endowment mis-selling advice

morrisy

I would be grateful for some advice on my endowment mis-selling claim.

I took out an Abbey mortgage in 1998 with life insurance for the majority of the loan also taken with Abbey. My endowment is with L&G. After appeal to the Financial ombudsman, L&G have acknowledged that I was mis-sold my policy. L&G have just written to me to say that they will contact me within 28 days with the result of their calculations but may need to make some assumptions about my mortgage. When I telephoned L&G, I was told that their calculations would include compulsory life cover. To me this seems grossly unfair, because I am already paying for life cover with the Abbey. Had I originally taken out a repayment mortgage, I would have obviously only taken out one lot of life cover for the loan. This extra deduction that L&G are going to make, will make a significant difference in the overall calculation.

Is their policy correct, or should they not deduct life insurance from my contributions as I am already paying for it?

Thanks for any advice

dunstonh

When I telephoned L&G, I was told that their calculations would include compulsory life cover. To me this seems grossly unfair, because I am already paying for life cover with the Abbey

They are totally correct by including life cover in the calculation.

Your choice to have additional cover above the endoment amount was your choice and has no impact on the endowment mis-sale.

If you didnt need the extra life cover, then why did you buy it?