Endowment compensation questions

twarde

First I must say that I have read a lot of the posts but can't find answers to my questions.

Can compensation be paid for an endowment not now linked to a mortgage?

We took out an endowment with NU/Natwest in 1989 for a £42000 Mortgage. In 1992 we changed to a repayment with another lender. Over the years we've overpaid our repayment mortgage and now owe about £11K. Will compensation be paid even though our repayment mortgage will be paid off years before the endowment matures?

We kept paying the endowment as we believed the Natwests salesmans original verbal statement that it should pay off the £42000 and there would be some extra. Also the endowment was a condition of the original fixed rate mortgage, so no alternative was discussed as I wanted the fixed rate.

Is this grounds for compensation.?

The latest from NU is that the endowment has to make 6%/year for the next 10years to reach target.

Finally, any opinions on Brunel Franklin who have offered to take my case for 25% of the compensation?

Thanks,

Tony

fatbelly

Hi. I don't claim to be an expert on this subject but I got a few thousand compensation a couple of years back on a black horse unit-linked endowment that was no longer linked to a mortgage. I did it myself, using advice from https://www.which.net/endowmentaction
The process seemed quite straightforward. I don't see why you should give up 25% for the sake of a couple of letters

trevjl

I have had a claim similar to yours also with NU.

I have two endowments (one with profits & one index linked), which are now assigned to me, as I sold the house and paid off the mortgage just over 2 years ago.
A couple of months ago I rang NU to ask for an explanation of charges for the index linked endowment. The lady at NU asked if I had complained about this endowment. I said I had not & she repied "I would if I was you"
So she put me throught to the complaints dept, I filled in the forms they sent me and 3 weeks later received a letter saying the complaint was upheld. Lat week I received a letter offering just over £1500.
The other endowment has somehow ended up at Barclays and I still waiting to hear their desicion.
As for the 25% offer
I considered that, but thought I would try on my own first, therfore saving myself £400. I advise you to have a go yourself. The forms are not hard to fill in, although quite long winded.