Abbey National Life

Domjen

Hello
My sister and I took an endowment mortgage with Abbey National in 1994 and were given separate individual policies for Abbey National Life that we were told was conditional to the mortgage. We sold the house in 2007 and the sale paid the mortgage. My sister died in 2009. I have all the paperwork of the mortgage and Abbey National Life payments but I'm unclear if i have a case for reclaiming? As there were two separate Life policies do I just pursue mine? Also am I too late in pursuing this? Is Abbey National Life a PPI? I fully intend to ring Santander on Monday to clarify because reading the Life policies - it seems to imply not only was it tied up with the mortgage but that it would also provide cover for illness etc.Thanks.

dunstonh

My sister and I took an endowment mortgage with Abbey National in 1994 and were given separate individual policies for Abbey National Life that we were told was conditional to the mortgage.

Probably was in 1994. Many lenders at that time had life assurance as a condition of borrowing.

I have all the paperwork of the mortgage and Abbey National Life payments but I'm unclear if i have a case for reclaiming

What do you mean by reclaiming?

As there were two separate Life policies do I just pursue mine?

What do you want to pursue?

Also am I too late in pursuing this?

Again, we dont know what you are trying to pursue.

Is Abbey National Life a PPI?

No. And just in case there is any doubt, nor was the house insurance.

[Deleted User]

Domjen wrote: »

Is Abbey National Life a PPI? I fully intend to ring Santander on Monday to clarify because reading the Life policies

Life assurance and Critical Illness cover is not PPI. PPI is Payment Protection Insurance, payable in the event of short term unemployment or sickness.

You cannot therefore apply PPI complaint reasons..

Domjen

Thank you. I've just looked at the Which consumer site and it's more a case of whether I think we were mis-sold (or not) an endowment mortgage that seemed to have been very popular and such an extremely attractive mortgage to opt for.

dunstonh

Domjen wrote: »

Thank you. I've just looked at the Which consumer site and it's more a case of whether I think we were mis-sold (or not) an endowment mortgage that seemed to have been very popular and such an extremely attractive mortgage to opt for.

The same Which? site that used to recommend endowments up until the mid 90s but has conveniently deleted that from its history.

Over 3/4 of endowments are timebarred from complaint. Most of the warnings went out around 2001 to 2004 and the three year period expired between 2004-2007. There were some stragglers that went to around 2009 but most are now barred.

The timebarring criteria is that you have to raise a complaint before 6 years of the start date AND 3 years from being reasonably aware of the issue. The 3 year period can be 3 years from the warning or 3 years from surrender/maturity. So, this case can be easily timebarred.

The endowment issue was considered over around 10 years ago.