Endowment currently on track but...

strangeluvuk

We bought our endowment in 1989 from Hambro Guardian. It's currently "green" with 7 years to go. I see in the press that the time for claiming is running out. What if the endowment goes belly up in a few years? Will we then be unable to claim?

We still have the original paperwork including the "workings out" by the Advisor in his own handwriting showing how the endowment would pay out way over the amount required for our mortgage.

Kind regards

Elaine.

JoeK_3

That a good point and it looks like it's a risk that you will need to consider.

Is it with profits or a unit linked policy?

JoeK

EdInvestor

strangeluvuk wrote: »

We bought our endowment in 1989 from Hambro Guardian. It's currently "green" with 7 years to go. I see in the press that the time for claiming is running out. What if the endowment goes belly up in a few years? Will we then be unable to claim?

Hi Elaine

The rules say that you must make a claim within 3 years of receiving a "red letter" stating that there is a "high risk" that your endowment will fall short of the target.

In your case the trigger hasn't been pulled (yet) so the timebar doesn't currently apply. If the trigger is subsequently pulled, you should have 3 years from then to complain.

satan1

I have just asked for an update on our endowment, have received it saying it is on track but should only come out with about £1000.00 and we were told at the time we took it out back 20 years ago that it would make much more than that, can we still make a claim that we were mis-sold?, what if in 5 years time (thats the date our mortgage finishes) it shortfalls, where do we stand, as I have heard there is a date looming whereas you cannot no longer claim

dunstonh

and we were told at the time we took it out back 20 years ago that it would make much more than that, can we still make a claim that we were mis-sold?

No you cannot.