Bonfires !! Grrrrr

[AJSki2fly]

Was that an endowment product? They were shocking, can you prove misselling as that can sometimes get you some money back?

Sent from my POT-LX1 using Tapatalk

Hi Lawrence,

Not endowment, one was an Executive Pension scheme from when I had a small IT company, luckily I had frozen that one, but it only had £46K in it, the other was a private pension scheme that reached £250K and then within 1 year Standard Life took over half of it, due to management cost and losses on the markets, strange because the market had averaged 8%/year for the past 4 years. I think it was Prudential Life that started it all off, and a group individuals took it to the high court, and the high court judge said that in this case the Law was an Arse and he had to side on the insurance companies side. the government then spent the next 2 years changing the pension laws to stop it happening again.

[Lawrence001]

Hi Lawrence,

Not endowment, one was an Executive Pension scheme from when I had a small IT company, luckily I had frozen that one, but it only had £46K in it, the other was a private pension scheme that reached £250K and then within 1 year Standard Life took over half of it, due to management cost and losses on the markets, strange because the market had averaged 8%/year for the past 4 years. I think it was Prudential Life that started it all off, and a group individuals took it to the high court, and the high court judge said that in this case the Law was an Arse and he had to side on the insurance companies side. the government then spent the next 2 years changing the pension laws to stop it happening again.

Interesting albeit shocking, do you happen to know the name of the case so I can look it up please?

Sent from my POT-LX1 using Tapatalk

[hifinutt]

Funny how a bonfire thread has become a financial thread ! Still very interesting, we know all about Devon council tax as we pay that fully on top of our own

[Barry]

I had an endowment mortgage. When it matured it had made a massive surplus.

[Pigmy Pony]

I had an endowment mortgage. When it matured it had made a massive surplus.

Probably depends on when you started the policy.

I think it all turned to crap in the early eighties, we took out ours in 1983. When we realised it wasn't going to deliver as promised, I switched to a repayment mortgage (actually didn't cost that much more), and kept the endowment side going. I think we may also have got a couple of thousand from the PPI folks.

[Pigmy Pony]

But it was Steve McQueen's motorbike from the Great Escape for £1m

Sorry shouldn't joke about such things.

Sent from my POT-LX1 using Tapatalk

Lol, if only that were true, I'd be on that deal faster than a speeding Bullitt