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Your MONEY: Get a move on over your endowment claim; CASHPOINT.

Byline: John Husband

MORTGAGE lenders and insurers have paid out a total of pounds 2.3billion in compensation to 1,500,000 homeowners who were mis-sold endowment policies, according to the Financial Services Authority.

But there could be as many as two million more home owners entitled to a payout. So don't hang about if you think you are a victim.

Most providers have laid down a three-year deadline for claims.

The clock starts ticking after receiving your first warning of a likely shortfall on your endowment payout. You should receive a reminder letter six months before the deadline ends.

A host of "ambulancechasing" firms have set up in business offering to handle claims in return for a share of any compensation. They reckon to achieve a higher success rate. But there's no proof of that.

The Financial Services Authority says it should make no difference because you will have to complete the same claim form either way.

If you use one of these firms, you will have to pay them part of any payment you receive - leaving you with a bigger mortgage shortfall.

For free advice leaflets on how to claim, log on to the FSA website at or call its helpline on 0845 606 1234.
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Copyright 2006 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Business
Publication:The Mirror (London, England)
Date:Aug 1, 2006
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