Report Endowment Misselling Compensation SUCCESSES

dunstonh

Seeking some advice on Mortgage Endowments.

Probably better to have asked your question on your own thread or one related to your questions. If you find you need to reply, it may be worth starting your own thread.

1. What happens when my mortgage ends and I have a shortfall what does the bank do will it reposess the property if I cannot find the shortfall?

Most lenders will ask for the money. If you cant pay it then they will usually extend the amount of the shortfall for a few more years (depending on your age/ability to afford payments).

2. Can I make a claim for being mis-sold an endowment I have been approached by a company over the phone.

1 - most endowments are now timebarred from complaint. - Aviva have been active in timebarring since around 2003.
2 - yours is pre-regulation. So, unless you bought yours from an Aviva rep you cant complain. (i.e. if you bought from a broker, solicitor or accountant then you cant complain)

I did not take any additional cover out to cover the shortfall and I am panicking in case they reposess my home.

Rare for it to happen. Especially with most shortfalls not being that large in the scheme of things. In the unusual case of a lender not allowing it then you can always get a personal loan or remortgage.

jordan8

hi all 1st post on here,

Please help - just had a call from Emcas about a endowment misselling claim - he seemed to think we would have a case, but from reading this i would have thought we'd be time barred

took out mortgage £47k 1996 with now aviva
repaid mortgage 2000
kept on paying into endowment as a savings thing till now
we were told there were risks and showed us the values of 4% - 6% - 8% interest rates
also got life cover (with no dependents at the time)
Had the red letters - and not took much notice as just using as a savings plan.
Anyone think we would have a claim, as i'd rather do it myself via which site etc (than pay 42% )
Many thanks for any advice.

dunstonh

Please help - just had a call from Emcas about a endowment misselling claim - he seemed to think we would have a case, but from reading this i would have thought we'd be time barred

There have been a few posts recently about this company. They appear to say the same thing each time in that they reckon they can get round the timebar. Problem is that it is BS. Its probable that their cold calling sales team are paid for every person that they get signed up.

anyone think we would have a claim, as i'd rather do it myself via which site etc (than pay 42% )

No. If you are timebarred then its game over unless you have a damned good reason why the timebar should be overruled. Typically that means being in hospital for the period not only the 3 year period of notice of impending time bar but also the whole period since. Its rare to get a timebar overruled nowadays.

moneybags100

What is my advice re endowment claims?
1/ Martin is right - do it now or regret it forever
2/Follow the Which letter - its very easy and takes no time at all
3/Be patient - the banks are a bit slow
4/Don't put off filling in the form they eventually send you if you can't fill in every box. We send ours back with quite a few missing.
5/ You have nothing to lose but a stamp and a small amount of time
6/ You have everything to gain - in our case £10000!!
Whopee!

mikon

Hi Everyone

Can anyone help me please.

Today I received a letter from AVIVA informing me that the endownment policy I have with them is going to be £7,200 short. In 1987 when I took this out I was advised that the policy would repay the £25,000 borrowed and it would also return a bonus on top of this.

Is there anything I can do ? Can I seek compensation from AVIVA for mis-selling this product to me or have I been time barred from that process. Can anyone help me how can I recover the £7,200 shortfall I cannot get a loan as my credit score is shot due to being on a DMP. My mortgage is with NRAM formerly Northern Rock and they no longer offer mortgages.

I am really worried and have not got the £7,200 to fill the gap, can someone please advise me on what is available.

Thank You

Mikon

dunstonh

mikon wrote: »

Hi Everyone

Can anyone help me please.

Today I received a letter from AVIVA informing me that the endownment policy I have with them is going to be £7,200 short. In 1987 when I took this out I was advised that the policy would repay the £25,000 borrowed and it would also return a bonus on top of this.

Is there anything I can do ? Can I seek compensation from AVIVA for mis-selling this product to me or have I been time barred from that process. Can anyone help me how can I recover the £7,200 shortfall I cannot get a loan as my credit score is shot due to being on a DMP. My mortgage is with NRAM formerly Northern Rock and they no longer offer mortgages.

I am really worried and have not got the £7,200 to fill the gap, can someone please advise me on what is available.

Thank You

Mikon

Your post is not relevent to this thread.

Please can those wishing to respond post to the thread below which is a duplicate of this:
https://forums.moneysavingexpert.com/discussion/3181620

RICHP247

Got a call out of the blue from Emcas, so decided that 42% commission was too much.Completed the letter generator on Which.co.uk, sent to Leg & Gen and got £3100 comp, get in !!

janruxton

Hi

I am new to this site and would be grateful to hear if I can make a claim against my insurance company who provided me with my endowment policy. I recently paid off the loan I had so asked to cash in my endowment policy as it no longer applied. However, I noted that for the past 15 years I have also been paying for a sickness insurance. I am sure I was not advised at the time that it would apply to the policy as I took out a separate sickness policy (which incidentally I am still paying for and for which I have never made a claim) hence the reason I am sure I did not apply to include it with my insurance. I received my redemption figure and it was less than what I had originally put into the policy. This is because of the additional sickness policy. Can I claim against the insurance company for this sickness policy as, mentioned above, I took out a separate policy to cover my mortgage and the loan that his endowment policy applied to, so obviously did not intend to double up. Looking forward to receiving some help.

tifo

mikon wrote: »

Today I received a letter from AVIVA informing me that the endownment policy I have with them is going to be £7,200 short. In 1987 when I took this out I was advised that the policy would repay the £25,000 borrowed and it would also return a bonus on top of this.

Is there anything I can do ? Can I seek compensation from AVIVA for mis-selling this product to me or have I been time barred from that process. Can anyone help me how can I recover the £7,200 shortfall I cannot get a loan as my credit score is shot due to being on a DMP. My mortgage is with NRAM formerly Northern Rock and they no longer offer mortgages.

Get a complaint to Aviva asap to start the reclaim process. It was obviously mis-sold on the basis of a return greater than the mortgage and why it's no longer sold by anyone.

I know a few people who've been successful with them and received the whole mortgaged amount, including any shortfall. If you've lost out on other things, for example, interest on a mortgage, then also reclaim this.

mikon

tifo wrote: »

Get a complaint to Aviva asap to start the reclaim process. It was obviously mis-sold on the basis of a return greater than the mortgage and why it's no longer sold by anyone.

I know a few people who've been successful with them and received the whole mortgaged amount, including any shortfall. If you've lost out on other things, for example, interest on a mortgage, then also reclaim this.

Tifo

I have been advised that I am time barred and therefore a pointless exercise. However I very pleased you have replied to my post. What is the process can you help in anyway.

Regards

Mikon