For anyone interested here is my experience with then from 2001. The result of this letter (to the MD who wrote to me asking for more money) was a 1/2 inch thick wad of gobbdey-gook through my letterbox a week later and me cashing in my plan with them a month after that for an acceptable sum. They are a bunch of toss-pots imo.
Dear Mr. P*****,
I received today your letter enclosing the bonus certificate and an invitation to join one of the Legal and General ISA saving accounts. I am amazed at the cheek your company has to invite me to invest more of my money in a company who has frankly grossly mismanaged the funds it already has, and has misled me to believe that an endowment policy was a good investment in the first place!
In February 2000 I received notification (no apology) from S** B******, your then customer services director, that my endowment would short deliver by over £10,000; this is nearly 20% of the expected redemption value on maturity and is frankly absolutely disgraceful. I was amazed then, that I was invited by L&G to top up the endowment by giving you more money to mismanage. You are supposed to be financial experts for goodness sakes! How could you make such a huge mess of your customer's investments? It's easy I guess when you operate in an environment of zero accountability and low customer expertise. I suppose I should congratulate you on the front you show to come cap in hand for me to help you out.
Since last year I have been looking for a way to close the endowment plan and reinvest with a more reliable company, or at least a more reliable form of investment. I can assure you it will never be one of Legal & General's! Furthermore I will always dissuade anyone else I know from taking out one of your policies.
I would ask that you please respond ASAP in writing with the following:
1. Assurance that you will not send me offers of anymore of your products!
2. The current redemption value of my endowment policy including any penalties (which I'm sure you will have in place to protect your profits).
3. The maturity value of the policy if I let it run its full term.
4. Instructions as to what course of action I could take to get the £10,000 shortfall back from you, or at least some compensation.
5. The most common course action is that has been taken by other L&G customers since you wrote to them in February 2000.
6. Why I was given poor information regarding your policy in the first instance.
7. An apology would be nice!
Yours sincerely,
Originally posted by HandyAndytho the down turn my investments went down, its there responce and attitude when phoneing them made me very annoyed, kept saying nothing to do with them, and if i took out my money they would be fair to thier customers who stay and keep more than 14% of the total value so not only the investment is down [which i understand] its not even worth the value they say.
Thanks for the advice. What was your experience?
Originally posted by stokerAside from the market downturn, it sounds like they are imposing hefty withdrawal fees. Were you told about the existence
tho the down turn my investments went down, its there responce and attitude when phoneing them made me very annoyed, kept saying nothing to do with them, and if i took out my money they would be fair to thier customers who stay and keep more than 14% of the total value so not only the investment is down [which i understand] its not even worth the value they say.
or amount of any such fees when you opened your account? If not, you might want to see a lawyer, or at least register a complaint
with the Personal Investment Authority, or whatever agency regulates investment firms in England these days.
Originally posted by stokerThis is just the MVA which most insurance companies are levelling at present due to the poor performance of the stockmarket.
tho the down turn my investments went down, its there responce and attitude when phoneing them made me very annoyed, kept saying nothing to do with them, and if i took out my money they would be fair to thier customers who stay and keep more than 14% of the total value so not only the investment is down [which i understand] its not even worth the value they say.
Ask yourself a few questions such as
Do I need to get my money out now?
How long does my investment have to run till maturity?
Will I get bonuses at maturity?
If I cancel and take my cash can I invest it better elsewhere? (With a 14% MVA you will need to find a helluva good performer elsewhere!
You really need to go back to whoever sold you the policy and talk over your options with them.
Originally posted by HandyAndyits in the small print. it was 7 years ago unshure what i was told back then. but the complaint was started thet said we will respond within 28days, after 27 they wanted more time to investergate and would respond within 28days after 27 again they need to look further into the matter. anyone else smell the s**t
Aside from the market downturn, it sounds like they are imposing hefty withdrawal fees. Were you told about the existence
or amount of any such fees when you opened your account? If not, you might want to see a lawyer, or at least register a complaint
with the Personal Investment Authority, or whatever agency regulates investment firms in England these days.
Originally posted by adramforallhad planed to take it out this year and will but do not invest with them
This is just the MVA which most insurance companies are levelling at present due to the poor performance of the stockmarket.
Ask yourself a few questions such as
Do I need to get my money out now?
How long does my investment have to run till maturity?
Will I get bonuses at maturity?
If I cancel and take my cash can I invest it better elsewhere? ...[text shortened]...
You really need to go back to whoever sold you the policy and talk over your options with them.
its past its maturity
i am in talks but if they recommended this im not going to take there advice again am i.
Originally posted by divegeesterMy advice would be get out and take your losses. Your company has obviously lost heaps and you would be foolish to invest any more.
For anyone interested here is my experience with then from 2001. The result of this letter (to the MD who wrote to me asking for more money) was a 1/2 inch thick wad of gobbdey-gook through my letterbox a week later and me cashing in my plan with them a month after that for an acceptable sum. They are a bunch of toss-pots imo.
Dear Mr. P*****, ...[text shortened]... rding your policy in the first instance.
7. An apology would be nice!
Yours sincerely,
The Liquidator
PS We would appreciate the business - A PM would do.
Originally posted by divegeesteryep that seems the company ive had the misfortune to be with
For anyone interested here is my experience with then from 2001. The result of this letter (to the MD who wrote to me asking for more money) was a 1/2 inch thick wad of gobbdey-gook through my letterbox a week later and me cashing in my plan with them a month after that for an acceptable sum. They are a bunch of toss-pots imo.
Dear Mr. P*****, ...[text shortened]... rding your policy in the first instance.
7. An apology would be nice!
Yours sincerely,