please help with missold endowment...

Deals_2

back in the early 90s partner's mum took out endowment with their mortgage but could no longer pay into the endowment (i believe) so they then went to Halifax and asked them to take over everything. My partner's mum had to pay Halifax £8000 to sort everything out. she was so upset with the whole issue at the time that after moving it all over to Halifax she chucked out all of her original paper work. I have been trying to get as much info as possible

what would anyone suggest our next step would be? thanks in advance.

dunstonh

Chances are she wont get anywhere. If she had been on a repayment mortgage, she would still have lost the home.

If it hadnt been going long, the amounts involved would be tiny and could even favour the endowment method as not much is paid off repayment mortgages in the early years.

I wouldnt be surprised if she is timebarred if this all occured back in the 90s.

Deals_2

she was not going to lose her home as they only borrowed a third or less on their property (they took out an endowment policy at the same time as their son took one out and through the same company and he got a great payout - but they did not keep their paperwork. so am a bit confused. also dont understand why they had to pay £8000 to halifax

dunstonh wrote:

Chances are she wont get anywhere. If she had been on a repayment mortgage, she would still have lost the home.

If it hadnt been going long, the amounts involved would be tiny and could even favour the endowment method as not much is paid off repayment mortgages in the early years.

I wouldnt be surprised if she is timebarred if this all occured back in the 90s.

maninthestreet

Have you tried contacting Halifax to ask them what this £8,000 was for?
I'm sure they will have detailed records concerning the mortgage.
Can you please explain in bit more detail what "..so they then went to Halifax and asked them to take over everything" means? Does it mean they asked the Halifax to convert the mortgage from an interest-only endowment backed mortage to a repayment mortgage?

dunstonh

I read your comments to suggest it had been repossessed.

If she chose to cease paying the endowment because she couldnt afford it, then its probably a good job she wasnt on a repayment mortgage.

We need a bit more clarification on the points because its hard to follow what you mean at the moment.

regularsaver1

did they do a part-repayment of £8000 to pay a chunk of the mortgage off instead?