I still feel we were mis sold this endowment

zeryx

In 1989 we bought the council house we live in. Our then independant insurance advisor set everything up for us, he even found the solicitor and sorted out the endowment mortgage saying that it would pay off the mortgage and hopfully would give us a small lump sum on top of it.

We now find we have a shortfall.

I've looked into the mis-sold route but from the website I went through was told they didn't think we'd win a case.

The insurance advisor is now retired and I have no idea where to contact him.

We have no shares and don't dabble in the stocks and shares market, we don't even have any savings. If it had been explained to us at the outset that there was a possibility that the endowment policy would not cover the mortgage we would have serious thought about not getting it and would probably have gone down a less risky route, or just stayed as council tennents.

Can anyone offer adivce on where we should go from here?

dunstonh

the FSCS would apply in this case. However, it's a slow process and the original advisor will be given the chance to supply the documentation. If the documentation suggests that the endowment carried no risk, then you would win your case.

These endowment mis sale companies do tend to overstate the likelihood of success and it has been shown that some encourage misinformation to be given by the policyholder to help win the case. To find one that says its unlikley you will win, is unusal. Perhaps its because the FSCS would be involved and likely to take between 1 to 2 years that they dont want to be involved.

robnye

you could send a letter of complaint to the insurance company that you have the endowment with, but i suspect that unless they accept responsibility and that the person who sold you the policy has now retired, that you will not have any luck.

sorry.....