help with misold endownment-Please help!!!

frostypug10

Thanks for that,Also a good point is that they arranged the endownment to mature a year after my husband is 65 Surely this is not right!!!
anyone know anything about this?
I also considered mentioning TV's Watchdog and 'Dont get done get Dom', maybe it might do some good. Any opinions on that?

dunstonh

Also a good point is that they arranged the endownment to mature a year after my husband is 65 Surely this is not right!!!

If its more than a full year after then there may be some grounds for complaint there but its a push. Less than a full year then no mis-sale as you cannot get exactly the retirement date. Also, had you had a repayment mortgage you would have still gone one year past it. The retirement age thing is not as strong as it was a few years ago.

I also considered mentioning TV's Watchdog and 'Dont get done get Dom', maybe it might do some good. Any opinions on that?

Wont have any impact either for the financial services company involved or the tv programmes. They just wont be interested as the endowment issue is drawing to a close and there is a defined process to handle complaints.

Only if you had strong evidence of a mis-sale and a complaint had been rejected after the FOS would they perhaps show an interest.

frostypug

Many thanks for your reply. You have reflected my worst thoughts but I did suspect that was the case.
It is really unfair the rubbish I was told, the Mortgage advisor at Barclays told me last week that the endownments were "performing" when it was sold to me but admitted that the rep. should have mentioned the possibility that they might not pay the full amount.
He has given me a letter with the usual options of paying the outstanding £6000 on the £16000 endownment but I dont know what to do now.
Should I take some independent financial advice?
I can't see anyway out of this, I think I have been duped and everyone is against me. Surely this is'nt right?
Any thoughts?

treliac

frostypug10 wrote: »

Thanks for that,Also a good point is that they arranged the endownment to mature a year after my husband is 65 Surely this is not right!!!
anyone know anything about this?
I also considered mentioning TV's Watchdog and 'Dont get done get Dom', maybe it might do some good. Any opinions on that?

Have you read the endowment mis-selling thread? It's long but is helpful.

If the answer to the questions asked of you is that you weren't given the information at the time of purchase and didn't know the consequences of taking advice to have the endowment, then that is the truth and I would put it in your complaint. If you were not likely to have the income to pay for this mortgage after a set retirement date, in my opinion it is a valid point to make and it is one aspect of my own complaint.

If you feel you need assistance to fully explore this, then why not try
http://www.libran-compensation.co.uk/. They have been featured in Guardian Money as the best value endowment claims handler.

Some of the posters on here are quite negative towards claims relating to mortgages for probably a variety of reasons.

My own complaint is proceeding satisfactorily and I hope to be in a position to post the result before too much longer. I, too, was given varied responses, some positive and some negative, when I first posted for advice on my situation.

It's up to you, do you accept defeat now or do you go for it? The only fly in the ointment, frostypug, may be the time barring you mentioned earlier in the thread. If the financial ombudsman service has already looked at your case and says it is out of time then, fair or not fair, that might be it. You need to be sure on this point.

treliac

dunstonh

Some of the posters on here are quite negative towards claims relating to mortgages for probably a variety of reasons.

There are multiple reasons for this. There has been evidence of some benefit when using some claims companies. However, we have seen many examples where template letters are used which are identical for everyone listing every possible mis-sale area possible whether it applies or not. its a 30 second letter anyone of us could generate via the Which template. Yet they take 25-35% for it. Some claims companies automatically put a complaint in whether its mis-sold or not. Some encourage you to put in a complaint by telling the consumer lies (more on pensions than on mortgages).

A good claims company could benefit you. Use a bad one and it could hamper you. I have seen evidence of complaints failing because it was shown the claims company had made up information on the complaints or filled in FOS forms themselves (handwriting not matched and when comments queried, the consumer couldnt confirm what had been written).

So, you cannot say all are bad or all are good. Certain names are frequently mentioned on this forum though and other places who you should avoid.

the Mortgage advisor at Barclays told me last week that the endownments were "performing" when it was sold to me but admitted that the rep. should have mentioned the possibility that they might not pay the full amount.

If its a mortgage adviser you saw then they are probably not authorised to discuss investments (otherwise they would be called financial planner or similar. Mortgage adviser is used by those without investment authorisation). So, you have to take what that person says with a pinch of salt. They may just agree with you as its the course of least resistence.

Should I take some independent financial advice?

Cant do any harm. First meeting is free and you can see then if there will be a benefit or not.

neverdespairgirl

treliac wrote: »

An odd comparison to make. A situation I would not consider alongside my mis-sold mortgage.

Relevant, though, to whether or not the time limits are reasonable. I can't see anything to worry about in this time limit, compared to others.