Question about Endowments

[bigjohnk]

When we bought our house about 8 years ago we got our mortgage through The Nottingham Building Society, who incidently were the same people who sold us the house.

At the time I knew very little about finance, mortgages etc so when we were discussing the mortgage with the BS I said the only one I knew anything about was an endowment, so we were duly offered one, at no time were any other mortgage types explained or offered.

So 8 years down the line we have now got a letter saying there is a good chance our endowment won't cover the cost of the property.

Where do I stand & is there anything we can do, as I feel we were railroaded into something that wasn't in our best interests?!

[reidnet]

Have a look here, It is the Financial Ombudsman Site, There are special complaints forms regarding Endownment Policies..

our complaints procedure and how to complain

If you need further help , Please just shout..

Ian

[Kizan]

The Which? magazine people also have a good website for this called endowmentaction.co.uk. The template letter on this website is a good memory jogger for you and will keep you on the right track. When completing the letter template online, have the warning letter from the endowment company to hand as you will need to include details within the letter such as:

1. Endowment company (life company) name & adddress
2. Policy start date
3. Sum assured

All this info and more is contained within your latest warning letter from the life company.

DO NOT USE ONE OF THESE AMBULANCE CHASING COMPANIES OFF THE TELLY.

There is no need for you to do so. The complaint procedure is very straightforward and FREE of CHARGE. If you use one of the aforementioned companies, their fee could be as high as 25% of your compensation payout.