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betterfixit1

Hi We have endowment with the Halifax they offered us a small amount of money based on fsa calculations about 5 or 6 years ago. We didnt know what to do so accepted the amount. Now we have been told (in writing) that they have now added over £1000 to the amount under the endowment. what is this about? These companies are just adding on sums of money as and when they wish, as we have to pay interest on this and this is going up and up. I think that we should be able to contest it even though we accepted at the time as conditions have resulted in us not being in the same position as we only have 3 more years to go.

I have written to them to say that as before they have place us at a disadvantage as we could afford to pay for the option mortgage at the time as we were both working. We also would like to know how putting about £1500 on top of the amount keeps us in the position we have been in.

getmore4less

I do not understand what you are saying.

I asume you have two products a mortgage and an endowment policy.

You need to seperate these when talking about them, allthough they may be connected they are seperate products.

make it clear what has been added to what.

hethmar

i think the OP means they received a small amount of compensation for a misale of their endowment policy? And they accepted that as compensation?

I dont understand what money has been added to what though?

dunstonh

I dont understand the post. I think the OP is saying they accepted endowment redress based on the correct calculation but they choose to continue with the endowment rather than switch to repayment. The shortfall illustrations have shown an increase and the OP assumes that the Halifax should be liable for this and not themselves and have written to Halifax to ask for more money.

What the OP forgets is that they chose not to switch to repayment and continue with the risk based investment. The Halifax gave them enough money to avoid this scenario but they chose not to use it the right way. So, the Halifax have absolutely no liability for decisions the OP took to continue with the endowment instead of switching to repayment.