Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Sk1989
    • By Sk1989 8th Nov 18, 8:32 PM
    • 9Posts
    • 1Thanks
    Sk1989
    Hambro Guardian Assurance miss-sold
    • #1
    • 8th Nov 18, 8:32 PM
    Hambro Guardian Assurance miss-sold 8th Nov 18 at 8:32 PM
    Hi I wonder if anyone can help, I have an uncle that I think was missold an old endowment with Hambro Guardian. They are now with a different company countrywide assured. He was sold the plan in 1993 his monthly premiums are now at a staggering £120 a month but where originally £30 a month. The only benefit he has on the plan is that it pays out £30,000 on death. Has anyone ever heard of premiums increasing like this? Iím sure it was sold to him as an invenstment endowment. Was wondering if anyone has heard of premiums increasing like this over time? And if this is a case of miss-selling.
Page 1
    • dunstonh
    • By dunstonh 8th Nov 18, 9:30 PM
    • 95,829 Posts
    • 63,542 Thanks
    dunstonh
    • #2
    • 8th Nov 18, 9:30 PM
    • #2
    • 8th Nov 18, 9:30 PM
    He was sold the plan in 1993 his monthly premiums are now at a staggering £120 a month but where originally £30 a month.
    are you sure this is an endowment?

    1 - Premiums on endowments are normally static. Only a small number of plans allowed adjustments.
    2 - 1993 commencement date for a 25 year mortgage would see it mature this year. When is his maturity date?

    Has anyone ever heard of premiums increasing like this? I’m sure it was sold to him as an invenstment endowment.
    Not on endowments but commonplace on old whole of life assurance plans.

    And if this is a case of miss-selling.
    Nothing you have said indicates any misselling. Why do you think it is?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Sk1989
    • By Sk1989 8th Nov 18, 10:07 PM
    • 9 Posts
    • 1 Thanks
    Sk1989
    • #3
    • 8th Nov 18, 10:07 PM
    • #3
    • 8th Nov 18, 10:07 PM
    heís told me it was an endowment along side his mortgage, Iím really unsure what plan he has apparently it was called a horizon policy. Sounds to me like itís life insurance but for premiums to rise to £120 is very uncommon.
    • Sk1989
    • By Sk1989 8th Nov 18, 10:12 PM
    • 9 Posts
    • 1 Thanks
    Sk1989
    • #4
    • 8th Nov 18, 10:12 PM
    • #4
    • 8th Nov 18, 10:12 PM
    Also mentioned funds he was invested in paying £25 pounds each for them. I will need to read his paperwork.
    • dunstonh
    • By dunstonh 8th Nov 18, 10:38 PM
    • 95,829 Posts
    • 63,542 Thanks
    dunstonh
    • #5
    • 8th Nov 18, 10:38 PM
    • #5
    • 8th Nov 18, 10:38 PM
    Could be a non-qualifying endowment with a target amount. Hambro did sell those. And that would explain the premium adjustments as they would increase if the target was not on track.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • chalkybar
    • By chalkybar 15th Nov 18, 7:26 PM
    • 1 Posts
    • 0 Thanks
    chalkybar
    • #6
    • 15th Nov 18, 7:26 PM
    Hambro guardian
    • #6
    • 15th Nov 18, 7:26 PM
    Funny, Iíve got one that is maturing next month as well. They are now known as countrywide assurance.
    I think it was a while ago that when there were the scares that people wouldnít be able to pay off mortgages on maturity they advised new, increased, monthly payment. At one time you had to opt out of this if you didnít want it to happen - I didnít as I thought it just throwing good money after bad!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,017Posts Today

8,594Users online

Martin's Twitter
  • I'm often asked "if students don't repay who does". Yet its not quite as simple as that, if you're interested its? https://t.co/38g9dOPNgo

  • RT @franbishop_: @MartinSLewis I wish you had been about more when I was making the decision to go. I dropped out 2 years down the line. Co?

  • No I'm pushing for a realistic understand of the practical cost of going to university. In order to stop our you? https://t.co/wfsogbcJ11

  • Follow Martin