Claiming Compensation For Mis - Sold Endowment Policies

By: Derek Both

Endowment policies can be a tricky business if you don't know much about them, especially when things go wrong. As long as you have done your research before committing to anything there shouldn't be any problems but unfortunately, sometimes things go wrong. It is important to understand your rights and what options you have if things do go wrong however.

If you think you have a case regarding mis - sold endowment policies then you will have to act on any shortfall before you can claim any compensation. If you feel that you have a case then the first step that should be taken is to complain to the company who sold it to you. If the company are unable to resolve your complaint or turn you down for compensation then your next step is to contact the Financial Ombudsman.

In order to save yourself time, money and stress, there are a few easy ways to tell if you have a strong enough case to claim compensation. You are more likely to win a case against mis - sold endowment policies if the product was unsuitable at the time and or you did not understand what you were buying at the times and the risks that were involved in doing this. You may also have a case if the sale was inappropriate to your circumstances at the time.

In order to be successful in your case it must be proved that you have lost out as a result in purchasing the policy. The amount of compensation that is given for mis - sold endowment policies depends on the damage you have suffered and how much money you have lost.

Claiming compensation for mis - sold endowment policies can be a long process and it is important to ensure that it is done in the correct manner otherwise you may end up being worse off than you were before. The best advice that can be offered would be to contact a professional who has dealt with his situation before. They know what they are talking about and understand the correct procedure which means that you are more likely to win your case.

In the unfortunate event of endowment policies going wrong there are people out there who can assist you and help you get out of the situation. Provided everything is done correctly the situation should be rectified promptly and you can get on with your life once again.

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