mis-sold mortgage (with Endowment) in 1999?

[tifo]

I was wondering where i stand with this.

 

I have a mortgage with a High Street bank which was taken out through a broker in 1999. I was persuaded to take an Endowment with it as i was promised a 7% return per year, which would pay off the mortgage and give me an extra amount to keep. Obviously this kind of return was not possible as i (and many others) later found out.

 

I stopped paying the Endowment a few years later and a few years after that, the insurance company paid me compensation (of its own accord) after they were fined by the FSA. The amount paid was about equal to what i had paid in total towards the Endowment, though it was compensation for mis-selling and not a refund of the payments made.

 

I remained on the interest only mortgage that i had with the Endowment otherwise i would have lost the 3 year introductory rate i got with the mortgage. When this ended, i stayed the same to offset the increase in monthly payments.

 

For the next few years after i stopped paying the Endowment, the broker kept getting me to sign up for other PPI's, otherwise they were going to charge me around £1,000 for the commission lost from the Endowment etc. This carried on for a while (with me taking out PPI's from them) until i told them to sue me if they want to as i don't require the product anymore. I was self employed during this period and it was around this time that i got into arrears etc with creditors which resulted in the debts spiralling.

 

Do i have a case against the broker for mis-selling me the mortgage because at that time Endowments promised all sorts of things? And then for continueing to pressure me into taking further PPI's on the threat of sueing me for their commission?

 

Then there is the matter of the mortgage being securitised which the bank has never informed me of but what can i do on this?

 

Thanks.

[caro]

I don't know about the mis-sold endowment, because you have been compensated for that, but the brokers behaviour seems scandalous to me. How dare he sell you a duff endowment and then expect you to make up for him losing his commission!

 

PPI definitely I would say was mis-sold. I suggest you start a thread about that in the PPI forum and I'll move this to the Legal Issues forum.

 

Sorry it's taken so long for you to get an answer.

[tifo]

the brokers behaviour seems scandalous to me. How dare he sell you a duff endowment and then expect you to make up for him losing his commission!

 

Yep, i have it in writing from them, that they're losing around £1k for the lost commission and expect me to cough up for it, or i can take other policies out. At the time in 2001-2002, i didn't have the money to pay them so just signed up for other policies, cancelled, signed up again, canclled, (a lot of these were unsuitable for me as i was self employed) and this went on until i told them to go ahead and sue me. It then stopped.

[caro]

Were the other policies all PPI?

 

It's quite unusual to get this type of thing in writing I think.

[tifo]

Yep, all the other policies were PPI, excluding redundancy cover etc (as i was self employed) but specifically including critical illness. They were in joint names as well, as the mortgage is.

 

I've written to the broker but as yet had no response (they are still trading).