Is there anything we can do about a missold endowment?

houndofculaine

We took out an endowment mortgage in the mid 90s.


Were only showed figures that paid off the mortgage and gave us an additional £15000/20000/25000 lump sum.


Now all we get is misleading statements that claim there's a shortfall, but don't really tell us what it is as there's nothing solid about the actual profits of the fund.


All you see is PPI claims on telly (sorry I could see with my bank car loans that all my bank would do is freeze the loan for a year if I was made redundant, which was hardly a great deal for £35 a month, so wasn't dart enough to take one out). But surely this was a far greater con?


I know there was something in like 2007/8 about time running out, but we were in the middle of moving house, and didn't want our then lenders barring us from changing mortgage.


But surely mis selling is mis selling, surely putting a time bar is on making claims just helps banks and screws customers?

amnblog

Rules were put in place to 'time bar' complaints and for providers to alert clients to upcoming deadlines for complaint.


http://www.financial-ombudsman.org.uk/publications/technical_notes/time-limits-mortgage-endowment.html


You may find it would have been more beneficial to worry about your investment some years ago.

maninthestreet

houndofculaine wrote: »

We took out an endowment mortgage in the mid 90s.


Were only showed figures that paid off the mortgage and gave us an additional £15000/20000/25000 lump sum.


Now all we get is misleading statements that claim there's a shortfall, but don't really tell us what it is as there's nothing solid about the actual profits of the fund.


All you see is PPI claims on telly (sorry I could see with my bank car loans that all my bank would do is freeze the loan for a year if I was made redundant, which was hardly a great deal for £35 a month, so wasn't dart enough to take one out). But surely this was a far greater con?


I know there was something in like 2007/8 about time running out, but we were in the middle of moving house, and didn't want our then lenders barring us from changing mortgage.


But surely mis selling is mis selling, surely putting a time bar is on making claims just helps banks and screws customers?

You should be receiving annual assessments of how your policy is performing with projected values for the future for various rates.

mrginge

Why do you think it was missold?

Just because the investment did not perform to some projections is not a valid reason for complaint.
Unless of course you have evidence that the provider in some way guaranteed performance.
Note that such evidence needs to be a bit stronger than 'he told us it would give us a 20k lump sum'.

Thats your first problem.
Then of course you have a timebar. You had three years (afaik) from first being informed of a shortfall. When did you receive your first red letter?

Thrugelmir

houndofculaine wrote: »

But surely mis selling is mis selling, surely putting a time bar is on making claims just helps banks and screws customers?

You need to accept the fact that you screwed up. No one else.