Act now on mis-sold endowments: new article

bucksliz

I took out an endowment policy back in 1988 supposedly to cover my mortgage. When I remortgaged in 2003 I cashed in my endowment and used the money to pay off a lump of my new repayment mortgage. Can I still persue a mis-sold claim on a policy I have since cashed in ?

r-world

Sorry if I'm being a bit thick - I'm confused.

We took out an endowment policy 15 yrs ago in conjunction with an interest only mortgage. We have subsequently switched to a repayment mortgage but kept the endowment as an investment. My question is - are we still entitled to complain about the mis-selling of the policy even though the endowment is no longer linked to property?

Any advice appreciated.

Thanks.

harrythedog

I have an endownment with Wintherthur. brought in 1996 to cover a £51,000 25 year mortgage. i switched to a repayment mortgage with different lender in 2000. still complained. well i emailed the customer services and simply said "can you send me your complaints procedure. its with regards to my endownment to cover mortgage xyz"

had a barrage of letters from them, some said, "tough luck".. which i ignored
then one came thorugh saying they acknowledged the mis-selling
filled in a form saying what I had paid off.

got £3,300 back today..dunno if it all calculated correctly but happy with what i got :beer:

Fatboyslim_2

What exactly are the time constraints on making a claim? Or rather how do you define/ prove when you realised you were miss sold an endowment?

MSE quote "You have either six years from when you bought your policy, or three years from the date you realised it might have been mis-sold – whichever is longer."

I only realised after finding this site last week ( A fantastic site by the way!!)

dreamylittledream

Fatboyslim wrote:

What exactly are the time constraints on making a claim? Or rather how do you define/ prove when you realised you were miss sold an endowment?

MSE quote "You have either six years from when you bought your policy, or three years from the date you realised it might have been mis-sold – whichever is longer."

I only realised after finding this site last week ( A fantastic site by the way!!)

You had reason to believe it had been mis-sold when you first realised it may not do what you expected - ie repay your mortgage. Not three years from when you discovered you had the right to complain.

This is usually taken from the first letter you recieved from the life company telling you there was a high risk of a shortfall at matuirty

dreamylittledream

r-world wrote:

Sorry if I'm being a bit thick - I'm confused.

We took out an endowment policy 15 yrs ago in conjunction with an interest only mortgage. We have subsequently switched to a repayment mortgage but kept the endowment as an investment. My question is - are we still entitled to complain about the mis-selling of the policy even though the endowment is no longer linked to property?

Any advice appreciated.

Thanks.

Yes you can claim but the calculation for compensation will stop at the date you converted the mortgage to repayment ('known as capping').

RobertE_3

PLEASE HELP I took out an endowment policy in 1983, I have complained about the mis-selling of this policy but without success. The original advisor is no longer in business, the FSA is not interested because it commenced in 1983. Do I have any other avenues open to me.

Fatboyslim_2

I hope some one can help, have I run out of time?I found the following on the FSA website "You must, in order to protect your right to refer a complaint to the Ombudsman, have made a complaint within three years from the time you first received a 'red' letter. (A 'red' letter is the one telling you there is a high risk that the policy will not repay the target sum.) However, the firm must have explained to you at least six months before the end of the three year period that the time to make such a complaint would expire at the end of that time"

Since 1 June 2004, if a firm fails to provide that explanation within six months before the end of the three year period, then the time for referring a complaint will be extended to at least six months after such an explanation is given"

I have not received this reminder.Would such notification come from Standard Life (SL) or the IFA who set the mortgage up?

And lastly my records show on an annual statement from SL indications of a shortfall dated feb 2003. No mention of a "Red Alert", this was mentioned though on my 2004 statement. Can I conclude that as I have not received a 6 month reminder, that my 3 years to claim start from Feb 2004?

Cheers for any advice

Dot

Harrythedog - did you know a John Bevins between 1966 and 1978? I know this is not the site for reunions but, if you are the same one, then we can go private mail.

Ivenofinmoney

Not sure if this will go down as stupid question of the day, in about 1996 I took out my 1st mortgage as an interest only mortgage with a pep (now ISA) investment to cover the final repayment, through 'The man from the PRU'.

Since then I have moved & remortgaged a couple of times, and had to increased payments / and repayment timescales to match the expectations of the final payment.

Am I covered in any way but the discussions of this thread, or are PEP / ISA mortgages handled differently - In terms of mis-selling I was young and impressionable , but I rememeber clearly stating I was very clearly risk adverse in terms of my mortgage, which is why I went for a fixed rate for 5 years (which ended up costing me a bit) as I wanted to know exactly what my outgoing would be !

Any feedback would be very much appreciated !!!!