missold endowment HELP

lindat_3

We had four or five endowments. Every time we re-mortgaged or moved and increased our mortgage we were advised by a variety of FA's to take out yet another endowment. The first one from the late 1970's was a good old Legal and General with profits. The others were from the 1980's very early 90's. Round about 1999/2000 we were informed on several of the policies that they would not cover the mortgage amount etc. We did panic because we were assured they would perform really well and how it was perfect for us being self employed that the amount left over was like a savings plan and a top up for our pension. With five children and being self employed we didn't know what to do so we sold them all.
We really didn't believe we could claim mis-selling as we are beyond the six year limit but this is due to our inability to understand the criteria - plus we didn't know how to seek advice on this forum. Can anyone help as to how we can go forward - if at all.

Thanks
Linda

dunstonh

Can anyone help as to how we can go forward - if at all.

You can complain about some if you believe you were mis-sold but you will have a struggle. Being mis-sold once is unfortunate but you will be claiming you were mis-sold 4 or 5 times and thats pushing it a bit.

You may already be time barred. Check your last few statements to see if there is a time bar date mentioned on there. The majority of endowments are now timebarred as you get three years from first being notified of a high risk of a shortfall. However, there are still some that are not.