sold endowment

gaynorjoyb

I sold my endowment about 6 years ago but can I still claim compensation for a mis-sold endownment in 1992

dunstonh

1 - you have 3 years from first being notified of a high risk of a shortfall. 3/4 of all endowments left are now timebarred under that. (most time bars started their clock in 2003-4 and took affect in 2007-8)

2 - you have 6 years from becoming aware of the issue to make a complaint before becoming time barred. (you sold it 6 years ago)

3 - if you were able to complain still and you happened to fall into the minority that get upheld (a significant minority mind you) then the redress payment would be calculated at the point the endowment was last used against the mortgage. The sale value would be used rather than the surrender value. The bulk of most redress payments is the amount of the surrender penalty. You didnt have a surrender penalty and you probably sold it for more than its value (otherwise why sell it).

So, the odds are pretty much against you. Not enough info to say whether you are timebarred. Who was the provider as that a few of us here know the years that mainstream providers timebarred people.

Bigsmak

gaynorjoyb wrote: »

I sold my endowment about 6 years ago but can I still claim compensation for a mis-sold endownment in 1992

Out of interest, what makes you think you were mis-sold the endowment?