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Endowment Mortgage Problem


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I am posting on behalf of a friend who does not have internet access.

He has had an endowment mortgage since 1997 and has recently had a letter from the lender to say that they have calculated that the policy will now not pay off the amount borrowed within the original term of the mortgage.

They go on to ask him to increase the amount he is paying per month to make up the shortfall which he is not able to do and is very unhappy about it .

Does this sound like he has a valid claim against the lender and has anyone got a template of a letter he can send to them telling them he is not going to increase the amount he will pay per month.

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Was he sold the endowment policy by the lender or by an Independent Financial Advisor ?

Remember if you find anything I say helpful, please click the scales

 

 

tbern123 vs Cabot

  1. Cabot again !!! Urgent Help Needed
  2. Litigation - tbern123 V Cabot Financial (Uk) Limited
  3. No more calls from Cabot... lol

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I am posting on behalf of a friend who does not have internet access.

He has had an endowment mortgage since 1997 and has recently had a letter from the lender to say that they have calculated that the policy will now not pay off the amount borrowed within the original term of the mortgage.

They go on to ask him to increase the amount he is paying per month to make up the shortfall which he is not able to do and is very unhappy about it .

Does this sound like he has a valid claim against the lender and has anyone got a template of a letter he can send to them telling them he is not going to increase the amount he will pay per month.

 

Missold endowment claims are now timed out. Ask him to get a settlement figure for his policy, look at paying that in against his mortgage to reduce the capital balance & change to a repayment mortgage assuming the monthly payments are affordable. He would have to take life assurance to protect his home as the endowment would have had life assurance built in to the premiums.

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Missold endowment claims are now timed out. Ask him to get a settlement figure for his policy, look at paying that in against his mortgage to reduce the capital balance & change to a repayment mortgage assuming the monthly payments are affordable. He would have to take life assurance to protect his home as the endowment would have had life assurance built in to the premiums.

 

Please can you explain the phrase timed out?

Also can this agreement not be examined as being an 'Unfair Relationship' inaccordance with the 2008 amendment to the Consumer Credit Act?

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Please can you explain the phrase timed out?

Also can this agreement not be examined as being an 'Unfair Relationship' inaccordance with the 2008 amendment to the Consumer Credit Act?

 

Not sure about the unfair relationship scenario but endowment claims are now closed. you can get confirmation of this by visiting the FSA website. Can't remember the exact date though.

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Not sure about the unfair relationship scenario but endowment claims are now closed. you can get confirmation of this by visiting the FSA website. Can't remember the exact date though.

 

From what I have read on the FSA website any attempt by a lender to time bar a claim is dependant upon the borrower having received a notification that the policy is very likely not going to clear the mortgage balance.

In this case the borrower was informed in November 2007 that the policy was going to pay off the full mortgage balance.

The FSA website says complaints can only be time barred if the consumer complains more than 3 years after they were first made aware that the policy would fail to meet the target so on that basis there would not be a problem with proceeding with a case.

 

http://www.fsa.gov.uk/pubs/other/time_barring.pdf

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From what I have read on the FSA website any attempt by a lender to time bar a claim is dependant upon the borrower having received a notification that the policy is very likely not going to clear the mortgage balance.

In this case the borrower was informed in November 2007 that the policy was going to pay off the full mortgage balance.

The FSA website says complaints can only be time barred if the consumer complains more than 3 years after they were first made aware that the policy would fail to meet the target so on that basis there would not be a problem with proceeding with a case.

 

http://www.fsa.gov.uk/pubs/other/time_barring.pdf

 

Can anyone please help with this one?

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