Endowment reclaim

The_Good_Shepherd

Hi,
I would appreciate any advice on this one....
I have had an endowment policy for 20+ years with only a few years left to run. The estimated surrender value has been coming in less than what was forecast.
Due to domestic circumstances I no longer have the mortgage it was supposed to pay off, but was considering cashing in as I need the money.
Bearing in mind I no longer need to pay off a mortgage with the money, could I still make a claim for mis-sold policy and try to recoup the difference, or will I only be able to cash it as it stands?
Thanks.

dunstonh

could I still make a claim for mis-sold policy

a) was it mis-sold?
b) over 3/4 of endowments are now time barred from complaint anyway - is yours?
c) failure to hit target is not grounds for complaint.

and try to recoup the difference

Even if you could complain and it was upheld, you are not paid the difference. The redress method would be calculated using the values at the point it was no longer used for the mortgage and would be compared against where you would have been had you been on a repayment mortgage. Depending on your provider, how you are invested and when you stopped using it for the mortgage, you may find there is little or no redress or a lot.

VIGILANT22

The Good Shepherd
Bearing in mind I no longer need to pay off a mortgage with the money, could I still make a claim for mis-sold policy and try to recoup the difference, or will I only be able to cash it as it stands?
Thanks. [/QUOTE]


and your complaint would be?

The_Good_Shepherd

Thanks Dunstonh

It was along time ago (1988) when i took out this endowment, but i was advised to take an endowment mortgage on the basis of teh lump some that would likely give me money over and above the mortgage i would have to pay off with it! But I'm not sure how I would prove this.

I since changed the original mortgage but used this endowment as a top up ( I took another one out for the difference). The mortgage was repaid by my ex-wife who took over a new mortgage and i was left with the endowment policy as part of the 'deal'. I need to cash in, but 1) didnt think it worth waiting another 3 years as its not earning much now anyway and 2) I need the money!

Whilst I understand what you are saying about the way any difference would be calculated, I have held the policy for 90+% of the time against a mortgage in the belief that it would pay off the interest in due course - its only domestic circumstances have changed all that!

Any further advice would be greatly appreciated. Thanks for your time.

The_Good_Shepherd

[/QUOTE]


and your complaint would be?[/QUOTE]


My complaint is that I was told it would achieve a certain target. (+potentially more than!).
The policy has under-performed and whilst I know its not the 'under-performance' that is sufficient to make a claim, it was the basis on which i was sold the policy.
I appreciate my circumstances have changed, but I still have a policy that should be worth more than it is and I was sold it on the basis that it would!

VIGILANT22

My complaint is that I was told it would achieve a certain target. [/QUOTE]

No basis for a claim........" I was told "......like millions of others

opinions4u

VIGILANT22 wrote: »

No basis for a claim........" I was told "......like millions of others

Actually it is very much basis for a claim.

If the compliance documents don't clarify that the customer has been told that there is a possibility of the plan not achieving its target then it's a potential mis-sale.

More likely that any complaint will fail due to being out of time.

VIGILANT22

opinions4 Actually it is very much basis for a claim.


Dont be so foolish..............

dunstonh

It was along time ago (1988) when i took out this endowment, but i was advised to take an endowment mortgage on the basis of teh lump some that would likely give me money over and above the mortgage i would have to pay off with it! But I'm not sure how I would prove this.

Was it before or after 29th April 1988 that you applied? (thats the date regulation started).
Was it sold by what are now IFAs, an account or solicitor, or was it sold by an insurance company?

My complaint is that I was told it would achieve a certain target.

thats a mis-sale

My complaint is that I was told it could achieve a certain target.

Thats not.

Thats how close a complaint can be sometimes.

Statistically, you are probably out of time to complain. Its also possible depending on where and when you bought it that you cant complain anyway. Your insurance company should be able to tell you if you are time barred. Or you can look at your statements as you have three years from first being notified of a high risk of shortfall.

Who is the insurer?

opinions4u

VIGILANT22 wrote: »

Dont be so foolish..............

Care to expand on that?

Or shall I just stick with my initial assumption that you are being unsuitably ignorant?

VIGILANT22

Stick with it "unsuitably ignorant"............as per all of your posts