# Endowment Mortgage - reclaim Q



## mba (Jun 17, 2006)

Hi

Be thankful if we have any knowledgeable people on endowment mortgages. My dads policy matured 9 months ago to which he recieved a cheque for £3,251.34.

AXA (i think it is) sent him a letter yesterday stating that they had made an error in calculation and he is required to pay them £1,000 (exactly). they acknowledge it was their error but still require him to pay.

He rang them up obviously not happy to ask for a breakdown of how the amount was calculated and put to them that £1,000 seems like a conviently rounded number that they have just made up.

They refused to send proof of breakdown and still demand payment in *FULL!!*

What the fook is going on with companies nowadays

Any advice welcome :thumb:


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## S63 (Jan 5, 2007)

I have no legal expertise on this matter at all, but if I were your Dad I would sit tight and let Axa demand all they wish and if they decide to take legal proceedings then is the time to get some legal advice, first stop Citizens Advice or possibly these people

http://www.financial-ombudsman.org.uk/


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## APK (Oct 6, 2008)

I suspect ultimately they are in the right, but the problem with an endowment is that unless it is a unit linked policy, it is very difficult for them to proove the figures either way, he should request some sort of confirmation of the workings, maybe wording it alongs the lines of "if he doesn't recieve sufficient explanation, he will raise a formal complaint, referring it to the ombudsman if necessary" even if they are in the right they will be cautious about referring to the ombudsman, as that will cost AXA a £400 fee, they may decide just to right off the £1000.


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## Deanoecosse (Mar 15, 2007)

9 MONTHS sounds like a helluva long time for them to come back and try to reclaim the money, I'd assume there is some time limit barrier on claims like that? Like you said, £1000 exactly sounds like a bit of a made up figure so i'd be demanding proof first but I'd also speak to the financial ombudsman to clarify their rights to reclaim any overpayment.


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## mba (Jun 17, 2006)

Cheers for the input 

He drafted a letter to their customer services dept outlining the things mentioned by you guys. The FSA is a last resort as apparently you have to exhaust every avenue with AXA in order to solve the issue.

I wasnt aware of the £400 fee that AXA would have to pay if the FSA were to investigate, they may actually write the claim off if it goes that far.

Mark


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