Report Endowment Misselling Compensation SUCCESSES

lildan1

Hi all

We bought a new build house last year. We have the next 5 years to pay off as much of the 65k the government loan as possible. Does anyone know if its possible to remortgage after a few years in order to pay that off and incorporate it into the main mortgage? ?

Dan

ValHaller

lildan1 wrote: »

Hi all

We bought a new build house last year. We have the next 5 years to pay off as much of the 65k the government loan as possible. Does anyone know if its possible to remortgage after a few years in order to pay that off and incorporate it into the main mortgage? ?

Dan

Crossposted 3 times. I see you have started a new thread.

I suggest all replies to this thread http://forums.moneysavingexpert.com/showthread.php?t=4618467

Please, in future

• If you have a new question of your own, start a new thread for that question, rather than tagging onto an irrelevant thread. Other wise you risk cutting across a discussion on someone else's problem and you 'bump' a thread to the top of the forum and people start reading at the beginning which is a waste of time
• Post just once on the most appropriate forum and only consider reposting if another poster suggests a more appropriate forum or if you get no useful answers after 24 hours

markvirgo

I have a endowment mortgage since 1996 we got a letter about 4 years later regarding a shortfall so we have paid over what was suggested at the time so are still on track with a possibility of actually receiving a excess.
We have 2 further add ons that are repayment.

Can I claim as we were young and not fully aware at the time and went on the advice of the mortgage broker.

dunstonh

markvirgo wrote: »

I have a endowment mortgage since 1996 we got a letter about 4 years later regarding a shortfall so we have paid over what was suggested at the time so are still on track with a possibility of actually receiving a excess.
We have 2 further add ons that are repayment.

Can I claim as we were young and not fully aware at the time and went on the advice of the mortgage broker.

Too late. You have three years from first been aware of a high risk of a shortfall. You got those around 2000 and you took action on those. So, you are about a decade out of time.

Mr_BARGAIN_2

dunstonh wrote: »

Too late. You have three years from first been aware of a high risk of a shortfall. You got those around 2000 and you took action on those. So, you are about a decade out of time.

So what ur saying is these everyday !!!!!! TURPINS get away with it while still making healthy profits and giving fat bonuses to the chief execs + top brass just like the banks with PPI it's always the customer that suffers ohh yes and who made this 3year rule

dunstonh

Mr_BARGAIN wrote: »

So what ur saying is these everyday !!!!!! TURPINS get away with it while still making healthy profits and giving fat bonuses to the chief execs + top brass just like the banks with PPI it's always the customer that suffers ohh yes and who made this 3year rule

Nope Not said anything of the sort.

magpiecottage

Mr_BARGAIN wrote: »

So what ur saying is these everyday !!!!!! TURPINS get away with it while still making healthy profits and giving fat bonuses to the chief execs + top brass just like the banks with PPI

No - a shortfall was always a risk. By 1996. when markvirgo bought his policy, he would have received a personalised illustration and Key Features document that made this crystal clear.

it's always the customer that suffers

Given that a business can end up paying a £550 fee to the Financial Ombudsman Service, even when it is found to have done nothing wrong, I would say that your statement is at best unfounded.

ohh yes and who made this 3year rule

Given that it is from the Limitation Act 1980, it seems to have been the Government.

caniaffordit

Hi, afraid this is not a success. 25 years ago I took out a endowment with standard life via 3rd party. It was supposed to pay out about £45K. Its just matured and they automatically put it into my account. I got like many people plenty of letters re short fall, but just filed them away. I tried a long time ago when I first got the red letters to complain but was told by SL because it was via a 3rd party, then SL was not responsible and go away. A few weeks ago as it got close to maturity I decided to write back in to David Nish CEO no less, and complain. Again they they said tough luck and get lost ( politely). Its just paid out 61% of the original projected amount. Do I have anywhere to go on this or is it truly a lost cause. 61% is appalling.

dunstonh

I tried a long time ago when I first got the red letters to complain but was told by SL because it was via a 3rd party, then SL was not responsible and go away

A logical and correct response. The seller is responsible. Not the product provider. That is unless an agent of the product provider sold it.

A few weeks ago as it got close to maturity I decided to write back in to David Nish CEO no less, and complain. Again they they said tough luck and get lost ( politely).

Again, all correct as you are complaining to the wrong company.

Do I have anywhere to go on this or is it truly a lost cause.

You have three years from first being notified of a high risk of shortfall. Most of these started the clock around 2003 onwards and by 2008-9 most endowments were timebarred from complaint. You left it too late.

kingstreet

caniaffordit wrote: »

Hi, afraid this is not a success. 25 years ago I took out a endowment with standard life via 3rd party

So, did you complain to the party which sold you the policy?

I tried a long time ago when I first got the red letters to complain but was told by SL because it was via a 3rd party, then SL was not responsible

Same question as above?

Basically, you wanted to allege the person who sold you this contract misrepresented the contract by suggesting the maturity value was somehow guaranteed; or that the salesperson did not properly establish your attitude to risk and sold you something unsuitable.

As the product provider did neither of those things, its responsibility for the initial sale is nil, as has been pointed out to you.

Did you complain to the sales agent?