one question on endowment complaint form - advice?

witchypoo

Please see later posts for details as my first post was confusing those who replied.
This matter is now sorted as I have sent the letter. Thanks to all those who have been helpful.

witchypoo

Husband seems to think maybe the first mortgage on the old house was not an endowment mortgage. Anyway I can find that out from the bank I expect, if their records go back to 1991

Can anyone suggest how I might fill in this section of the form?

FredTheFifth

For various reasons my mortgage company had changed a few times and I had a similar question. I just put the address of the property and the name of the lender. I simply did not have the information they requested.
Regards.
FTF

dunstonh

As CIS didnt sell you an interest only mortgage, what grounds are you complaining?

How many years was the actual mortgage in force (roughly)?

If you are only looking at the years before 2000 and a short period, then this may all be a waste of time complaining.

witchypoo

Thanks FTF - ah maybe I will just be vague and make a note that I don't have mortgage number etc, cheers for that.

dunstonh - my grounds for complaint are that the vehicle they sold me to pay off my mortgage is going to underpay, that they guaranteed it would repay the mortgage with a lump sum of profits (yes, guaranteed) and didn't explain the risks involved. This was back in 1991 and there are 9½ years remaining. The endowment was sold to us within a month of moving into the property.

dunstonh

my grounds for complaint are that the vehicle they sold me to pay off my mortgage is going to underpay

That isnt grounds for complaint and if you use that, it will be rejected.

that they guaranteed it would repay the mortgage with a lump sum of profits (yes, guaranteed)

And you are able to prove that? The documentation on file is not going to mention any guarantee.

and didn't explain the risks involved

That is the only real area of the complaint that has legs. However, you are disadvantaged a bit because you already chose the endowment mortgage and went to CIS after the endowment mortgage was set up. If the adviser documented it correctly, he/she would have put on the file that the mortgage was already in place and that you had already chosen the endowment option and they were fulfilling that. It still requires the right risk warnings but it does put you in a weaker position that someone that did the endowment at the same time as the mortgage.

witchypoo

Really? Well at least I am prepared for them to come back and say as much, thanks.

However I never went to them - they were in my home discussing my husband's small policy his mum took out when he was young, and THEY brought it up, they persuaded us there and then with figures to prove that this product always achieves it's target plus profits.

We were given nothing, granted, to prove this - but this is the way they used to operate, kindly older gentlemen coming to your home - they even used to collect the premium from their customers in those days (however ours was a direct debit). I know the man who sold it has now died, his colleague I can not be sure, but he was in his 60's and has probably since retired.

witchypoo

Back to my main query - about this question, how does this sound?:
Existing householder; Mortgage value £15,000 from Nationwide, repaid November 1991, further details not known.

Does that sound enough or is it too vague? I want to post it off today!

dunstonh

If you repaid the mortgage in 1991, you are aware that you may not end up with anything. In 1991, endomwents were still paying big surpluses and would have been performing above target almost across the board. It wasnt until 99/00 that they started to suffer.

turbobob

Hi. If you are not able to recall specific details of your mortgage I would provide as much information as you can. The main use of the mortgage information is for redress calculation purposes and to gain an idea of your circumstances at the time (some information will in all probability be on file e.g. fact find completed at time of sale). Honesty is best.

I am unsure what you mean when you say you repaid your mortgage in 1991. Didn't you take the CIS endowment out in 1991? If that IS the case IF your case is upheld redress would probably be mostly made up of a refund of premiums with interest. Mortgage endowment redress is normally carried out as a comparison of endowment vs repayment to find out if you are worse off through having an endowment mortgage. As it was mortgage linked for such a short time this would hardly be relevant.

Its not very clear what you are saying about the replaced policies. Are you saying that Nationwide sold you a policy after you had an endowment already (which was not being paid in to) and then CIS came along straight afterwards and sold a replacement?

witchypoo

Hi turbobob, thanks for your response, I must clarify as it seems I have confused everyone else!

Hubby took out mortgage in the 80's with his dad for £15000, THAT is the one that was repaid after his house was sold to builders for cash.

The current house the mortgage was taken out directly after, Nationwide sold us an endowment and within the month CIS were in our home and told us we should go with them.

The form asks for info on our current mortgage which I have been able to enter, however the next section asks if at the time we took out the endowment were we first time buyers or existing householders and then "if an existing householder, please provide mortgage details (as on previous page)"

So what I put up above how would this sound:
Existing householder; Mortgage value £15,000 from Nationwide, repaid November 1991, further details not known.