B]Endowment claim why did they phone me[/B]

Ashes

Hi,I had a phone call from the person at C&G accessing my endowment claim.
He wanted to know if I had paid off my mortgage ? Why did he need to ask me when he works for C&G and should have all the information at hand !

Kind regards Ashes

dunstonh

Ashes wrote:

Hi,I had a phone call from the person at C&G accessing my endowment claim.
He wanted to know if I had paid off my mortgage ? Why did he need to ask me when he works for C&G and should have all the information at hand !

Kind regards Ashes

Different companies within the same group do not have access to the information held by the other companies.

Ashes

Thank's dunstonh, I thought that may be the case, I did ask him why he needed to know, and he said if i had paid off the mortgage early there would be a diffrerent calculation for the remaining term. How can you find out how to calculate compensation, what is the formula ??????

Kind regards Ashes

FOSman

If it is a straight forward case, it will be in line with RU89. Its a little more complicated if you have paid off some of the mortgage, but essentially, it is designed to put you back in the position had you originally taken out a repayment mortgage.

If you are not happy with the calculation that is done, then you can take it to the Financial Ombudsman Service, who can check it for you.

Ashes

Thank's FOSman, I had a reply today and it looked favourable, well at least I'm getting something back, but not the thousands promised when I took out the Endowment.
Kind regards Ashes