A claim

h59elmer

Hi all when I was 17 years old I went to my branch of Natwest to request a small loan. The then branch manager said he would agree to give me a loan as long as I would take out an endowment with Standard life with him to cover it. He stated that the best option was to take out a 30 year endowment with early maturity option. Also it would possibly yield £17000. But in the latter years the endowment started to loose money to charges for running it. The then prediction was it would be worth £12500 at the 30 year term. Would I be right in thinking I was mis sold this endowment as the manager used his position to gain this sale to where he possibly made a commission on it.
Many thanks

ACG

Was it a requirement of the loan to have the endowment?
Can you prove you were told that you had to have the endowment in order to get the loan?
How long ago are we talking when you took out the loan/endowment?

TrickyDicky101

I didn't think loans were enforceable if made to under-18s (I may be incorrect here though)? Are you sure of your age when it was taken out? Did you lie about it at the time?

Mortgage_Adviser

Although I am not 100% sure how the things were done in the 'old day' I am finding in strange an underage person can take a loan from the bank?

MovingForwards

Credit facilities have been 18+ for many years (late 1800's early 1900's) therefore you are mistaken on your age when you took the loan out.

Thrugelmir

Unusual for a "small" unsecured loan to be repaid over a 30 year term. Are you conflating two separate events together?

h59elmer

Apologies on checking actual dates I was 18 at the time I took out a loan of £500 at the Bank where I had held account for about a year and my wages were paid into of I I feel that the manager used his postion to sell me the endowment for his own gain.

McKneff

Feelings dont come into it.
You have to have proof.

On paper.

h59elmer

Proof of what do you have in mind?
The endowment and loan taken out at the same time.
And endowment was nothing to do with the bank.

McKneff

An endowment comes from an insurance company.

Based on share prices that go up and down, some you win, some you lose.
All this would be in the terms and conditions which you would have signed to confirm you had read and understood.

davidmcn

h59elmer wrote: »

Apologies on checking actual dates I was 18 at the time I took out a loan of £500 at the Bank where I had held account for about a year and my wages were paid into of I I feel that the manager used his postion to sell me the endowment for his own gain.

1. How long ago did you take out the endowment?
2. How long ago did the endowment provider start sending you letters warning about its underperformance?

You're almost certainly out of time to make any claim, assuming you had one in the first place.