Mis-sold endowment and making up shortfall

noelphobic

I am considering making a complaint about mis-selling of my endowment (I realise it may be too late but thought it might be worth a go). However, I have received a letter suggesting I pay in just under £100 for the next five years (which is when my mortgage is due to be paid off), in order to guarantee that the mortgage would be paid off in full.

If I decide to do this would it affect my mis-selling complaint? (assuming it wouldn't otherwise be rejected as being out of time)

Thanks in advance for any advice. It's obviously pointless to ask me why I didn't claim before as that ship has sailed - mea culpa!

Thrugelmir

If you wish to make a complaint. Then the reason behind not doing so previously is critical. As in essence you are time barred.

If you have no substantive grounds for appeal. Move on.

noelphobic

Thrugelmir wrote: »

If you wish to make a complaint. Then the reason behind not doing so previously is critical. As in essence you are time barred.

If you have no substantive grounds for appeal. Move on.

It may be critical in terms of whether my appeal has any chance of success. I don't think it's critical in terms of whether agreeing to their suggestion of upping my payments will have any effect on the success of such a complaint (if it isn't rejected on the grounds of time barring).

dunstonh

It may be critical in terms of whether my appeal has any chance of success.

Time bars are rarely overuled. So, the first thing to do is find out if you are timebarred. Over three quarters of endowments are.

Uping the payment wont affect your complaint. Although that is the least of your concerns. (remember that most endowment complaints failed even before the timebar - so you need to focus on your reasons and evidence)

noelphobic

dunstonh wrote: »

Time bars are rarely overuled. So, the first thing to do is find out if you are timebarred. Over three quarters of endowments are.

Uping the payment wont affect your complaint. Although that is the least of your concerns. (remember that most endowment complaints failed even before the timebar - so you need to focus on your reasons and evidence)

Do you know how I can find out if I am timebarred (apologies if it's a silly question!)

dunstonh

Do you know how I can find out if I am timebarred (apologies if it's a silly question!)

You get three years from first being notified of a high risk of a shortfall. Most of these started in 2001 but most of the required wording occurred around 2003/4 and were time barred by 2008.

The main thing was if the middle projection on statements showed a figure that was lower than the target amount. Some referred to it as a red warning. Others referred to it as a high risk of not hitting target. If in doubt, you can ask the endowment provider.