Endowment with Scottish Widows

Lapadore16

We had an endowment with Scottish Widows and back in the 1990's they said it hadn't made the money it was supposed to make and it would not be enough to cover the mortgage and they were cancelling the policy and sending us what it was worth at that time which was something like £6,000
What I want to know is, is PPI on something like an endowment? It is a form of life insurance after all. I really need to clear a credit card debt and if I was due to something off the endlowment it would be a good way of clearing the card.
Hope somebody can help. Thanks

dunstonh

We had an endowment with Scottish Widows and back in the 1990's they said it hadn't made the money it was supposed to make and it would not be enough to cover the mortgage and they were cancelling the policy and sending us what it was worth at that time which was something like £6,000

That is not how endowments work. Also, SW would not cancel a policy unless you requested for it to be done.

What I want to know is, is PPI on something like an endowment?

No. Not even close in any area.

It is a form of life insurance after all.

Yes. an endowment is a life assurance. PPI is not.

I really need to clear a credit card debt and if I was due to something off the endlowment it would be a good way of clearing the card.

Looking for easy ways out by putting in fraudulent or try-it-on complaints isnt going to help. Go to the Debt Free wannabe section. They have some very helpful people in there who can give you help if you are struggling.

holly_hobby

You wouldn't have PPI on a Low Cost Endowment - you may have wavier of premium (which would have been an elective extra), and which was directly linked to payment of the policy itself. Of course, as such all benefit under WOP would have ceased when the plan was cancelled, and you recieved the £6k you talk about.

PPI is also in relation to a personal loan and not a mortgage - whereby it is ASU/MPP - as noted by Duns. above.

So, to answer your question, NO you have no complaint or spurious claim to lodge with anyone.

Hope this helps

Holly