Mis-sold a life assurance policy - they have found in my favour

[GimmeAy]

Now they want to know how to come to an agreement.

What would you request?

What’s the context?

1 million pounds.

Lol - I'd love to request a monetary reward for the distress caused to me, but I fear such a thing is not likely to be forthcoming lol.

I threatened them with the Financial Ombudsman.

You can call the ombudsman for advice. They have a helpline look on their website

Well on ppi. It’s a refund of all premiums plus 8% interest on all of those payments ?

It will be monetary there’s calculators and such to award for Distress.

Have you had to pay any costs in order to get this all rectified? Make sure you include those

@GimmeAy not enough details we could be talking pounds or thousands.

E.g did someone die or did you over pay on your premiums?

Won't you get more helpful answers in legal or money matters? How can anyone vote on your question, what are you being unreasonable about?

How did they miss sell you a life insurance policy, did they twist your arm to sign it?

Lol - I'd love to request a monetary reward for the distress caused to me, but I fear such a thing is not likely to be forthcoming lol
Why lol? That is what usually happens. How was it mis-sold and what were the consequences?

Money Saving Expert site may be the place to get good advice from others who have done the same

Consequences are minor, but it was sold as paying out in the event of my untimely death in any event. Turns out, it only pays out in the case of some accidental deaths.
So I kicked up a fuss when I read the paperwork and was initially told that no - they hadn't mis-sold it. Now they're saying they have.

I'd want all the payments back seeing as you were paying for something you weren't getting.

I only signed up for it a couple of weeks ago, so it's not as if I've paid into it for years or anything like that.

Just wondering what to ask for!

I could ask them what their trading licence is worth to them I guess!

Surely you just want the actual policy you thought you were buying, at the premium you agreed to pay?

I think what changed their minds is that I requested transcripts of the calls (I already have the emails) and now they've said that my complaint is upheld.

What I thought I was buying doesn't exist though.

You should get a return of any premiums paid, and given this was only a couple of weeks ago that might not amount to anything. As for distress and inconvenience (D&I) you will be lucky if you get over £50. Even if you go to FOS, they are unlikely to make the firm offer more than that.
D&I is subjective, but FOS look for material distress and they will know if you are taking the piss with your request. As it's been a couple of weeks, it's unlikely to have affected your ability to get life insurance. If this was 10 years down the line, life insurance would be more expensive for you, as you are 10 years older, and statistically more likely to suffer from sickness/illnesses etc and also you would be 10 years closer to your death, so a higher risk from an insurers' perspective.

If you haven't actually incurred a financial loss, I'd say a grand for the hassle and inconvenience plus £500 because they were lying twats (what m'learned friends call "exemplary damages", but it amounts to the same thing).

All the premium plus compound interest.

Just seen your update. Refund of premium plus a hundred quid for the inconvenience of having to chase them back to prove they were lying.

@GimmeAy

I only signed up for it a couple of weeks ago, so it's not as if I've paid into it for years or anything like that.

Just wondering what to ask for!

If it was only a few days ago what would they be compensating you for? A few hours of hassle arguing with them?

Sounds like a misunderstanding as much as a best-selling, you were clearly on the ball and spotted the mistake straight away.

Anything more than a refund of what, one premium at most, an apology and maybe a gift card is surely putting you in CF territory.

@PassingByAndThoughtIdDropIn

All the premium plus compound interest.

Compound interest for one premium for a fortnight - I'm guessing £0.00 at today's interest rates . In fact at pretty much any interest rate.