Endowment

amanda-4

Can i claim for a endowment policy which was taken out in 1988 and still paying, at the time was told this was my only option to get a mortgage I wanted a repayment mortgage but the estate agent that set the endowment up said this was my only option.
House has since been sold but have carried on paying the endowment.

McKneff

From what Ive read on these boards you are now time barred from claiming anything.

Presumably your endowment will pay out pretty soon anyway. When does it mature. Have you had a forecast as to how much it is worth.. Dont forget there could be a terminal bonus when it matures and it also covers you for life insurance while it is still running.

amanda-4

Thank you for your reply.
The endowment matures next year, so far it hasn't reached the amount it was supposed too. There is also an insurance on this policy i didn't even know i had !

McKneff

Well, you'll be quids in next year.

Presumably, if you didnt know you had the insurance you didnt read it very well when it was first set up.

In all honesty, you will have had letters letting you know of the shortfall many years ago, that is when you could have done, its not really compensation, it just put you back in the same place where you would have been had you taken out a repayment mortgage, so it wouldnt have been thousands lol.

Have fun with the cheque, and like I say, although it isnt guaranteed there may well be a terminal bonus added to your payout.

Good luck.

dunstonh

about 3/4 of endowments are timebarred.

The endowment matures next year, so far it hasn't reached the amount it was supposed too.

Which is not grounds for complaint.

There is also an insurance on this policy i didn't even know i had !

An endowment is a life assurance policy. It has to by law include life assurance.