shortfall - endowment.

dunstonh

But, back then all the advice was against surrendering the product

No it wasnt. That was a myth put about by tied agents/FAs who were not allowed to recommend cancellations/surrenders. IFAs could and providers could.

The actual advice on mortage endowment complaints was to surrender and put the surrender value and redress in the mortgage and convert to repayment basis.

. also repayments were way off our budget scale to enable a switch.

That is one of the reasons people used to buy endowment mortgages. A point often forgotten. Endowment mortgages were frequently cheaper than repayment mortgages.

addyboy1982

Ask your bank to convert you to repayment for a term you can afford, assuming that term won't take you over their age limit for mortgages - some is 70yrs old, most 75yrs and a few 80 yrs.

holly_hobby

aggypanthus wrote: »

But, back then all the advice was against surrendering the product

Not by the Firm it wasn't.

You complained, and the investigation was upheld, on your claim that it didn't meet your risk profile, and that the risks associated with the policy were not explained to you at point of sale, and had they been so you would have instead effected a repayment mge - so your retention of the policy was at complete odds to this.

Indeed, a number of firms automatically surrendered the endowment as part of any upheld complaints - those that permitted complainants to keep it running, despite an uphold, essentially left you to make your own decision from that point.

aggypanthus wrote: »

, and then the prospects of such a low return was not on the Radar!

,

If the policy didn't suit your risk profile (which I'm guessing was risk adverse) then NO antcipated shortfall, no matter how low, would have been acceptable to you end of.

A basis you used to complain, and hence (given whatever POS docs were aviable) why your complaint was upheld.

So this statement, along with your election to both retain and continue to service the policy, despite knowing the performance risks, does suggest that the facts given in your original complaint (re your unhappiness and unacceptance of the policy risks) may not have been completely accurate.

aggypanthus wrote: »

we claimed about 12 yrs ago and 15 yrs seemed such a long way off.. also repayments were way off our budget scale to enable a switch.

Even switching just the estimated shortfall to repayment would have been as start ... but I can understand that we hope for the best with our fingers crossed .... unfortunately the gamble hasn't paid off, which is upsetting I know, but you have known for a significant time that this situation was on the horizon.

aggypanthus wrote: »

Thanks for all the advice everyone .

Thats a pleasure, we're all here to help. But as stated earlier, you need to take some positive action now and also engage with the lender to try and resolve this .... they'll be happy to help where they can, but you must get to grips with this asap.

Wish you well

Holly x

aggypanthus

Thanks Holly for your full reply x