Endowment

Juliesdavies1

We had some financial difficulties when we had a mortgage with Lloyds bank and they held our endowment policies. They made us cash them in to pay our arrears but this was financially detrimental to our finances as if they had sold them we would have got more for them. How do I reclaim from them?

TrickyDicky101

Please provide greater details such as:
1. what type of endowment product you had
2. who the insurer was
3. when was the endowment taken out
4. when was it surrendered
5. what was the sum assured
6. how much did you get for it when surrendered
7. what was the size of the mortgage
8. were any repossession proceedings undertaken by the bank
9. how much financial detriment you think you have suffered.

It will help the experts here respond.

Thanks.

dunstonh

They made us cash them in to pay our arrears but this was financially detrimental to our finances as if they had sold them we would have got more for them.

Lloyds bank never sold the type of endowment that could be sold on to third parties. Lloyds only ever retailed unit linked endowments. Only With Profits could be sold on.

Plus, the alternative to using the endowment to pay arrears was repossession. That would have been far more costly to you.

Even if you had the type that could be sold onto third parties, the gains over surrender value were normally only nominal. Often only hundreds of pounds.

How do I reclaim from them?

What are you looking to reclaim from them?