Is it worth me complaining about mis-sold endownment

kathryn_1

The whole thing is stressing me out. I have spoken to the Halifax today who say that they are sending me some forms to fill out about it.

My main grounds for complaint is that I was told that the endownment mortage was my best option because 1) it would pay off the mortgage and there would possibly be a lump sum left over. 2) it was the better option because in case of unemployment the interest on the mortgage would still be paid by the dss.

To the best of my recolation the adviser did not tell me there would be any risk whatsoever that the endownment would not pay off the mortgage. Also quite a few years ago now, when the endownment shortfall first came to light, I went to see an advisor at my local Halifax branch who advised that for the time being it was best to do nothing and that the market would possibly recover.

The reason I'm apprehensive about making a claim is that at the end of the day its my word against the Halifax.

I'd be grateful for any advice or to hear from anyone who has made a similar claim.

dunstonh

2) it was the better option because in case of unemployment the interest on the mortgage would still be paid by the dss

Depending on the context that was said, it could be correct. (long term sickness is another area where endowment mortgages could be better)

1) it would pay off the mortgage and there would possibly be a lump sum left over.

would or could?

The reason I'm apprehensive about making a claim is that at the end of the day its my word against the Halifax.

Its not your word against theirs. The recommendation should be documented and the reason why letter should contain all the risk warnings. If the warnings are there and the required documentation is present, then you lose. If the warnings arent there and/or documentation is missing then you win.

I wouldnt bother claiming on point 2 as that is a non issue. It is not correct or incorrect in the way you word it and the context it was said in would matter and no doubt you wont remember that as it was a long time ago.

Stick to the conventional reason that you werent made aware of the risk.

ANNIEHAHA

I have just put in a claim for my husbands two endowment policies for the same reasons as you (1) it was suppose to pay off the mortgage and (2) there was suppose to be a lump sum
My husband surrendered his 3 and a half years ago I would say its worth a try ,if it dosen't work all you lost was a few stamps and a little bit of time
just copy the template letter - you never know!