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Endowment
Grantmathias
Posts: 1 Newbie
Do I have a case for compensation.
I took out an endowment mortgage in March 1990 with Friends provident in conjunction with an Abbey National mortgage through an independent financial advisor for £19,500 which matures in 2015.
As the property I was buying was a Right To buy that is all i needed to borrow.
I sold the property in 2007 to buy another house and went with a Nationwide repayment mortgage but kept the endowment payments up with Friends Provident as they are only £26 a month.
For the last couple of years i have been getting letters warning me of a shortfall and the latest letter says that instead of the target amount of £19,500, they are only guaranteeing me £9622.
Is there anything I can do.
I took out an endowment mortgage in March 1990 with Friends provident in conjunction with an Abbey National mortgage through an independent financial advisor for £19,500 which matures in 2015.
As the property I was buying was a Right To buy that is all i needed to borrow.
I sold the property in 2007 to buy another house and went with a Nationwide repayment mortgage but kept the endowment payments up with Friends Provident as they are only £26 a month.
For the last couple of years i have been getting letters warning me of a shortfall and the latest letter says that instead of the target amount of £19,500, they are only guaranteeing me £9622.
Is there anything I can do.
0
Comments
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Is there anything I can do.
You have given no information that suggests any mis-sale.
Couple of issues you have are that FP have time barred most of their endowments from complaint. So, even if you did have a case, its probable that you are time barred (most FP became time barred between 2004-2008). The other issue is that any redress calculation on a complaint upheld is used up to the point it was no longer used for mortgage. So, in your case, you stopped using it at the peak of the markets. Any decline since then would no be included.
The guaranteed minimum is always going to be lower than the projections.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.0
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