Mortgage Endowment Should Have Been Cancelled!

lordan1

My wife has a mortgage endowment that she bought in 1991. It was never going to reach its proper value and our Independent Financial Advisor suggested we complain. We did and received 7.8k in compensation in 2005. I wrote to them to see how the plan was doing and received a letter today saying a mistake had been made in 2005. We had been offered a return of all premiums paid, less the cost of life cover, which we accepted. Acceptance should have meant the plan was cancelled, but that didn't happen. My wife continued to pay and the company continued to accept the money and issue annual statements. The company say the right thing to do is to leave the plan to run as it is to maturity. Does this sound fair and reasonable?

dunstonh

Does this sound fair and reasonable?

Yes. The decision to continue or cancel is one you make. it is not for the provider to make. Some people chose to cancel at that point. Others continue. There is no right or wrong as its a new decision to make at that time.

amnblog

Are you saying they have paid out compensation once but are still offering continuing benefits and the prospect of maturity soon?

lordan1

That's correct. Have I been lucky?

amnblog

a little - I would say

Thrugelmir

lordan1 wrote: »

That's correct. Have I been lucky?

No. As you've continued with the policy. That has continued most likely to perform badly. As it was your decision there's no recourse or grounds for complaint.