Endowment complaint - should I re-submit figures?


A

Ashley

Had an endowment policy complaint upheld and I have received a
compensation letter and a breakdown of how the figures were obtained.

They have made a mistake and put me down as paying £400 a month for 21
months when I was really paying £500 a month (a £2,100 difference). I
only have a small mortgage meaning I'm overpaying my mortgage by
approx £440 a month.

I have spoke to the company concerned and they said that I can either
accept their original offer or they will recalculate their offer based
on the new figures. Not sure if the new repayment figure will make my
compensation offer better, worse, or the same.

Should I accept the original offer or should I get them to
re-calculate?

Any help from anyone who knows how these calculations work would be
much appreciated.
 
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J

john boyle

Ashley said:
Not sure if the new repayment figure will make my
compensation offer better, worse, or the same.

Should I accept the original offer or should I get them to
re-calculate?

Any help from anyone who knows how these calculations work would be
much appreciated.
So, are you asking this group if lying is likely to get you a better
payment?

Tell the truth. If you dont, then you dont deserve a bean of compo.
 
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A

Ashley

No, the original figure I submitted were all correct. The endowment
company didn't bother reading my submission properly and therefore
made mistakes in their calculations.

I have been give a choice as to accept their compensation offer based
on thier bad calculations or I can make them do it again properly.

If I get them to re-calculate, my new compensation offer may come out
better, worse or the same. I'm trying to find someone who knows about
these calculations who can advise.

Should I take the momey & run? (I've pointed out their mistake and
they're happy for the original offer to stand) or do I get hem to
recalculate the figures properly this time?

Put another way, if I had two identical mortgages (one repayment one
endowment) and I paid the same lump sum off each. Which type of
mortgage would have the lower reultant balance??
 

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