Endowment Mortgage mis sold

hulltiger1969

Hi

I am hoping someone can give me some advice, I will try to keep it short, My mum and dad got the mortgage in 1976, they were I believe mis sold endowment, when they got the policy they were advised at the end of the mortgage they would receive about 10000 in cash, The mortgage was paid off at the end of the term but they only received around 2000.


I have (due to all this PPI etc) decided they must of been mis sold, I had a quick look on this site and found some information around 2008 saying time was running out BUT people could still claim if they had good reason, so reasons are

1) In 2007/8 dad suffering lung cancer, passed away middle 2008

2) Mum poorly, couple of strokes, depression, severe back problems (including major op)

3) none of us had a clue there was people making claims on this sort of thing and just thought it was tough luck.



My mum is now starting to struggle financially (no benefits at all) only private and state pension, I would love for her to have a bit of security, Is there any possible way she may be entitled to money back over the mis selling.

P.S Mum been mum will have every bit of paperwork relating to this stashed away...


Thanks for reading :j

Thrugelmir

hulltiger1969 wrote: »

when they got the policy they were advised at the end of the mortgage they would receive about 10000 in cash, The mortgage was paid off at the end of the term but they only received around 2000.

Returns on endowment policies were not guaranteed. The return depended entirely on the underlying investment return over the term of the policy.

In your parents case they received £2,000 over and above that required to settle the mortgage.

So they've suffered no financial loss and there is no grounds for complaint (not that one can be made).

opinions4u

Given that most complainants didn't get their mortgage paid off, I think your barking up the wrong tree here.

Reasons why you can't complain:

1. Policy performance isn't a reason for complaint.

2. The policy was bought before 1988 so the sale isn't regulated.

3. Any complaint is timed out anyway.

Focus on your Mum. Not on a totally unreasonable claim that an endowment policy that did its job should pay out further compensation.

dunstonh

My mum and dad got the mortgage in 1976, they were I believe mis sold endowment

That is 12 years before financial services regulation.

The mortgage was paid off at the end of the term but they only received around 2000.

So, a surplus over target was paid out. A good result.

I have (due to all this PPI etc) decided they must of been mis sold

Seeing as this is 12 years before regulation, which rules do you think have been broken? What evidence exists that to support that?

although, the case is well and truly time barred. So, its all rhetorical anyway.

hulltiger1969

Thanks for replies,
I have absolutely no idea how these things work, that's why I asked on here as I knew plenty would know, just thought it would be nice to get mum some cash, mum and dad both worked damn hard all their lives, don't like to see worrying about money, I know millions of people are in same position but I was hoping I could help. Because we don't usually bother with all this financial jargon ( just spend it lol)
None of us bothered with the bank charges claims etc ( I should of done, I would of got loads back lol). I just thought worth a try, nothing to lose by asking, anyway can't be done so that's that. Thanks anyway

dimbo61

If Mum has kept all her old paperwork please sit down one night soon and have a read through some of it!
Did Mum and Dad ever take out a loan with PPI, check the credit card statements for any insurance or charges.
Check for bank charges or package bank accounts where the insurance would not have covered Mum and Dad due to age ???
look at mums bank statements and see what she is paying for every month.
SKY ( give them a call saying you want to cancel !!!) Same with others phone, mobile
Shop round and check if Mum can claim any benefits