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endownment policys

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sampa_2
sampa_2 Posts: 6 Forumite
in Mortgages & endowments
Hi

I have two endowment policies which I guess I could try and get money back on them. I need some advice about endowment mortgages as I don't know much. Just divorced I am just looking in to these. If you do get compensation back on the endowments that are active,does it affect the endowment policies or what.
Thanks:)

Comments

  • silvercar
    silvercar Posts: 49,545 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    on what grounds do you feel you were miss sold?

    If you do think you were miss sold, and your complaint upheld, the compensation would be to put you in the situation you would have been in had you taken a repayment mortgage. The are set formula for calculating this - often it works out that the endowment was cheaper for you and so you get nothing.

    There are strict timescales for complaining and the clock starts ticking from when you first had a warning letter that the endowment may not generate enough to clear the mortgage.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    So you want compensation?

    But haven't a clue why?

    Just sums of Great Britain 2012 Ltd so well.
  • dunstonh
    dunstonh Posts: 119,662 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I have two endowment policies which I guess I could try and get money back on them.

    What do you mean by getting money back on them?
    I need some advice about endowment mortgages as I don't know much.

    What sort of advice do you need?
    If you do get compensation back on the endowments that are active,does it affect the endowment policies or what.

    Why do you think you deserve compensation?
    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.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    Not impressed by the compensation issue, but how can this product have been sold properly if the OP has not got a clue what they have bought?
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    bigadaj wrote: »
    but how can this product have been sold properly if the OP has not got a clue what they have bought?
    People forget.

    Actually, where does it say the OP doesn't have a clue?
  • dunstonh
    dunstonh Posts: 119,662 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    bigadaj wrote: »
    Not impressed by the compensation issue, but how can this product have been sold properly if the OP has not got a clue what they have bought?

    Can you remember in detail conversations you had 15-20 years ago with people about things you bought?

    The OP hasnt said they dont understand it. Just that they are looking for compensation but dont know how to get it. (arggh)
    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.
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