Hambro Guardian Assurance miss-sold

Sk1989

Hi I wonder if anyone can help, I have an uncle that I think was missold an old endowment with Hambro Guardian. They are now with a different company countrywide assured. He was sold the plan in 1993 his monthly premiums are now at a staggering £120 a month but where originally £30 a month. The only benefit he has on the plan is that it pays out £30,000 on death. Has anyone ever heard of premiums increasing like this? I’m sure it was sold to him as an invenstment endowment. Was wondering if anyone has heard of premiums increasing like this over time? And if this is a case of miss-selling.

dunstonh

He was sold the plan in 1993 his monthly premiums are now at a staggering £120 a month but where originally £30 a month.

are you sure this is an endowment?

1 - Premiums on endowments are normally static. Only a small number of plans allowed adjustments.
2 - 1993 commencement date for a 25 year mortgage would see it mature this year. When is his maturity date?

Has anyone ever heard of premiums increasing like this? I’m sure it was sold to him as an invenstment endowment.

Not on endowments but commonplace on old whole of life assurance plans.

And if this is a case of miss-selling.

Nothing you have said indicates any misselling. Why do you think it is?

Sk1989

he’s told me it was an endowment along side his mortgage, I’m really unsure what plan he has apparently it was called a horizon policy. Sounds to me like it’s life insurance but for premiums to rise to £120 is very uncommon.

Sk1989

Also mentioned funds he was invested in paying £25 pounds each for them. I will need to read his paperwork.

dunstonh

Could be a non-qualifying endowment with a target amount. Hambro did sell those. And that would explain the premium adjustments as they would increase if the target was not on track.

chalkybar

Funny, I’ve got one that is maturing next month as well. They are now known as countrywide assurance.
I think it was a while ago that when there were the scares that people wouldn’t be able to pay off mortgages on maturity they advised new, increased, monthly payment. At one time you had to opt out of this if you didn’t want it to happen - I didn’t as I thought it just throwing good money after bad!