trace policy number

cliff1010

Hi can someone offer some advice, I would like to trace an old policy number for a Lloyds Bank mortgage I held in 1989. I believe this was mis sold I have been in touch with Lloyds and they say nothing can be done unless I can give them the policy number.
How can I trace this any advice would be appreciated.
Thanks
Cliff

minimike2

Are you talking about an endowment policy which was sold alongside the mortgage?

I would find it hard to believe they cant do anything without a policy number. Have you pushed them to locate this for you? Who was the actual endowment through?

cliff1010

Hi sorry for the delay in replying I expected an email when I got a reply but getting use to this forum. No I was talking about the mortgage being mis sold completely, I did have an endowment on the mortgage also, I cant remember who the endowment was with.

IAmWales

When did the mortgage end? You could submit a subject access request (it will cost you £10) but given the time passed you would be lucky if it turned anything up.

What is your reason for complaint, and why has it not been raised in the 26 years since?

dunstonh

No I was talking about the mortgage being mis sold completely

Mortgage regulation didnt start until 2004. You bought in 1989. So, what exactly did they mis-sell 15 years before regulation started?

I did have an endowment on the mortgage also, I cant remember who the endowment was with.

Lloyds retailed their own in-house brand "black horse life" back then. However, if its not about the policy but about the mortgage then the policy doesnt matter.

cliff1010

It's a very long story but I will shorten it as best I can; I used to work for Lloyds in their print dept and was offered a staff mortgage approx. 6 months after starting with them. This was organised by their then HR manager he had no financial training. Approx 6 months after that we were all made redundant I ended up handing the house back and I spent the next 19 years paying it off as I didn't want to be blacklisted and this was the only way they would remove my name form a blacklist so I could take out another mortgage to buy another home.
My complaint they didn't make any effort to see if this was correct for me and my ability to pay it back. I did have an endowment policy and this quickly became evident would not pay off the mortgage as I was told it would.

AnotherJoe

You are saying you were in such negative equity after 6 months that it took you 19 years to pay that back????

Something else missing from your story.

horseymchorseface

how much negative equity and what terms for payment

dunstonh

This was organised by their then HR manager he had no financial training.

Staff mortgages were no sold on an advice process and regulation (i.e. the advice process) didnt start until 2004. So, that was quite normal.

Approx 6 months after that we were all made redundant I ended up handing the house back and I spent the next 19 years paying it off as I didn't want to be blacklisted and this was the only way they would remove my name form a blacklist so I could take out another mortgage to buy another home.

Very sad but nothing there that is unusual or wrong.

My complaint they didn't make any effort to see if this was correct for me and my ability to pay it back.

1 - they didnt have to
2 - what do you think the risk warnings the solicitor told you about on the offer letter meant?

I did have an endowment policy and this quickly became evident would not pay off the mortgage as I was told it would.

Was it a staff policy? These were usually arranged non-advice commission free.

Thrugelmir

cliff1010 wrote: »

It's a very long story but I will shorten it as best I can;

On other words. You obtained a staff mortgage. Six months later you were made redundant. You were unable to obtain another job. Built up mortgage arrears. Ended up handing the keys back. Property was sold. You spent 19 years repaying the shortfall debt.

Now you are claiming that the mortgage was mis-sold.

Unfortunately not. As what you describe could happen to anyone. If you didn't have an emergency savings pot to call on in financially difficult times. Then you were always at risk.

cliff1010

As I said it is a very long story but I will take the advice on board if this was a normal thing where staff were sold mortgages. Thanks everyone for the advice so far.