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Totally fed up!
rvin28
Posts: 1 Newbie
Hi All,
This is my first post and and this has to be one of the lowest points in my life! In 1993, my wife an I took part of our mortgage (yes you have heard this so many time before!!) to the tune of £50000 as an endowment being promised that this was a wise move when we moved to a semi detatched bungalow. We did NOT increase the repayments but on financial advice we kept the policy going as we were advised that the final payment should incluse a 'terminal bonus'.
Yesterday, having pursued my dreadful endowment that I currently have with Guardian Assurance (formally Guardian Royal Exchange) I have come to realise from the ombudsman, that our claim for misselling has been timebarred and that there is no action that I can take.
I must admit that I found the person that I spoke to from the ombudsmans office to be sympathetic (perhaps I should say pathetic!) but after at least 10 minutes of waffle told me that my claim was definitely time barred! She even suggested, have explained to her that my policy is front end loaded, that I should consider increasing my payments to GA to make up the short fall????:eek: ...and the ombudsman is here to help us??
Anyway, I am not sure whether to cancel the policy now and endeavour to get some money back (its been running for 18 years) and has a few years left to run. I am certain that there will be no terminal bonus as when I contacted them (GA) before regarding cancelling the policy thet were uncommital.
My thoughts at present is to:
a) cancel the policy and get some (:rotfl:)money back?
b) pay the maximum amount off my current mortage each year 'til the money in exhausted
c) continue to save the money that we would be paying GA and then use this in 2 year or so time to pay back more from the mortgage
d) take out a loan for the shortfall when the interest only part of the mortgage is due.
To be honest, any helpful advice would be most welcome.
Regards
Rob
This is my first post and and this has to be one of the lowest points in my life! In 1993, my wife an I took part of our mortgage (yes you have heard this so many time before!!) to the tune of £50000 as an endowment being promised that this was a wise move when we moved to a semi detatched bungalow. We did NOT increase the repayments but on financial advice we kept the policy going as we were advised that the final payment should incluse a 'terminal bonus'.
Yesterday, having pursued my dreadful endowment that I currently have with Guardian Assurance (formally Guardian Royal Exchange) I have come to realise from the ombudsman, that our claim for misselling has been timebarred and that there is no action that I can take.
I must admit that I found the person that I spoke to from the ombudsmans office to be sympathetic (perhaps I should say pathetic!) but after at least 10 minutes of waffle told me that my claim was definitely time barred! She even suggested, have explained to her that my policy is front end loaded, that I should consider increasing my payments to GA to make up the short fall????:eek: ...and the ombudsman is here to help us??
Anyway, I am not sure whether to cancel the policy now and endeavour to get some money back (its been running for 18 years) and has a few years left to run. I am certain that there will be no terminal bonus as when I contacted them (GA) before regarding cancelling the policy thet were uncommital.
My thoughts at present is to:
a) cancel the policy and get some (:rotfl:)money back?
b) pay the maximum amount off my current mortage each year 'til the money in exhausted
c) continue to save the money that we would be paying GA and then use this in 2 year or so time to pay back more from the mortgage
d) take out a loan for the shortfall when the interest only part of the mortgage is due.
To be honest, any helpful advice would be most welcome.
Regards
Rob
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