Endowment Misselling in 1987 any help available?

snowaddict

Hi,
I've pursued this problem on and off over the last decade. Getting nowhere. So this is my last effort in getting any help.

Finally, our endowment mortgage matures in August. whooppee. and guess what, quite a big shortfall is predicted. ~Thanks Standard Life via Halifax. It was 1987 when we took it out - young and ill advised. I distinctly recall the agent telling us how lucrative this product would be with a lumpsum after paying off our mortgage. Now back to reality in fact we will probably have a shortfall of about 8/9 thousand. Any advice/success stories greatly appreciated.

dunstonh

If it was an agent of Standard life or Halifax that sold the policy then Halifax have the liability. If it was an accountant, solicitor or an IFA that sold the policy then they have the liability.

Halifax have voluntarily agreed to review cases they sold pre-regulation. However, IFAs, accountants and solicitors did not. It was not uncommon for building societies to use local agents to arrange insurances in those days and not do these things themselves.

I assume from your post that it was not a Halifax/std Life agent but an IFA, accountant or solicitor. If so, forget it. You have hit the end of the road.

snowaddict

ok, that's what I thought. Oh well. Nealy time to stump up

70mortgage

I was also sold a 20yr Endowment Mortgage in 1988 by an agent of the Cooperative Ins Soc who said it would be worth double at maturity It paid out £20,000 just enough to cover the mortgage no where near the £40,000 predicted by him. I persued this with the Coop who said unfortunately the agent has died so we cannot verify the claim. I also complained to the ombudsman who said the time frame was not eligable for enquiry. I found these two statements VERY annoying as if it did'nt matter to them. Has anyone any advice as I had actually given this up until I came accross this Forum.
Thanks

dunstonh

I persued this with the Coop who said unfortunately the agent has died so we cannot verify the claim.

If you have made a verbal allegation and have nothing to prove it and the documentation doesnt show anything to support your allegation then that would need the agent to verify if they said that or not. As the agent is died, they cant tell you. However, chances are they wouldnt remember you or what was said.

I also complained to the ombudsman who said the time frame was not eligable for enquiry.

There is a window to complain and if you dont complain within that timescale then you become timebarred.

I found these two statements VERY annoying as if it did'nt matter to them. Has anyone any advice as I had actually given this up until I came accross this Forum.

Its game over. You cannot support your allegation and the FOS cannot investigate it (but even if they could, they would ask the same). Allegations typically result in rejection unless they can be proven or another failing has been identified as part of the investigation.