Old Endowment Policy - Confused????

Mumofthreeboys_2

Well I'm going to court with the Woolwich for the return of unlawful bank charges and so feeling there was more money unlawfully taken I thought I should go after our old endowment for mis-selling.

We were sold the policy by Hambro Guardian Assurance in March 1991 for £64,000 for our first house together.

Basically, they sent someone round to discuss the endowment and made it sound so good you couldn't turn it down....... it would pay off the mortgage and then some and we would have enough for a holiday, etc, etc.

We took out the policy, but in August 1992 stopped paying into it, as we just couldn't afford it.

So, I paid a visit to the Which? website and fired off the letter of 'complaint concerning advice received on endowment mortgage' on 22nd May giving them 14 daysto reply.

Got a letter back dated 8th June from Countrywide Assured saying 'that there were time limits that apply to complaints regarding the sale of endowment policies. These rules state that customers have three years to complain from the date they ought reasonably to have become aware they had grounds for believing the policy was mis-sold.

I note in August 1992 you ceased to pay any further premium to the policy and the policy subsequently lapsed. Had you been unhappy with not receiving a value or about the sale of the policy I feel you would have contacted us at that time'.

They have said they will not investigate my complaint and this is their final decision.

So, does anyone have any useful ammunition with which to hit them please - all comments welcome :rolleyes:

cattie

I don't know much about endowment policies, but can't see that you would have been out of pocket paying an endowment mortgage for 17months compared to the higher monthly payment of a repayment mortgage.

Mumofthreeboys_2

It's not the 'out of pocket' bit I'm worried about. Its the mis-selling and not paying off the mortgage that I am worried about.

dunstonh

Mumofthreeboys wrote:

It's not the 'out of pocket' bit I'm worried about. Its the mis-selling and not paying off the mortgage that I am worried about.

If you surrendered it after 17 months it wouldn't pay off the mortgage.

One assumes you switched to a repayment mortgage at that point (although if you couldnt afford the endowment, how could you afford the capital repayment mortgage?). In which case why are you worrying about a non existent policy from 14 years ago not paying off your mortgage?