Endowment mis sold "proven" but no compensation

allroundgoodguy

We have just recieved a letter from MGM saying one of my wife's endowments was mis sod (we have 4, 2 each) but that we have not suffered loss. We took two of them out before getting togther pre 1995. (In fact I got one several yars before I even bought a house, so that is the next we are loing into
At first I thought wasn't right, and I don't fully understand their calulations, but we did convert half to repayment in 2004.

They have offered us £30 replcament life cover if we surrender. They say they cannot offer us Mortgage Decreasing Term, yet the instructions say state that we should declare that is what we are doing.

Are they saying that we surrender and convert to repayment, then the repayment for that part will have their life cover. It just doesn't seem to be a good deal.

I'm not totally daft, honest!,but it has confused me.

Any pointers would be gratefully recieved.

£48k mortgage all endowment at the time 1995.
£70k in 1997 All endowment, now 4 plans
£35k Repayment/£35 endowment 2004.

Ps should we have not put part of it to endowmwnt, or is it as is described often as putting where we would be if it was repayment.

Sorry if the post is too long, is it best to go to an IFA?

dunstonh

Having an endowment is not necessarily a bad thing. As the stockmarket has recovered, many have gone back into surplus positions again. So, when the calculation has compared the position you would have been in had you gone with a repayment mortgage, they have found that you are financially better off with the endowment. So, no redress is payable.