Home Plans

edited 30 November -1 at 1:00AM in Reclaiming Mortgage Fees, Council Tax, etc
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JEMK_2JEMK_2 Forumite
1 Post
Can anyone help?

Took out a Halifax Home plan back in 1997. It is only just recently that I've looked into my investment and discovered that the plan has less in (approx £500) less that what I actually paid into it. I've now closed the plan and used the settlement to overpay my mortgage, which has reduced my mortgage payments a fair bit (I took on a repayment mortgage 4 year ago and do not have to rely on the home plan). Just wondering, do I have any recourse with the Halifax on this?

JEMK

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  • dunstonhdunstonh Forumite
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    Just wondering, do I have any recourse with the Halifax on this?

    Not on the reasons you have given. Typically you would expect a 25 year plan to break even around year 9-14. So, you were were within that band. Plus, as you say you no longer used it for the purpose intended.

    Most endowments are timebarred from complaint now (you have 3 years from being notified of a risk of shortfall). Most plans met that criteria back in 2007-8. However, a shortfall or potential shortfall mid term is not grounds for complaint. So, what would your complaint reason be?
    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.
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