Endowment and PPI on paid up mortgage

KazzSam

Hi,
I am new to this type of thing, so forgive me if I seem a little dense.

I have been trying to look at the whole PPI thing and can't work out whether I have a claim or not. I took out an endowment mortgage as a single mother after separating from my first husband, on the premise that it was the best thing for me at the time.

The company with whom I took the mortgage (Equity and Law Home Loans) I understand, was taken over by AXA, however when I tried to claim for a mis-sold PPI with AXA they told me that they knew nothing about the company and it was taken over by Friends Life, who have subsequently been taken over by AVIVA...they are currently investigating on my behalf. At some point along the way, and I have no idea where, the mortage was held with West Bromwich...do I need to claim from them?
OR am I wasting my time?



I have read that Endowments are not part of the PPI misselling thing, so not sure if I am trying to claim unnecessarily.

I did remortgage with Halifax when I took out a home improvement loan and this shows up on their paperwork as part endowment and part repayment but subsequently paid off the entire mortgage/remortgage from an inheritance.
My questions are:
Should I even be trying to claim PPI on an endowment policy?
Should I have had some kind of payout for the endowment policy when I paid off my mortgage in full?


Thanks for any advice.

dunstonh

and I have no idea where, the mortage was held with West Bromwich...do I need to claim from them?

You make a complaint to the firm that sold the policy. This may not be the provider or the lender (as most mortgages in the UK are arranged via mortgage brokers/advisers/estate agents).

OR am I wasting my time?

Over 3/4 of endowments are now timebarred from a complaint. You may be in the 1/4 that is not. However, the FOS uphold rate on endowments is now the second lowest at 16%. So, your expectation should be low. Its difficult for us to comment more as you havent given your complaint reasons.

I have read that Endowments are not part of the PPI misselling thing, so not sure if I am trying to claim unnecessarily.

Correct. Endowments cannot have PPI on them. Just not possible.

Should I even be trying to claim PPI on an endowment policy?

No. As endowments cannot physically have PPI on them, then any PPI complaint about the endowment is pointless.

Should I have had some kind of payout for the endowment policy when I paid off my mortgage in full?

Depends on what happened to the maturity/surrender value. It may well have been used in conjunction with paying off the mortgage.

Nasqueron

You may have had a separate PPI policy arranged through a broker though you may have had life insurance, PHI, critical illness cover etc etc maybe even MIG



When was the mortgage taken out and was it through a broker?

antrobus

KazzSam wrote: »

....
The company with whom I took the mortgage (Equity and Law Home Loans) I understand, was taken over by AXA, however when I tried to claim for a mis-sold PPI with AXA they told me that they knew nothing about the company and it was taken over by Friends Life, who have subsequently been taken over by AVIVA...they are currently investigating on my behalf. At some point along the way, and I have no idea where, the mortage was held with West Bromwich...do I need to claim from them?.....

EQUITY & LAW HOME LOANS LIMITED company number 02243782 became AXA EQUITY & LAW HOME LOANS LIMITED on 01 Jul 1993 and was dissolved on 15 March 2016. A look at the available accounts shows that new mortgage applications stopped in 1992, and in 1995 it sold almost all of its mortgages to a subsidiary of the West Bromwich Building Society.

https://beta.companieshouse.gov.uk/company/02243782

Equity and Law Home Loans Ltd appears to have been a mortgage lender. Whether or not they also sold endowment policies and MPPI policies, I do not know. Since the WBBS didn't sell you either, I doubt they'd have any liability.

In any case, the mortgage etc must have been taken sometime before 1992.

KazzSam

I don't really know what I have. It looks as though it was some kind of insurance policy but I honestly have no idea. It was taken out in 1988 when I bought the house and I 'think' it was part of the endowment service. I honestly cannot remember.


The difficulty is that the original company 'Equity and Law' are no longer around.

KazzSam

Yes, the mortgage and the associated policy were taken out in 1988.

TrickyDicky101

What was the term of the endowment? Commonly, a 25 year term would have been used which would imply a maturity date in 2013.

Has the endowment matured (and paid you out any money) or is it still running?

This is assuming you made the premium payments into the endowment over its entire life and didn't stop paying the premiums at any point (like when you remortgaged to Halifax)?