Santander Endowment Mis Selling

Wolvesboys

Santander Endowment Mis Selling
Hi,
Trying to claim mis selling from Santandericon ( bought as A&L mortgageicon 1991).

I have completed a questionnaire, they came back with it was another company who sold me the endowment, on submitting a request to them,

they say an agency worked in their office, it has now ceased...............

.Im struggling,
I'm sure I've read somewhere whoever the mortgageicon/endowment policy is with,
ultimately they are accountable by law,
cannot find this anywhere now.

Can anybody help me out with some advice on where to go with this please?

Thrugelmir

Unsure why a party who didn't sell you the product would umpteen years later be liable for same.

dunstonh

I'm sure I've read somewhere whoever the mortgageicon/endowment policy is with,
ultimately they are accountable by law,

No. That is not the case and never has been the case.

Can anybody help me out with some advice on where to go with this please?

Most endowments are timebarred from complaint now. You are about a decade late to that party. Has you endowment provider timebarred you?

Wolvesboys

Hi Dunstonh
No I have not been time barred, still trying to tie down the accountable company. Santander say they didn't sell it, the company they now say it was, no longer exsit. Need some advice where to go from here Please. Would lie to ramp up the pressure.

Wolvesboys

H Thrugelmir

Ive read somewhere under credit consumer act, whereby the company who you have Mortage/loan with etc, are the main account holders and therefore are accountable for this, PPI etc.

antrobus

Wolvesboys wrote: »

Hi Dunstonh
No I have not been time barred, still trying to tie down the accountable company. Santander say they didn't sell it, the company they now say it was, no longer exsit. Need some advice where to go from here Please. Would lie to ramp up the pressure.

A miss-selling complaint has to be directed against the company that sold you the product.

But what is the nature of your complaint? Why have you waited 26 years?

Wolvesboys

antrobus wrote: »

A miss-selling complaint has to be directed against the company that sold you the product.

But what is the nature of your complaint? Why have you waited 26 years?

Its not for me, on behalf of my Partner Father, was talking to him the other day and he mentioned it, said i would look into it for him.

k3lvc

Wolvesboys wrote: »

Would lie to ramp up the pressure.

I'm hoping this is a typo :eek:

Wolvesboys

k3lvc wrote: »

I'm hoping this is a typo :eek:

Yes it clearly was, should of read would "LIKE" to ramp up the pressure.

dunstonh

You say it is not timebarred. Are you sure?

A complaint has to be raised within 6 years of the purchase date or 3 years from being reasonably aware of an issue. Whichever is the longer. The 6 year date is long gone. So, its just the 3 year date that matters. The trigger used by endowments to start the three year clock is when the statements showed the mid rate projection giving a shortfall. You get 3 years to complain after that.

Most endowments started going into shortfall around 2001-2004. So, the timebars occurred 3 years after that. Another trigger was maturity. i.e. 3 years after maturity you became timebarred.

Who is the endowment provider?
Is the policy still in force or has it matured?

Ive read somewhere under credit consumer act, whereby the company who you have Mortage/loan with etc, are the main account holders and therefore are accountable for this, PPI etc.

Mortgages did not fall under the consumer credit act then and an endowment policy was not built into the debt. It was a standalone product with no direct link.

Wolvesboys

dunstonh wrote: »

You say it is not timebarred. Are you sure?

A complaint has to be raised within 6 years of the purchase date or 3 years from being reasonably aware of an issue. Whichever is the longer. The 6 year date is long gone. So, its just the 3 year date that matters. The trigger used by endowments to start the three year clock is when the statements showed the mid rate projection giving a shortfall. You get 3 years to complain after that.

Most endowments started going into shortfall around 2001-2004. So, the timebars occurred 3 years after that. Another trigger was maturity. i.e. 3 years after maturity you became timebarred.

Who is the endowment provider?
Is the policy still in force or has it matured?



Mortgages did not fall under the consumer credit act then and an endowment policy was not built into the debt. It was a standalone product with no direct link.

The mortgage is with Santander, the endowment was with may, Whetter & grose, there still active, however state there an estate agency, and the "financial advisor" shared a office, however all the relevant paper work is headed paper with May, Whetter & Grose printed on it.

Once i find the originator, i can clarify the detail of whether statue barred etc. They've never contacted between time of taking out and the mortgage being paid off ( Endowment would of carried on until partners dad was 69,) He retired at 60 and paid off with Pension pay out.

Hope this makes sense.