Miss sold endowment mortgage.

sr4a

Hi Folks,
Just one last question before I forget the whole ordeal.
I have persued my endowment company for compensation for miss selling my endowment but missed the deadline etc Ombudsman ruled in their favour etc but my last question is- my solicitor contacted my bank and changed my capitol mortgage to an endowment and then contacted me to say this was the best option.
Are solicitors covered by the same rules as the banks etc or would I have to appeal to some other governing body like the law society etc and what would my chances be of 'beating' a solicitors.
Any info would be a geat help.
PS Live in Scotland so rules may be different?

dunstonh

my solicitor contacted my bank and changed my capitol mortgage to an endowment and then contacted me to say this was the best option.
Are solicitors covered by the same rules as the banks etc

Solicitors are covered by the law society. However, the time bar on the endowment applies to whoever sold it. So, you are still time barred.

and what would my chances be of 'beating' a solicitors.

If it is timebarred then virtually zero.

PS Live in Scotland so rules may be different?

Law Society of Scotland. However, the time bar rules are UK wide and not England only.

hcb42

how did a solicitor change your mortgage?

It's your mortgage not theirs..?

sr4a

The solicitor sold me the endowment policy they contacted my bank and changed it from a capitol to an endowment. They were also my estate agent.

holly_hobby

To change your mortgage from a repayment to an interest only would have required a completed application, your status would also have been re-assessed as the repayment mortgage would have effectively been closed down and replaced by the interest only arrangement - which would be classed as new borrowings.

As to imply that you had no hand in the switch from repayment to a endowment mortgage, simply can't and won't be the case - which you've probably forgotten with the passage of time..

You already know your endowment complaint is time barred. Whilst your apparent complaint about any mortgage advice will unfortunately also fail, as mortgage advice was not regulated before 31 October 2004 - so unless your broker advised you switch after this date you're out of luck.

Hope this helps, sorry if not what you hope to hear.

Holly x

sr4a

hcb42 wrote: »

how did a solicitor change your mortgage?

It's your mortgage not theirs..?

Agreed but the bank cancelled the paperwork for Capitol mortgage when the solicitor contacted them and drew up forms for the endowment mortgage which we later signed. The solicitor stated that with this endowment we would have a surplus of £10000 when it matured and paid off the mortgage(like that old saying if it sounds too good to be true...). I would like to point out that I was only a young 18 year old chap at the time and trusted these 'sharks' to guide me. If only I knew then what I know now.;)

dunstonh

The solicitor stated that with this endowment we would have a surplus of £10000 when it matured and paid off the mortgage(like that old saying if it sounds too good to be true...).

For the majority of the period that endowments were available, they did just that. Problem was that complacency set in that became the expectation of the norm.

If you have evidence of that allegation, then you have a strong complaint. If you have no evidence of that then its not a good complaint reason. The fact that it was ruled against you suggests you have no evidence.

It should also be noted that just one change of letter in that statement turns it from being uncompliant to compliant.

would is wrong. Could is acceptable. How can you be sure which was used all these years later?

I would like to point out that I was only a young 18 year old chap at the time and trusted these 'sharks' to guide me. If only I knew then what I know now.

You probably would not have done any different. a) you considered yourself old enough to have a house and take on a major debt and were an adult in the eyes of the law. b) hindsight is wonderful. had this site existed back then, it would have an endowment best buy section just as other consumer groups did. The media were pro endowment too in their articles. It is easy to look back at mistakes or issues with hindsight and pretend you would do different.