Endowment waiver of contributions

Mi55red

Can I reclaim waiver of contribution on endowment mortgage? I have had loss of income insurance all my working life and told them I didn't need this but was told there was no option if I wanted a mortgage (1994). The endowment itself was not missold they explained it may not cover the full amount depending on market movement.

dunstonh

Can I reclaim waiver of contribution on endowment mortgage?

On what basis? It isnt something you normally see.

I have had loss of income insurance all my working life and told them I didn't need this but was told there was no option if I wanted a mortgage (1994).

I suspect your memory is not quite right.

The endowment would have been compulsory in 1994 to get an interest-only mortgage. The waiver of premium would have been an option but the best advice is that it should be added. As it usually cost around 50p to £1 a month on the premium, it was common sense to add it.

Mi55red

I was told if I didn't take the option of waiver of contribution I would not be given the mortgage. As I had no need for this option i
would not have taken it willingly.

dunstonh

Mi55red wrote: »

I was told if I didn't take the option of waiver of contribution I would not be given the mortgage. As I had no need for this option i
would not have taken it willingly.

What evidence do you have to support your allegation?

Certainly, I would have expected it to be recommended as that is the default position with WOP. However, it is not a feature that would be targetted to get or really result in extra money due to the small amount involved.

You are talking about a conversation that took place 25 years ago. About a product that you had to take out but a feature that was optional. Yet you are saying you were told the feature was compulsory. I doubt any evidence exists to back up your allegation and most would think you are mixing up the endowment itself with WOP as far the compulsory nature of it is concerned.

Socajam

When will this not my fault ends?

Mi55red

I just realised you mistook my post, I was trying to be economical with my words:
Of course the endowment wasn't an option, I was asking about the 'option' of the waiver of contributions which was NOT an 'option' if I wanted the mortgage. I recall the conversation well as it annoyed me immensely at the time and for the subsequent 25 years!

Mi55red

I had these conversations with my bank a couple of time re car loans. When they listened I did not have PPI, on other loans i did (reclaimed now) They have form.

Mi55red

Besides, your reply was the stock reply from banks re endowment and PPI misselling before it was agreed they WERE missold.
I'm not a financial numpty.

dunstonh

Waiver of premium is not PPI.

I have not mistaken your comments. I suspect you are mistaken on your recollection. You are asking for a leap of faith to believe someone would have forced WOP on you all to get an extra 50p or so monthly premium.

Mi55red

50p or so premium!!!!
After 25 years the total is now well over £2000, this is not a small amount of money (except to the bank)

Mi55red

looks like PPI, behaves like PPI, just because it's called something different doesn't make it different.
still wasn't needed and certainly not wanted