No Endowment Mortgage Compensation.

WoodySenior

Having always had endowment style mortgages, since 1970 through to paying the final one off in 2008 that was taken out in 1983, can someone tell me why there was a cut off on the compensation date for older contracts? Lloyds Bank confessed that my Mortgage had been missold to me but as the mortgage was older than the cutoff date no compensation was available. HOW CAN THIS BE FAIR?

dunstonh

can someone tell me why there was a cut off on the compensation date for older contracts?

Endowments had no specific cut off applicable to them. Just the normal 3 year/6 year rule.

oyds Bank confessed that my Mortgage had been missold to me but as the mortgage was older than the cutoff date no compensation was available.

That doesnt sound right.
If it was timebarred then the complaint would not be assessed at all. So, they would not "confess" to anything.

HOW CAN THIS BE FAIR?

How is it not fair? You want to complain about something that you bought 36 years ago and ceased to have 11 years ago and probably went into shortfall around 19 years ago.

Why do you think it is fair that you should be able to complain now when you have nearly 20 years to raise a complaint?

davidmcn

I refer you to the answer you were given when you asked the same question eight years ago:

https://forums.moneysavingexpert.com/discussion/comment/48272701#Comment_48272701

dunstonh

Thank you davidmcn for that.

And from that thread the op wrote:

and the two policies covering the loan just scraped over the loan amount,

So, the op benefitted from MIRAS and LAPR and they hit target with a surplus.

So, even if Lloyds had considered the complaint, there would be no redress as the a successful complaint would be required to put the op in the position they would have been had they had a repayment mortgage. A repayment mortgage would have cost around £10-20pm more and there would be no surplus at the end. So, no loss.

mumf

We were mis sold an endowment back in 1990. My point in the complaint was that we were offered nothing else,and I wanted to know what the commission was on the product we were sold.Because we were pre 1993 ? There was no legal compulsion to disclose this information.The ombudsman said our case was " plausible ", but they had to adhere to rules.

The financial industry only plays fair when it gets it's fingers caught in the till.You only have to look at Martin's PPI campaign. That industry is truly the shark that swims on the surface of society.

dunstonh

We were mis sold an endowment back in 1990. My point in the complaint was that we were offered nothing else,and I wanted to know what the commission was on the product we were sold.Because we were pre 1993 ? There was no legal compulsion to disclose this information.The ombudsman said our case was " plausible ", but they had to adhere to rules.

Commission disclosure was not required at the time. So, no rule breach. Non-commission disclosure would not be grounds for an upheld complaint about misselling.

It is quite possible to sound plausible but be wrong. If the FOS thought you had been missold then they would have upheld your complaint. Unless they were just being polite. The FOS are well known for wording things in a way that is almost apologetic.