were we missold mortgage life insurance

SaRaH_3

Ah as I suspected, so you are paid to try to put people like me off but Im not that easily put off. The bottom line is the lender is responsible for making sure they inform their customer of the details of their products.

lovinituk

SaRaH wrote: »

Ah as I suspected, so you are paid to try to put people like me off but Im not that easily put off. The bottom line is the lender is responsible for making sure they inform their customer of the details of their products.

Are you going to argue this blindly with the bank when they refuse your claim?

SaRaH_3

Thats what I done with another complaint recently and the lender backed down and upheld my complaint.

lovinituk

SaRaH wrote: »

Thats what I done with another complaint recently and the lender backed down and upheld my complaint.

Probably a completely different scenario - care to share the details so we can see?

The_J

We're saving you the time of the complaint. Where it is justified we would be telling you how to get the most out of it. The more us Financial Advisors can show that the banks are not qualified to give advice the more the FSA will encourage people to get our advice. All these bank scandals are great for us.

You seem unable to understand that the endowment and the life cover are one and the same.

I don't want to say something horrible because I have a feeling you may have a mental disability but trust us, we're only telling you what the bank and the FOS will.

holly_hobby

SaRaH wrote: »

Ah as I suspected, so you are paid to try to put people like me off but Im not that easily put off. The bottom line is the lender is responsible for making sure they inform their customer of the details of their products.

Oh give me a break ..

People like you ? Do mean those who complain with no merit ? Because if there were any, I would be guiding you on how to present your complaint, and what resolution you should expect from the Firm - thats why I contriubute to a free forum to help people where I can, for NO PERSONAL GAIN.

The lender did not sell you any product with your change of mge - they sold you a repayment vehicle for your interest only mortgage, some 3 yrs before you decided to change to C&I.

What does Kings. say .. "hit it with a straight bat" .... I'll think I'll go and sit in a dark room and start that mantra now ...

H

holly_hobby

SaRaH wrote: »

Thats what I done with another complaint recently and the lender backed down and upheld my complaint.

Really ???

I suspect if so it was probably on a "without liability basis", and because the comp was less than a FOS referral fee ... which is often made on a borderline case or as a business decision.

So don't feel it was a victory for the small man in any kind, it wasn't - it was solely on what was most cost and time effective for the business.

H

vectistim

SaRaH wrote: »

Ah as I suspected, so you are paid to try to put people like me off but Im not that easily put off. The bottom line is the lender is responsible for making sure they inform their customer of the details of their products.

It needs to be remembered that no financial institution is going to recommend cancelling an investment and insurance policy without going down an advice route.
In previous years there was a lot of criticism of companies, and advisors, for cancelling someone's financial arrangements and then re-writing it - referred to as churning - so that a new set of commission could be generated.

In my previous repsonse I said that I know several people (including myself) who converted from interest only + endowment to repayment + endowment.

As I read this thread - three years after you set up the mortgage you asked the lender to convert to repayment. The lender would have told you the costs at the time and evidently you were happy with the new costs. As far as I can tell you did not arrange for financial advice at this stage. A comprehensive financial advice service would have considered the change and various protection and investment needs and aims.
But for (likely) poor investment performance, a repayment and endowment mortgage may be a worthwhile (if unusual) approach.

Motumoyo

I have paid my morts now, only less than 59% LTV when the late nineties, I did not for these only in missues life insurance. Summer is a season only belong to women, so some fashion cwmalls are needed. This are pretty important in summer, I think the best at CWMALLS, it’s really good!

Millie_Millsters

Sometimes I think I must be the only person in the world who had a low cost endowment policy, paid it for the full 25 years and don't think I was ripped off.

Mind you, it was more luck than judgement, that it had a clause to pay off the full amount even if there was a shortfall :T