How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask UKSolicitorJA Your Own Question
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
Type Your Law Question Here...
UKSolicitorJA is online now

In March this year my husband rang the Prudential to obtain

This answer was rated:

In March this year my husband rang the Prudential to obtain an estimate on how much we would receive on our endowment which is due to mature in two weeks time. They quoted a figure of 39,000 which my husband did think was high. The next day he rang to check the figure again and a different person gave him the same figure. My husband asked for the estimate in writing and we received it a few days later. We understood the estimate to be an estimate so we expected to receive a figure from around 34,000 upwards. As we believed we would receive this figure we booked a 10,000 holiday for my husbands 50th which is later this year and ordered a 5,000 kitchen. In May my husband rang for an update on the estimate as it was due to mature in less than 2 months. The figure they gave him was around 21,000 which is 19,000 less in a space of 3 months. When Prudential checked the paperwork they advised us they had given us an incorrect figure, and two advisors had both given us wrong information. They have written to us and have admitted they gave us wrong information but as it was a quote there is nothing they can do other than offer £300 for the mistake. We have passed the information to the FSO who have advised us to accept the £300, as the estimate was just an estimate and we have to accept an error was made. My husband and I do accept it was an estimate but we did not expect a figure of 39,000 to drop to 21,000 in such a short space of time. We did receive an annual statement last year giving us an estimate which was around 22,000, that is why my husband rang twice to check the figure and ask for it in writing as we were surprised the figure was so high.

Whilst I sympathise with your situation, I am afraid I do not see a case here for you as you were sent the annual statement last year giving you an estimate of 22,000 and you received 21,000 eventually.

Whilst an error was made in giving you the higher estimate of 39,000, this was an estimate and unless you are able to show that the 21,000 payout is incorrect and should be more (or a lot more), then there is nothing you can do in which case I agree with the FOS that you should accept the 300 goodwill payment.

May I help further?
UKSolicitorJA and other Law Specialists are ready to help you