Still possible to clain mis-sold endowment?

Plantmaniac_2

I now know that it has been possible to claim mis-sold endowments, however I am rather late in trying. This is mainly because I did not think I could.
But I recently dug out the paperwork and sent of a letter to Scottish Widows (template from the Endowementaction link) Of course I was mis-sold the policy, I was told that it would in addition to paying the mortgage would give a tidy little nest egg at the end also.
I was of course livid to find out that not only was I not going to get a bonus, but that the policy is in all probability only going to pay out about half of what will be needed in 5 years time.
So when the letters started coming though to ALERT me to the possible shortfall I paid little attention to them, believing that they were just another cynical ploy to get you to take out further cover. I completely overlooked the point that they had made in one of the letters that said that I could complain. I am not generally one to complain, it rarely brings rewards.

Sorry.....to end a long story I received a long letter from Scottish Widows rejecting the claim, due to be time barred:mad: They suggested in not many more words that though I could take the matter to the FOS it would be futile.

I had requested all documents pertaining to the policy to be sent to me, which they did not do, but they said they would if I still required them:(

Is it worth my while going to the FOS, or are they correct?

Many thanks:)

opinions4u

You're doomed.

They are correct.

dunstonh

Of course I was mis-sold the policy

Why of course? Most were not.

I was told that it would in addition to paying the mortgage would give a tidy little nest egg at the end also.

would or could? (one is mis-sale, one is not)

Sorry.....to end a long story I received a long letter from Scottish Widows rejecting the claim, due to be time barred:mad: They suggested in not many more words that though I could take the matter to the FOS it would be futile.

SW are correct. Once timebarred thats it unless the time bar was incorrectly applied or you have a damned good reason for not complaining in time.

I had requested all documents pertaining to the policy to be sent to me, which they did not do, but they said they would if I still required them:(

They dont actually have to send you the documents. It wouldnt be any use to you anyway.

Is it worth my while going to the FOS, or are they correct?

The FOS wont overrule the timebar unless you have good reasons for taking so long. Your reasons in your post wont be enough. Typically you are looking at hospitalisation, bereavement, out of country etc.

Plantmaniac_2

Many thanks for the reply:)

Oh well, might as well sell the policy and put the proceeds into something more tangible. The house could do with an extention, and the money is doing no good where it is:(

TrickyDicky

Plantmaniac wrote: »

Many thanks for the reply:)

Oh well, might as well sell the policy and put the proceeds into something more tangible. The house could do with an extention, and the money is doing no good where it is:(

then how are you going to pay the mortgage off in 5 years time?

magpiecottage

dunstonh wrote: »

The FOS wont overrule the timebar unless you have good reasons for taking so long. Your reasons in your post wont be enough. Typically you are looking at hospitalisation, bereavement, out of country etc.

Moving and not telling the provider is also seen as a valid excuse.

I am not sure why - it doesn't work with credit cards or car insurance and simply disappearing and not telling somebody you are giving hundreds of pounds to invest for you each year seems a pretty moronic thing to do.

Plantmaniac_2

TrickyDicky wrote: »

then how are you going to pay the mortgage off in 5 years time?

I guess the reasoning is that the extra investment in the property will increase its value, so that when we move in a few years time, the mortgage will be settled with the equity.

One of my better ideas was to buy land. One of my worst decisions was to take out an endowment mortgage, but I was young and green, and was sold a pup, and mis-sold as it turns out.

We are applying for planning permission to build our next house on that land which is where I run my business.

Bricks and Mortar. The best investment, always has been, and probably always will be;)

dunstonh

One of my better ideas was to buy land. One of my worst decisions was to take out an endowment mortgage

In different time periods it could easily be the other way around.

Bricks and Mortar. The best investment, always has been, and probably always will be;)

Historically its not.

magpiecottage

Plantmaniac wrote: »

I guess the reasoning is that the extra investment in the property will increase its value, so that when we move in a few years time, the mortgage will be settled with the equity.

An extension probably will increase the value of the property but not necessarily by the amount you spend on it.

In particular, location location location still applies and the extended property will be in the same place.

Plantmaniac wrote: »

One of my worst decisions was to take out an endowment mortgage, but I was young and green, and was sold a pup, and mis-sold as it turns out.

There is a difference between a good decision and a good outcome. A good decision involves weighing up the advantages and disadvantages of different options and the likelihood of each, then choosing. In other words, taking an informed decision.

This will stack the odds of a better outcome in your favour but the informed decision will nevertheless not bring certainty and luck can sometimes produce a better result than certainty.

Plantmaniac wrote: »

We are applying for planning permission to build our next house on that land which is where I run my business.

If you run your own business, rather than being employed, and are willing to invest enough into it to risk the cost of building that suggests you are comfortable with investment risk associated with repaying your mortgage - which suggests a low cost endowment probably was suitable.

You can go to FOS but the timebar will almost certainly be accepted.

You can ask for the documentation under the Data Protection Act - but they can charge you a fee of up to £10.

Don't forget if your extension is solely for business purposes it will be subject to the uniform business rate.