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Help With Mis-sold Endownment Please?


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Hi, im a newie on this website, can anyone please tell me is there a forum for mortgage endowment shortfall/insurance?

Many thanks in advance-G

 

 

 

Hello frostpug,

 

 

Don't know of any mortgage or endowment forums, but this is one of the letters I sent to the people who sold my OH's first mortgage.

 

It may be useful!

 

 

 

Name of companyCompany

addressetc.etc

.

 

Date

RE: Complaint concerning advice received on endowment mortgage

 

Endowment policy number XXXXXXXX

I am writing to you to make a complaint about the way I was sold my mortgage endowment policy. I believe, for the reasons set out below, that I was mis-sold this policy and am requesting you to investigate the sale. I am also requesting that you send me a copy of my endowment file so that I can see all the documentation you have relating to my case.

 

An adviser in your company sold me a XXXXXXXX XXXXXXXX endowment policy in XXXXXXX 19XX. The target amount was £XXXXXX.XX

 

The reasons I am complaining are as follows:

· The endowment was not suitable for me

· Other options for repaying the mortgage were not discussed fully with me

· The adviser did not explain there was a risk the endowment would not meet the target amount

· The adviser did not discuss in full the funds my endowment was to be invested in

· The adviser said the policy would definitely pay off the mortgage

· And the adviser said there would be a lump sum in addition at the end of the term

I would be grateful if you could reply to this letter within 14 days and handle this complaint according to your usual complaint procedures.

 

Yours sincerely

 

 

You can alter this to suit your own circumstances.

 

 

Hope it is some help!

 

 

Good luck, Jeff.

 

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  • 8 months later...
I sent a standard complaints letter on the 7th Jan, recorded delivery but have not heard back. What should I do now? How much longer should I give them.

Any help appreciated

Frostypug

 

 

Hi,

 

 

I think I would give them a few more days to reply. If they don't then first I would send them a reminder stating you require a response within a certain time limit. (14 days for example).

 

 

Jeff.

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  • 2 weeks later...

I wrote a letter to Barclays concerning a misselling of an endownment policy connected to the morgage on my property. The main points of it were that the Bank manager of our local Barclays branch was the one who in fact recommended that we change from our repayment mortgage to the endownment type. He then arranged for a Barclays insurance rep to call which he did and told us the usual promises of will pay all and a lump sum and why dont we have more than we need etc. We now have a £6.000 shortfall on a £16.000 policy. The second main point was that the policy matures after my husband and I are over retirement age.

Barclays have now sent a claim form with lots of questions such as "Did we read the agreements" and "Did we realise that it would mature after retirement etc"

I really would like some advice off anyone who has been through this as I dont want to make a mistake when filling it in.

It is due back on the 27th so any help would be appreciated sooner rather than later

Many thanks

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I wrote a letter to Barclays concerning a misselling of an endownment policy connected to the morgage on my property. The main points of it were that the Bank manager of our local Barclays branch was the one who in fact recommended that we change from our repayment mortgage to the endownment type. He then arranged for a Barclays insurance rep to call which he did and told us the usual promises of will pay all and a lump sum and why dont we have more than we need etc. We now have a £6.000 shortfall on a £16.000 policy. The second main point was that the policy matures after my husband and I are over retirement age.

Barclays have now sent a claim form with lots of questions such as "Did we read the agreements" and "Did we realise that it would mature after retirement etc"

I really would like some advice off anyone who has been through this as I dont want to make a mistake when filling it in.

It is due back on the 27th so any help would be appreciated sooner rather than later

Many thanks

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I wrote a letter to Barclays concerning a misselling of an endownment policy connected to the morgage on my property. The main points of it were that the Bank manager of our local Barclays branch was the one who in fact recommended that we change from our repayment mortgage to the endownment type. He then arranged for a Barclays insurance rep to call which he did and told us the usual promises of will pay all and a lump sum and why dont we have more than we need etc. We now have a £6.000 shortfall on a £16.000 policy. The second main point was that the policy matures after my husband and I are over retirement age.

Barclays have now sent a claim form with lots of questions such as "Did we read the agreements" and "Did we realise that it would mature after retirement etc"

I really would like some advice off anyone who has been through this as I dont want to make a mistake when filling it in.

It is due back on the 27th so any help would be appreciated sooner rather than later

Many thanks

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  • 4 months later...

wrote a letter to Barclays concerning a misselling of an endownment policy connected to the morgage on my property. The main points of it were that the Bank manager of our local Barclays branch was the one who in fact recommended that we change from our repayment mortgage to the endownment type. He then arranged for a Barclays insurance rep to call which he did and told us the usual promises of will pay all and a lump sum and why dont we have more than we need etc. We now have a £6.000 shortfall on a £16.000 policy. The second main point was that the policy matures after my husband and I are over retirement age.

Barclays have now sent a claim form with lots of questions such as "Did we read the agreements" and "Did we realise that it would mature after retirement etc"

I really would like some advice off anyone who has been through this as I dont want to make a mistake when filling it in.

It is due back on the 27th so any help would be appreciated sooner rather than later

Many thanks

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I have been to see the Mortgage advisor at Barclays as the FSA and the Ombusman said I had left it too late to claim for misselling.

He has offered me a number of options, extended mortgage time,higher payments for the next three years which is when it ends etc.

I think I should ask for a good will gesture payment as their rep. who sold it to us never mentioned that there was a possibility of it not paying out.

Is there any one who has done this or any advice please

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I have been to see the Mortgage advisor at Barclays as the FSA and the Ombusman said I had left it too late to claim for misselling.

He has offered me a number of options, extended mortgage time,higher payments for the next three years which is when it ends etc.

I think I should ask for a good will gesture payment as their rep. who sold it to us never mentioned that there was a possibility of it not paying out.

Is there any one who has done this or any advice please

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I have been to see the Mortgage advisor at Barclays as the FSA and the Ombusman said I had left it too late to claim for misselling.

He has offered me a number of options, extended mortgage time,higher payments for the next three years which is when it ends etc.

I think I should ask for a good will gesture payment as their rep. who sold it to us never mentioned that there was a possibility of it not paying out.

Is there any one who has done this or any advice please

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I have been to see the Mortgage advisor at Barclays as the FSA and the Ombusman said I had left it too late to claim for misselling.

He has offered me a number of options, extended mortgage time,higher payments for the next three years which is when it ends etc.

I think I should ask for a good will gesture payment as their rep. who sold it to us never mentioned that there was a possibility of it not paying out.

Is there any one who has done this or any advice please

 

 

 

 

Hi frostyplug,

 

 

I am not sure at all what the rules are for claiming on mortgages etc.

 

But it might be worth getting a second opinion from a reputable independent mortgage advisor.

 

Or you may consider visiting a local solicitor for advice. They usually offer some free time!

 

Just a couple of thoughts.

 

 

Best wishes, Jeff.

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Thanks for that,Also a good point is that they arranged the endownment to mature a year after my husband is 65 Surely this is not right!!!

anyone know anything about this?

I also considered mentioning TV's Watchdog and 'Dont get done get Dom', maybe it might do some good. Any opinions on that?

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Many thanks for your reply. You have reflected my worst thoughts but I did suspect that was the case.

It is really unfair the rubbish I was told, the Mortgage advisor at Barclays told me last week that the endownments were "performing" when it was sold to me but admitted that the rep. should have mentioned the possibility that they might not pay the full amount.

He has given me a letter with the usual options of paying the outstanding £6000 on the £16000 endownment but I dont know what to do now.

Should I take some independent financial advice?

I can't see anyway out of this, I think I have been duped and everyone is against me. Surely this is'nt right?

Any thoughts?

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Many thanks for your reply. You have reflected my worst thoughts but I did suspect that was the case.

It is really unfair the rubbish I was told, the Mortgage advisor at Barclays told me last week that the endownments were "performing" when it was sold to me but admitted that the rep. should have mentioned the possibility that they might not pay the full amount.

He has given me a letter with the usual options of paying the outstanding £6000 on the £16000 endownment but I dont know what to do now.

Should I take some independent financial advice?

I can't see anyway out of this, I think I have been duped and everyone is against me. Surely this is'nt right?

Any thoughts?

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Many thanks for your reply. You have reflected my worst thoughts but I did suspect that was the case.

It is really unfair the rubbish I was told, the Mortgage advisor at Barclays told me last week that the endownments were "performing" when it was sold to me but admitted that the rep. should have mentioned the possibility that they might not pay the full amount.

He has given me a letter with the usual options of paying the outstanding £6000 on the £16000 endownment but I dont know what to do now.

Should I take some independent financial advice?

I can't see anyway out of this, I think I have been duped and everyone is against me. Surely this is'nt right?

Any thoughts?

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Many thanks for your reply. You have reflected my worst thoughts but I did suspect that was the case.

It is really unfair the rubbish I was told, the Mortgage advisor at Barclays told me last week that the endownments were "performing" when it was sold to me but admitted that the rep. should have mentioned the possibility that they might not pay the full amount.

He has given me a letter with the usual options of paying the outstanding £6000 on the £16000 endownment but I dont know what to do now.

Should I take some independent financial advice?

I can't see anyway out of this, I think I have been duped and everyone is against me. Surely this is'nt right?

Any thoughts?

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  • 4 weeks later...

I used company name, recommended by a friend, who took details from me over the phone in about 10 minutes. I never went to see them and never heard anything else for about 3 months. They then phoned me to tell me they had got me £4k, cost 25%, which I already knew would be the case.

 

In fact I had cashed in my endowment (Woolwich) some 4-5 years previously so thought I never had a chance. Lucky I had kept paperwork. I was very impressed, especially when I would not have been surprised if I never got anything back.

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