Miss sold a savings plan...

A question about : Miss sold a savings plan...

Hi I would like some advice if poss...

Back in 1987 I was a raw recruit in the RAF - we were literally marched into a room and told we needed to 'save young man' - 'handily' there was a rep from Abbey Life there who promptly signed me up for a 35 year savings plan called Wealthmaster.

Of course 8 yrs later I looked at my life and the performance of this product and surrendered the policy.

A year or so ago I wrote to Abbey Life to complain that I had been miss sold... they have just agreed and have offered me the following...

They agreed that a 35yr plan was not suitable for a 17yr old kid! and thought a 10 year plan would have been more appropriate they state...
'As a gesture of goodwill we are prepared to offer you the maturity value that would have been set up with a 10 yr term at outset. Interest will be added to this maturity from the 10th anniverary to our compensation calculation date.

Basically this equates to a subtotal of Ј4931

Less the surrendered value I recieved in 1999 of Ј3716

Giving a total redress payable of approx Ј1215

My question is - is this fair? My first impression is that it is adequet and I should accept? What does everyone think?

Sorry my 1st post is a whopper!

Any opinions would be appreciated

Regards

Gr@ndad

Best answers:

• It seems very fair.
  Abbey Life consultants seemed to be in many bases and I have come across products sold by them before to armed forces personnel. Many were inappropriate because Abbey Life paid commission based on the term of the policy.
  It does seem fair to me based on what you have posted.
• I have to agree.
  I don't know whether they could have but the time since you cashed in (were short-changed on) the investment makes me think they could just have blanked you with a, "9 years have passed. All documents and records have now been weeded/destroyed/shredded. Sorry. Goodbye."
  Take the money.
• Hey, Grandad, if you were a raw recruit of 17 in 1987, you can't have been a Grandad very long! Congratulations on the new baby! ;D ;D
  (if I'm making wrong assumptions and making a fool of myself, it won't be the first time) :
  And welcome to the site.
• Thanks all - I will accept Abbey Life's offer.
  PS I am not a grandad - it's a nick name and a long story! Thanks for the welcome I've been 'watching' for ages!!
  Gr@ndad