Was I missold Endowment?

philhammer

Briefly put in my younger years I was sold an endowment mortgage. I was sold this policy even thou I didnt at the time have or was even considering getting any type of mortgage or buying a home full stop as a youngle single male. I was offered this as a savings plan which could be used as a Mortgage payment scheme if the need arose....

I'll be attempting to claim from the Company (Sunlife of Canada) shortly anway...just interested in other peoples opinions / experiences...

ty Phil.

dunstonh

Was yours a mortgage endowment or a savings endowment?

If savings endowment, you may not have any success. Indeed, the odds will be stacked against you. Sun Life Financial Of Canada operated a tied salesforce and their "savings" product was an endowment policy. They only have to offer what is best in their product range. Not what is best to you from the whole of market. As things like ISAs were not around and PEPs typically had premiums closer to a minimum of £100pm even if they were available, the savings endowment was the most common product sold by the home service companies.

If it was a mortgage endowment then you would have a case, unless you were armed forces.

So, which was it?

jm28cardiff

People do complain about forward selling. Did you ever actually use the policy in connection with a mortgage? If not, and if your complaint was upheld (a lot of if's in there!) you would just get a refund of your premiums, with interest.

philhammer

I only joined here today...tomorrow I will be sorting throu all my paper work so will confirm exact type then....Was led to believe at time it was Enowment Mortgage based at the time.. I was only 18/19 at time so not at all worldly wise about money matters or as concerned about the paperwork details as I would be now..No I still havent had a Mortgage to use it with so its remained unused just keep paying the premiums each month for the last 14 ish years....

jm28cardiff

Maybe this is stating the obvious, but with a refund of premiums, the policy is cancelled. If you have kept it all this time for savings, would you still want to keep it going?

philhammer

TBH as with a lot of other folks I need to tighten my belt...so if I am not going to lose a lot of money I may think about selling the policy paying off my overdraft and then not have that premium going out of my bank every month....