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Endowment predicament

OwlesZawn
Posts: 1 Newbie
As a totally new member and also new threads please bear with me.
I used to have an endowment mortage until three years ago. Looking backI was pressurised into taking the endowment by the finaincial advisor, however until recently thought that I did not have grounds for complaint. I stuck with the endowment until it became clear through the media and letters from the mortgage provider that there were major problems, and the "with profits werer not going to materialise. At this juncture the provider sent me a letter guaranteeing me a minimum growth rate of 6% that would at leat pay of the debt at the end of term. I stuck with this guarantee for two 18month/2 years antil that company ripped up that guarantee. I then sold my endowment taking a huge loss (to me) of 6K and moved to a repayment mortgage.
I would appreciate anybodys advice as to who and how I could complain, whether to the original broker or to the mortgage provider and whislt considering that I have no papers referring to the endowment as these were lost due to theft. What do I do in these circumstances?
Thanks
Phil
I used to have an endowment mortage until three years ago. Looking backI was pressurised into taking the endowment by the finaincial advisor, however until recently thought that I did not have grounds for complaint. I stuck with the endowment until it became clear through the media and letters from the mortgage provider that there were major problems, and the "with profits werer not going to materialise. At this juncture the provider sent me a letter guaranteeing me a minimum growth rate of 6% that would at leat pay of the debt at the end of term. I stuck with this guarantee for two 18month/2 years antil that company ripped up that guarantee. I then sold my endowment taking a huge loss (to me) of 6K and moved to a repayment mortgage.
I would appreciate anybodys advice as to who and how I could complain, whether to the original broker or to the mortgage provider and whislt considering that I have no papers referring to the endowment as these were lost due to theft. What do I do in these circumstances?
Thanks
Phil
0
Comments
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Hi Owleszawn,
you are entitled to complain if you believe you have been miss-sold. I suggest you read the FSA factsheets that show grounds for miss-selling and if you believe you have you can use the example complaint letter on the ENDOWMENTACTION.COM to draft your letter. Send it first to the broker who sold you the endowment he will let you know if he is responsible(if he was a tied agent then theprovider would be responsible). If you have your complaint upheld remember any redress due to you will be calculated up to the point where you surrendered the endowment.
regards Vinno0
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