Found missold endowment policies 12 February at 7:28PM in Mortgages & endowments 6 replies 433 views

asp9990

Hi,

I have been emptying my loft and found mortgage endowment policy documents from 1996.  I only paid the endowment for a short while and the guarantee was for £33,000 . I have looked at Martin’s website and see that claims for missold endowment policies has closed except for exception circumstances! 

I did approach my building society the Nationwide Building Society at the time claims via  being sort but was told without the policy number it was a lost cause. However, I do not have a record of the time or date when I rang them. 

Would I still be able to pursue a claim which was through the Guardian Finance Services.

TadleyBaggie

Why do you think it was missold?

silvercar

First question is whether you were missold. Second question is whether you are worse or better off as a result. Given 25 years have passed, the common duration of an endowment policy, an exact calculation can be made.

dunstonh

 I have looked at Martin’s website and see that claims for missold endowment policies has closed except for exception circumstances! 

There has been no time barring on endowment complaints apart from the standard timebars.

Would I still be able to pursue a claim which was through the Guardian Finance Services.

Almost certainly not as you would be timebarred.

The standard timebar is to complain within 6 years of the sale or surrender or within 3 years from being reasonably aware of an issue.

I only paid the endowment for a short while 

And that is going to be your trigger that allows them to time bar it.  Plus, unlike policies that ran full term, if yours only went for a short period, its not as if you are likely to be out of pocket.

I did approach my building society the Nationwide Building Society at the time 

IIRC, At no point was Nationwide an agent for Guardian.   So, they wouldn't have liability anyway.    It would be the seller of the policy (perhaps estate agent or broker/adviser).  However, its not really relevant given the time that has passed.

asp9990

TadleyBaggie said:

Why do you think it was missold?

Because of all the publicity at the time but no one was taking responsibility for missold endorsement policies until recently. It was on my own volition that I surrendered the policy because it was never going to mature to the value of the house which was £33,000 at the time of purchase! 

Keep_pedalling

asp9990 said:

TadleyBaggie said:

Why do you think it was missold?

Because of all the publicity at the time but no one was taking responsibility for missold endorsement policies until recently. It was on my own volition that I surrendered the policy because it was never going to mature to the value of the house which was £33,000 at the time of purchase! 

But that is not grounds for a complaint, and being able claim is not a recent thing. You won’t get anywhere with this as ReAssure (who took over Gaussian FS) will simply dismiss your claim as time barred. 

https://www.citizensadvice.org.uk/Global/Migrated_Documents/advisernet/11014505-ewsni-endowment-mortgage-complaints-pdf-5.pdf

dunstonh

asp9990 said:

TadleyBaggie said:

Why do you think it was missold?

Because of all the publicity at the time but no one was taking responsibility for missold endorsement policies until recently. It was on my own volition that I surrendered the policy because it was never going to mature to the value of the house which was £33,000 at the time of purchase! 

Your own comments verify that you can be time-barred.   You took action at the time and had three years beyond that to raise a complaint.