Mis sold endowment.

Meverett

We had an endowment to cover a £50,000 mortgage and as with everyone else was told the endowment wouldn’t cover the mortgage.
We transferred our mortgage to repayment and cashed in the endowment and only just got what we had paid in back.
We tried to make a claim through the mis-sold and was told no so it went to the ombudsman and again decision was no.
It seems that the window of opportunity for claiming mid sold endowment was far shorter than mid sold PPI and see now if a failed PPI claim you can make a Plevin claim.
I still have all the paperwork and hope there will be a further opportunity to try a claim in the future.

tacpot12

Given that the ombudsman has looked at your claim, I very much doubt you will get anywhere.

Would you not be better off just getting on with clearing the mortgage? Focusing on a course of action that is very unlikely to success is likely to sap your energy and lead to further frustration.

Did you use the money you received back to clear some of the mortgage?

Meverett

Thanks for the reply and yes used the cash in value repaying some of the mortgage and over the last few years made every effort to clear it so now mortgage free.
To be honest I wasn’t expecting to be able to make a claim again but think I will keep all the paper work in case it gets revisited in the future.
Thanks again,

Thrugelmir

Meverett wrote: »

We transferred our mortgage to repayment and cashed in the endowment and only just got what we had paid in back.

How many years did the policy have to run? Cashing in early has always incurred charges. Not least that you've had life cover during the term the policy was active.

Did the policy have a terminal bonus on maturity?