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mis sold mortgage many many years ago
pmCg_3
Posts: 2 Newbie
was sold an endowment mortgage many many years ago and then had to change to repayment about 7 or 8 years. Tried to make a claim but company who set it up were out of business and and as woolwich (now Barclay's) had not set it up believed that I had no case. Will probably pay back abou 55 - 65K for a 15k mortgage!!!!! CAN ANYONE HELP OR IS IT TOO LATE?
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Comments
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How many years ago is "many many years"?
If it was sold before August 1988, and the firm that sold it has gone bust, then it isn't really the time that's the issue - the problem you have is that you don't have anybody to claim from.
If Barclays didn't set it up, then I can't see that you could possibly have a claim against Barclays.0 -
Think your fighting a losing battle to be honest.
What makes you think you may have had a claim. Do you have documents to prove anything.
He said, she said doestn work.
Paying back a lot more for a mortgage is interest and its normal.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
as woolwich (now Barclay's) had not set it up believed that I had no case.
That is correct.
Seeing as we have had over a decade of projections where endowments will fall short (and the situation today is actually better than it was then the projections back in 2001 for most people), what have you been doing to address that shortfall?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 -
If the mortgage was sold pre mge advice regulation, you have no regulatory comeback.
If you are talking actually referring to a mis-sold endowment policy (in support of an interest only mortgage) - as stated earlier, a successful complaint will be based on no prev notification within the last 10 yrs of shortfalls, or extentuating circumstances in regards to the delay of your complaint post notification of shortfall/non gted target return.
Holly0 -
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Who is the endowment provider ?
You will have had some sort of projection from the provider.
Who sold you the endowment, or are these the people who are no longer in business ?
Are you still paying into the endowment ?
Why do you think it was mis sold to you in the first place ?
Get it all checked out by a local IFA they will probably be able to make sense of it.I am a Mortgage Advisor. You should note that this site does not check my status as a Mortgage adviser, so you need to take my word for it. This signature is here as i follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldnt be seen as financial advice.0
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