endowment

yourvibes

hi all

im new to this and was just wondering...... i took an endowment mortage out in 99/2000 for approx 29 000 with scottish amic .. initial endowment payment was 55 then i chose to pay a topup option to ( pay the capital off earlier !! ) (supposibly 12 - 15 years) so i now pay 79 pounds per month as it was 5 pounds per month extra over 5 years however scottish amic disapeered a number of years ago and prudential took over this bussiness ...my endowment however is still in the green to pay off the capital .... but not by the time i was expecting ..... could anyone tell me if i would have a claim .... if i didnt take out the optional extra i suppose it wouldnt have been enough

thanks in advance for any info

dunstonh

could anyone tell me if i would have a claim

You have given no reasons to suggest you have.

Also, there seems no point to. Lets say you make a complaint and its upheld, they will calculate how much worse off you are compared to a repayment mortgage. However, as your endowment is above track, that means you are not financially worse off and you wouldnt get a payout.

Scot Am have an over 90% success rate in hitting target and paying surpluses. We dont yet know the estimates for this year but I wouldnt be surprised to see it drop in to the 80% range.

yourvibes

thanks for letting me know :-( .. is it only when it goes into red that you have a claim and if so is this when a time limit is put on

dunstonh

yourvibes wrote: »

thanks for letting me know :-( .. is it only when it goes into red that you have a claim and if so is this when a time limit is put on

It doesnt matter if its red, amber or green. None of those are grounds for complaint and a complaint made on that basis would be rejected.

Complaints are about the recommendation made at point of sale and if you were made aware of the risks or not. In other words did the sale of the product comply with the rules that were in place at the time of sale.

EdInvestor

It is possible to make a successful misselling complaint but not to receive any redress money because you haven't made a loss.

Needless to say it's a bit pointless making a complaint in these circs. :rolleyes: