Endowment Dilemma

gazell

My daughter and I bought a flat in January 1990 and took out a joint endowment to cover the mortgage. Since 1990 we have received Conventional With Profits Statements for both myself and my daughter with separate policy numbers. This year August 2008 I received a Conventional With Profits Statement but my daughter did not so we wrote and requested the statement that was missing. Ten days later they sent a Projected Valuation, which we did not ask for, and a Statement of Bonus for Year Ending 31/12/2007 but this was on a sheet of paper which had been typed up manually and was not on headed paper but plain. They did not send the identical Conventional With Profits Statement as we requested. Do my daughter and I have cause for concern? Why would they send only one Conventional With Profits Statement in my name only? We have sold the property but still keep the endowment running which does not mature until 2015. As we have sold the property would we still be entitled to an Endowment Mortgage Claim? The company who sold us the endowment did not advise us of the risks especially as I would have retired 9 years before the mortgage matures in 2015. The company who sold us the endowment does not exist anymore.
Many thanks for any help.

Tom_Kelly

The first thing I would question is whether this is a joint endowment as you say which would have only one number not two? It could be two separate policies.

The fact that the firm where you obtained the original advice no longer exists is not important. The assurance company who your endowment is with will still be around in some shape or form.

Assuming it is two separate endowments then you should not have difficulty in getting the details if you speak to an IFA. You would give them an authority to deal with the assurance company on your behalf and they would do it for you. A mortgage broker won’t be able to help in this instance as they won’t be authorized to give advice. A good IFA should do this free of charge for you as there is not too much work involved getting the information. If you subsequently want advice then there would be a charge for that advice but that would be your choice to make.

shoe_girl_2

I would phone the insurance company and ask for one on headed paper + double check if the manually typed one is ok (get it in writing aswell.). The endowment company i worked at before done the statements as a mass mailing to everyone so they proberly have sent it, its just hanging about a dark corridor some where in royal mail.

If your still worried i would do what tom says and get a IFA on the case.

EdInvestor

gazell wrote: »

My daughter and I bought a flat in January 1990 and took out a joint endowment to cover the mortgage. Since 1990 we have received Conventional With Profits Statements for both myself and my daughter with separate policy numbers.

This suggests there are 2 policies. Both of you should write individually requesting an updated statement for the relevant policy to check that this is the position.

We have sold the property but still keep the endowment running which does not mature until 2015. As we have sold the property would we still be entitled to an Endowment Mortgage Claim?

When did you sell the property? If it was before around 2000 you are unlikely to be due any compensation even if you were missold, as you won't have made a loss compared with using a repayment mortgage.