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Old endowment mortgage 1998
roboby
Posts: 2 Newbie
HI can anybody advise me on an endowment mortgage that we took out in 1998, after a while we were advised that it would have a shortfall, after initially being told that it would leave us with a lump sum, we contacted the endowment company who advised that it would be better to cash it it in (they paid us just £1500) after we had been paying it for about five years, so we swapped to a normal mortgage, it is only now after reading the articles on this site that i realise we were mis sold, i still have account numbers etc and the company is still trading and has been fined for miselling, so is it worth me trying to claim or is it to late, any advise would be greatly appreciated:)
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Comments
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after a while we were advised that it would have a shortfall, after initially being told that it would leave us with a lump sum
Neither of those statements are correct. At this point it neither has a shortfall or a surplus. You would expect a 1998 endowment to be in a potential shortfall position given the events of the last 10 years but it would benefit from those in the long run. So, it could still very easily end up in surplus.we contacted the endowment company who advised that it would be better to cash it it in (they paid us just £1500) after we had been paying it for about five years,
That is very unusual. Life companies never give advice on their products as they dont have the permissions to do so. If they did employ a tied sales rep, then most are not allowed to recommend cancellation of existing plans. Typically, only IFAs are allowed to recommend cancellation.so is it worth me trying to claim or is it to late,
You have three years from first being notified of a high risk of a shortfall to put that complaint in. Most time bars started in 2003 and 2004. However, not all were timebarred and cancellation may have stopped the time bar clock ticking depending on the company.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
so its worth a try to see if anything comes of it, nothing ventured and all that,0
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aarghgh...another.............0
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