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Pre 1988 Emdowment mis-selling ?
Seagull
Posts: 286 Forumite
Am I right in thinking that I cannot make a claim on an endowment sold in 1984 ?
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Comments
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It depends who sold it to you.If the saleesman was working for a bank,building society or insurance company, you usually can.If he was an IFA you can't.Trying to keep it simple...
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Thanks for the reply !
The chap who recommended a low cost endowment to us worked for the Abbey National in their York branch. At the time we were aged 23/24 and didn't have a penny to our name, we borrowed a bit from the family for the deposit on the house. I can remember the chap saying "you should get about £7,000 spare cash after the mortgage is repaid".
We did take out an extra mortgage a couple of years later when we moved and I think that one is most likely to have a shortfall, the original mortgage 'should' be ok, it's the expected £7,000 extra that I'm sure we'll never see. Should I make a claim ?0 -
write in and ask you have nothing to lose have you.
unless the whole conversation was recorded or a full written statement of the facts given to you and a copy kept by them ,then its your word against
an advisor who more than likely does not work for ABBEY any more .
So type a letter with the endowment details and your version of what was
said and see what happens. GOOD LUCK0 -
If its on target you will probably not get any compensation out of it though.0
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If the endowment is in a surplus position then a complaint will be a complete waste of time.
"Dear abbey, I wish to complain the endowment mortgage is doing better than a repayment mortgage but i want to be put in the position of having a repayment mortgage".
Abbey response "Please pay us back x amount and we will do that for you".
It is also worth noting that the endowment from that period would have LAPR tax relief and you have benefited from double MIRAS and MIRAS for a period to a greater extent than a repayment mortgage. So, financially you are appear to be a lot better off having done an endowment than a repayment mortgage.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Did you mean "Pre 1988 Emdowment mis-spelling ?" ?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Which company is the endowment with and is it a With-profits one? That will give an indication of whether it's likely to have a shortfall.Trying to keep it simple...0
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