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  • FIRST POST
    • charles stuart
    • By charles stuart 9th Oct 17, 2:33 PM
    • 4Posts
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    charles stuart
    Mis sold Interest only mortgage
    • #1
    • 9th Oct 17, 2:33 PM
    Mis sold Interest only mortgage 9th Oct 17 at 2:33 PM
    I took out an interest only mortgage with Norwich Union in 1993, the accompanying with profits policy didn't pay out the amount projected. Do l have a claim?
Page 1
    • zx81
    • By zx81 9th Oct 17, 2:37 PM
    • 14,388 Posts
    • 15,181 Thanks
    zx81
    • #2
    • 9th Oct 17, 2:37 PM
    • #2
    • 9th Oct 17, 2:37 PM
    No. .
    • Moneyineptitude
    • By Moneyineptitude 9th Oct 17, 2:58 PM
    • 18,902 Posts
    • 10,121 Thanks
    Moneyineptitude
    • #3
    • 9th Oct 17, 2:58 PM
    • #3
    • 9th Oct 17, 2:58 PM
    How was your mortgage "mis-sold"? There was never any guarantee of any payout at all, let alone the projections of two decades ago.
    • charles stuart
    • By charles stuart 9th Oct 17, 3:01 PM
    • 4 Posts
    • 0 Thanks
    charles stuart
    • #4
    • 9th Oct 17, 3:01 PM
    • #4
    • 9th Oct 17, 3:01 PM
    I was talking to some people who said l should try to claim as they reckoned they had a similar experience and were compensated. I was unsure, thus my post.
    • McKneff
    • By McKneff 9th Oct 17, 3:13 PM
    • 35,713 Posts
    • 45,984 Thanks
    McKneff
    • #5
    • 9th Oct 17, 3:13 PM
    • #5
    • 9th Oct 17, 3:13 PM
    Way, way out of time anyway. Your boat has sailed away
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
    • dunstonh
    • By dunstonh 9th Oct 17, 3:25 PM
    • 89,900 Posts
    • 56,576 Thanks
    dunstonh
    • #6
    • 9th Oct 17, 3:25 PM
    • #6
    • 9th Oct 17, 3:25 PM
    In respect of misold interest only mortgages - not a hope in hell. The FOS routinely reject these. As they say in their publiciations, there was no regulatory reason for them to be considered missold at that time.

    Plus, if they did consider it missold, they would compare it to the position you would have been had you been renting. So, that means all those years of lower mortgage payments than rent would work against you plus they include the equity you would have gained vs none had you rented.

    If you mean in respect of the endowment, then you are very late to that party. Most endowments are now barred from complaint. Two timebars can be applied.

    1 - if the policy is still in force, then they can time bar you if it has been three years since the first notification of a high risk of shortfall has been issued. Most of these meant the mid rate projection on the statement had to show a figure below the target. Most of those got issued around 2001-2004. So, that meant they could timebar by 2004-2007. A were late to start timebarring but most were done by 2009.

    2 - If the policy is no longer in force and has matured, then you have 3 years from the maturity date to raise a complaint. This is under the 3 & 6 year FCA timebar rule which states that a complaint can only be barred if it is 6 years after purchase AND 3 years from being reasonably aware of an issue. You are well past the 6 year date. You dont say when the maturity was.

    Aviva were active in using timebars.

    I was talking to some people who said l should try to claim as they reckoned they had a similar experience and were compensated.
    About 25-35% of endowment complaints were upheld across firms. However, it was something that these people probably did about 10-15 years ago.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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