Mis-sold endowment - so long ago I have no idea!

sarahsmith71

My husband and I took out our mortgage approx 13 years ago with Abbey National and the endowment is under performing quite spectacularly, however it was so long ago that I have no recollection of what we were told at the time. I'm assuming because of this I don't have a case - can anyone advise me? Sarah

rhysvw

Hi Sarah

Having no recall may not suggect you have no case ask yourself this.

What were you told the endowment would do?
I presume you were told it would pay off the mortgage, do you recall that.

Did they explain the risk of it not performing. do you remember someone saying . "hey this may not pay of your mortgage this is a chance, a gamble but perhaps an educated one"

Did you have an interest only mortgage with it I presume you did? If so did they explain you'll pay every month and if you borrow 20k for example you will still owe to 20k in 13 years time but your endowment may or may not pay that for you.

I could imagine you prob remember those type of things also you prob have some documentation.

Bottom line is this did the advisor inform you enough about the risks of it not performing were you led to beleive this is going to pay it off in full if so then sounds like you could raise a complaint the lender should keep all relevant docs relating to the conversation you had anyway so they will check the records for you.

Raise it and see whT THE RESULT IS.

VIGILANT22

rhysvw wrote: »

Hi Sarah



Raise it and see whT THE RESULT IS.

Do you undertsand the term "Influencing"?

dunstonh

Most endowments are now time barred from complaint. So, before you waste any time writing letters, you should find out if yours is time barred.