier to write letters that way.

[heidi1]

Brilliant, thank you...

 

So, watch this space I guess then... I have all the info from the SAR we sent, including the application form, and a schedule of payments made. I made a mistake in my op regarding the dates which is by the by, it actually finished in 2005 not 1994. The schedule of payments has all payments from 1985 to 1994 missing, I guess this is because they have either been archived, or more likely that the system they were running at hte time was so basic that they do not have record.... what ever the excuse, I have the date from which it came into effect so its easy to work out the payments that are missing.

 

Thanks again,

 

Heidi