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&#3967% doing nothing on shortfalls&#39

Most mortgage endowment policyholders have done nothing to address shortfalls on their policies, according to the Consumers&#39 Association.

The research, through the CA and Which? endowment campaign website, shows that 62 per cent of people who have a shortfall on their endowment mortgage have done nothing to reduce it.

The survey reveals the 10 companies with the highest average shortfalls. The three companies with the biggest shortfalls are Abbey Life with an average £12,910 shortfall, Axa Sun Life with a £12,540 shortfall and Scottish Life with £12,130. The average shortfall overall was £8,860.

The online questionnaire has generated 4,850 responses from endowment policy-holders since July 2002.

Consumers&#39 Association director Sheila McKechnie says: “It is very concerning to see that 70 per cent of the policyholders with shortfalls have not yet complained. Consumers who received red reprojection letters in spring 2000 may only have a few days left to complain.”

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