Endowments

betterfixit1

A while back we put in for our position to be the same had we not taken the endowment. We were so skint and took a paltry amount which didnt put us back in the position we would have been in can we not go and do it again or have we burnt bridges

TrickyDicky101

I suspect when you accepted the original compensation that you agreed it was in "full and final settlement" (check your documentation, however) which would probably preclude you from seeking further payments.

opinions4u

It was almost certainly paid in accordance with a stipulated formula, so no going back.

Do you pay the amount off your mortgage debt and switch to a repayment mortgage at the time?

What makes you say that it didn't put you back in the position that you would have been in had you taken a repayment mortgage?

(There is also a difference between being mis-sold a policy and being skint).

dunstonh

We were so skint and took a paltry amount which didnt put us back in the position we would have been

The rules are that you are put in the position you would have been. Some people get little or no amounts where the surrender value is higher or the endowment is not far off track (projections are often not a good example of whether they are on track or not. i.e. an endowment needing 7% p.a. growth and getting 7% p.a growth is on target but the projections will show it in shortfall.

You got what you were entitled to. Had you used the surrender value to reduce the mortgage and put the redress payment with it and switched to repayment basis, then you would have been where you were had you been on repayment mortgage from the start.

can we not go and do it again or have we burnt bridges

You dont get a second bite of the cherry. You had your redress and what you did with it was your choice.