Can we claim on an endowment policy that was taken out in the early 90s

Deals_2

even though the paperwork was chucked out?
this is a policy taken out by my partner's parents with I believe UCB or Allied Dunbar. the endowment was getting so costly and they saw they would not be able to cope that at the time they approached Halifax bank and Halifax charged them £8000 on their policy for them to take over. Any help really appreciated. thanks in advance.

dunstonh

You have to prove very little. The advising company has to prove it was sold correctly. Indeed, this is why most endowment redress is paid out. Not because it was mis-sold but because they cant prove it wasnt.

The quality of documentation in those days was not as good as it is today and many companies didnt even hold on to the documentation.

UCB is a mortgage lender and nothing to do with the endowment. The endowment would have been a fixed monthly payment (some had a 5 year increasing period but these are a minority). I believe you are mixing the mortgage up with the endowment. Allied Dunbar is now owned by Zurich.

Allied Dunbar endowments are unit linked so would have seen some very good figures produced in the last 3-4 years and it could be heading back on track again. Coupled with the lower monthly cost that endowments have over repayment mortgages it could be that any redress is now much smaller or none is even due.

They can complain to Zurich if they wish (address will be on the statements they get). The choice is theirs.

defender_of_the_weak

We deal with a lot of Dunbar cases, although many are now time barred. For info UCB offered a range of options on some of their lending including deferred interest mortgges that rose quite steeply after the deferred period and it may be this coupled with an escalating endowment premium that helped cause the increase beyond their affordable income. Do they still pay into the endowment?

Deals_2

when i have had a chat with them. thanks and speak shortly.

defender_of_the_weak wrote:

We deal with a lot of Dunbar cases, although many are now time barred. For info UCB offered a range of options on some of their lending including deferred interest mortgges that rose quite steeply after the deferred period and it may be this coupled with an escalating endowment premium that helped cause the increase beyond their affordable income. Do they still pay into the endowment?