Miss-sold an Endowment policy Help Needed??

razor1979

I took out my first mortgage back in 1999 at the age of 21, I since sold the house in 2003 and paid the mortgage off in full and moved houses and areas

I have been getting lots of phone calls recently say sign up with us as you mortgage and endowment policy were missed sold but they all want to charge me a fee for doing this. If this is the case can I make a claim of my own back and how would i go about doing so?

The Mortgage was provided by the Abbey National and the Endowment was arranged by them as well, I know that they no longer exist but were taken over by Santandare.

Since going through a divorce I no longer have any of the original paperwork with account numbers and policy numbers.

I wondered:-
A) if I had a claim (as the endowment would never have cover the mortgage in full)
who I make the claim to
C) if there is a standard letter which i can perhaps modify and send to the relevant people.

Many thanks in advance

The_J

Have you still got the endowment?

I think you know the answer to this yourself. These people call up thousands of people to get a fee out of them and then cannot win the case but your fee is spent.

razor1979

i really dont know if i still have the endowment as i paid the mortgage off in full when i sold the house and just presumed that was it i was very young back then and it was all new to me some of which still is.

When i sold the house i made a good profit out of it as i bought and sold at the right times i then moved to the other side of the country and rented for a while with my family to see if where we moved to was the place for us. since then i have got divorced and moved back to where i was from in fact only 10 minutes away from the house i owned

McKneff

If you still had the endowment, you would be paying for it each month.

You really could do with finding out who it was with. It may be just a paid up policy and it will mature one day.

Can you even remember who it was with.

razor1979

i have no idea who it was with, it was sold to me with the mortgage through the abbey National which is why i presumed it was all paid up when i paid the abbey national off

dunstonh

Look up advance fee fraud. However, a summary is where someone entices you with a potential large pay off but you first have to pay a smaller amount first to get it. They play on consumer greed as you think you will be getting a large amount so are happy to pay this smaller amount. Just watch any episode of Hustle and you get the same concept every time.

I have been getting lots of phone calls recently say sign up with us as you mortgage and endowment policy were missed sold

I have been getting calls nearly daily over the last few weeks telling me I have been mis-sold endowments, mis-sold PPI or had an accident I can claim on. I'm an IFA and cant be mis-sold. They are complaint generating firms trying to get money out of you. Most of the time it is the upfront money they make their profit on but also the odd case that does result in pay off. However, the endomwent issue is largely over now. Over 3/4 of endowments are timebarred from complaint.

In your case, it sounds like the endowment may well have been part of the divorce settlement. So, it's value has already been taken into account at that point. SO, if you are not paying into it and it has been taken into account then there is little you can complain about.

holly_hobby

I know during the 1990s Abbey were tied to Friends Provident - whether that remained so in 1999 I'm unsure, but they may make a good starting point to commence your hunt for policy details, etc.

It should firstly be noted, that any complaint regarding the sale of an investment vehicle can not be based on loss of expectation i.e the returns aren't as high as projected, but based on the suitability of the product to your risk profile and requirements.

Thats why, as has already been said, this is a clear phising exercise by the claims company - as they would have no idea of such info or access to the point of sale documentation to support such a claim.

Indeed, if your (low cost) endowment isn't timebarred for complaint following the probable historical receipt of a "red" (projected shortfall to target) endowment review letter, any loss calculation will be crystallised at the point your policy ceased to act as a mortgage repayment vehicle, which from your post re subsequent renting etc, appears to have ceased in 2003.

However, if not timebarred (ie you have not recd a red letter, and only recently become aware that the policy may not suit your risk profile), AND the complaint is upheld, any determined loss over the period the policy acted as mge repayment vehice ( 4 yrs) will be low at best (loss being the monetary difference between an endowment mge and a comparible C&I mortgage over the same period). Although 8% interest will be applied to any determined loss, from 2003 to the time of comp payment.

Notwithstanding alll of the the above, utilising such a claims company in any FS complaint, will neither alter nor infulence the findings of the selling agt or FOS, but WILL result in an erosion of any compensation sum you may be awarded by the application of their fee.

If you believe you have a justified complaint for your endowment, which is not time barred, and is in respect of suitability not performance, we are all here to help with guidance on how to proceed.

Hope this helps

Holly

razor1979

i had already sold the house long before i got married and long before i even lived with my wife when we moved we never ended up buying a house as her dad had lots of properties in the area which we lived in rent free

i then moved back to my home town where i am now renting a house and went through the divorce, nothing to do with my past house or endowment was included in this

to make things clear I would never employ such company to work on my behalf , but after receiving all these calls i started to think well maybe i do have a claim and if so how do i go about making such a claim on my own??

The_J

No you don't have a claim.

If I kept on telling you that you were Australian, would you start drinking Fosters?

dunstonh

If I kept on telling you that you were Australian, would you start drinking Fosters?

No. But if you tell me that I could pay £250 up front and drinking fosters would see me get compensation of £5000 then I might

but after receiving all these calls i started to think well maybe i do have a claim and if so how do i go about making such a claim on my own??

I get emails from a nigerian prince asking for money. If i get these often enough does it mean they are real. And lets not go on about the ones telling me what to do to get a larger penis!!!

holly_hobby

dunstonh wrote: »

And lets not go on about the ones telling me what to do to get a larger penis!!!

Tie a brick to it ??:D