Endowment mis-Selling (1990) with Legal & General Query

[Deleted User]

So the endowment policy DID mature in 2013?

Underperformance is a completely separate concept from a policy not ending when it should.

Want2BeDebtFree

Yes it did mature in 2013. It didn't pay off all of my mortgage which it had promised to do in 1990 so yes it underperformed.

antrobus

Want2BeDebtFree wrote: »

Yes it did mature in 2013. It didn't pay off all of my mortgage which it had promised to do in 1990 so yes it underperformed.

Read this
https://www.financial-ombudsman.org.uk/publications/technical_notes/time-limits-mortgage-endowment.html

antrobus

dunstonh wrote: »

Come off it. You remember the 80s and early 90s surely. AIDS was a major concern. You could have an advert break without seeing an AIDS advert. Insurers at that time were paranoid about AIDS and any group that was a high risk.

I can recall taking out a mortgage in 1987 on a property in anticipation of marriage. As a single male, I had to fill out a declaration stating that I was not homosexual, bisexual, a haemophiliac, or an intravenous drug users.

It was standard practice at the time.

Want2BeDebtFree

Thanks, I already know about those cut-off dates. I have extenuating circumstances with the Ombudsman so putting that aside, if it was within that time-frame, would the claim be effected by this HIV question?

antrobus

Want2BeDebtFree wrote: »

Thanks, I already know about those cut-off dates. I have extenuating circumstances with the Ombudsman so putting that aside, if it was within that time-frame, would the claim be effected by this HIV question?

What extenuating circumstances? How would they effect the receipt of a high-risk letter?

There is no HIV question. There is a lied in 1990 question. I have no idea what the FOS will make of that. I know Judge Judy don't like it.:)

csgohan4

OP make a complaint, you have every right, but realistically will you win the complaint? As Dunstoh mentions you have had annual statements every year showing your endowment

davidmcn

Want2BeDebtFree wrote: »

would the claim be affected by this HIV question?

Like I said above, it's irrelevant.

silvercar

This thread started off as a question about when your endowment policy matures, then it turns out that it did mature in 2013 but there was a shortfall.

If it did mature, did you use the proceeds to reduce the mortgage balance and then take a repayment mortgage for the outstanding balance? Or did you continue paying into the endowment so that it will mature in the future?

This all seems very strange, particularly if the life cover that is part of an endowment policy continues on the same terms.

I also wonder whether you have continued with the same mortgage all this time. As people often move house or remortgage onto better deals elsewhere. 28 years is a long time to stick with the same mortgage.

Nearlyold

Methinks it was a 23 year term as per the original paperwork from the L&G rep, but when it matured there was a shortfall. I hope the OP hasn't been telling FOS the maturity date was wrong as that is going to confuse them as much as it did the posters on this thread.

Surely the time to complain about the Endowment was when the under performance issue first came to light in the early part of the noughties, the OP surely received letters from the Endowment provider warning of potential shortfalls and inviting him to complain if they believed the policy was unsuitable.

The low interest rate conditions which are part of the cause of endowment shortfalls also had an upside in that mortgage interest payments were much lower than expected when the mortgage and endowment started, allowing the OP to re direct a good portion of the savings in interest to reduce the mortgage debt.

Bearing in mind the "Shortfall Warning" letters that would have been sent out every year well before 2013 its not clear why then OP didn't take action then in either paying down the debt or bunging in a complaint. Finding paperwork that says the policy will mature in 2013 is neither here nor there - the crux of the complaint would appear to be the shortfall on maturity in 2013