old endowment mortgage not sure if ive got ppi

andy12861

hi guys first time ive posted on here so bear with lol.right my story starts in 1991 me and my now exwife went to the tsb for our mortgage we ended up with an endowment one.there's a long story about that failing but thats for another time. what i'd like to know is when we took the endowment mortgage out we got told by the person in the tsb is to take the mortgage out we had and i mean we had to take out life cover policy with them or we couldnt have the mortgage with them so if someone could help me the two things id like to know is 1 can i claim as its so long ago and 2 is it miss sold ppi that i had thanks any help all the best

dunstonh

what i'd like to know is when we took the endowment mortgage out we got told by the person in the tsb is to take the mortgage out we had and i mean we had to take out life cover policy with them or we couldnt have the mortgage

Quite normal for 1991 and not a problem.

id like to know is 1 can i claim as its so long ago

Do you mean complain rather than claim? What would be your basis of complaint as nothing indicates any issues based on what you have said so far.

is it miss sold ppi that i had

Were you paying PPI or not? Life assurance isnt PPI.

andy12861

hi dunstonh thats reason i came onto this forum to try and find someone to help me.to tell you the truth i think your right but i just wasnt sure if i/we had ppi or not i didnt want to contact the bank for no reason it was the part where the mortgage advisor told us we couldnt have the mortgage with them unless we took out the life cover with them i just wasnt sure if that was ppi thanks for the infoall the best

lynnee_2

Just joined this forum to ask exactly the same question. We were told that we had to take out an insurance policy to cover an endowment mortgage. Was this the correct information? Did we really need it or is it PPI?

magpiecottage

lynnee wrote: »

Just joined this forum to ask exactly the same question. We were told that we had to take out an insurance policy to cover an endowment mortgage. Was this the correct information? Did we really need it or is it PPI?

An endowment mortgage is (or was) an interest-only mortgage which would eventually (hopefully) be repaid from the proceeds of an endowment policy.

So yes you did have to set up and maintain an endowment policy.

andy12861

hi maggiecottage i always thought you pay the interest on the mortgage then you would pay the endowment to pay off the mortgage at the end of the term. what i was saying was we got told we had to take a life policy with them or we couldnt have the mortage maybe ive got my wires crossed it was 21 years ago and im getting on a bit lol

dunstonh

i always thought you pay the interest on the mortgage then you would pay the endowment to pay off the mortgage at the end of the term.

That is correct.

what i was saying was we got told we had to take a life policy with them or we couldnt have the mortage maybe ive got my wires crossed it was 21 years ago and im getting on a bit lol

The endowment is a life policy.

justjohn

i think what the O.P. is saying is ....they had an endowment mortgage and an endowment policy. however on top of that the bank forced them to take out payment protection on the interest only mortgage.

Well thats the way mine worked, i would also like too know the answer.(RBS did the same in the 90's)

lynnee_2

Well put justjohn! that's what I meant. Any ideas anyone? any way of getting a definitive answer?

dunstonh

Until the mid 90s, banks often did insist on insurances. They were allowed to and indeed they are still allowed to today when its linked to a deal (i.e. to qualify for this deal you need to buy an insurance...)

Most people have multiple life assurance needs. Mortgage is one need. Lost pension entitlement another, family protection for lost income, other debts etc. Most people have multiple life assurance plans for that very reason.

We are going back to 1991 here. So, verbal allegations of wrong doing are going to fail. No evidence to support them will exist and a complaint over 20 years after the point of sale lacks credibility on the basis of verbal allegations. The only way a complaint would succeed is if there was no financial need for the life assurance policy at point of sale. That is likely to be incredibly difficult unless you were single, living alone and had no children. If you had a spouse/partner then there was almost certainly a financial need.

justjohn

These were payment protection policy's. Dont think they paid out if you snuffed it lol . They were only for unemployment or sickness and only paid for the mortgage repayments if you made a claim. They were taken out too protect the monthly payments of the mortgage. I do know it was forced by RBS. I complained at the time. i seem to remember, for some strange reason you could cancel after the first year. Think our payments were only 10-14 pound per month.

The endowment paid out if you died. Endowments had life insurance.

It was not a life policy as you had the endowment that had life cover. This mortgage repayment insurance had no options, you could not get it to cover more than the mortgage repayment. it was solely there to cover the mortgage repayments due to unemployement/sickness. I seem to remember it only covered you for 6-12 months of repayments.