GaryCat

Thanks Scottish Provident, my endowment policy is estimated to be £15K under the target when it matures.

When I took it out way back in 1987 they claimed I would have a surplus of £24K

Barstewards.

G.

Dave T-S

Saw the light and got rid of my endowment mortgage/policies in circa 1988

DEEDEE

Mine started around 1987 but changed to re-payment early 90's kept endowment running. I remember being told if things carried on as they where going I would double the money. Won't matter now as I get it all any way, best move I made, but the insurance company doing the endowment policy still write telling me I need to up the payments to cover the short fall. What shall I do with the cash - get ready for RE TIREMENT

fast bloke

Gary - complain - compensation is usually substantial. (Once client just got a cheque for 35k on a 1989 policy... £93.00 per month - she did have a (signed)drawing from the advisor showing that it would be worth 140k in 2014

DTS - way ahead of your time m8 - If you had held on until now you could get enought compo for a new scoob every year.....hhmmmmm.... maybe you did

Dave T-S

FB


It was when the market crashed last time - saw repayment as the way forward - had a £110k mortgage at the time, plus a £130k bridging loan for 6 months, plus I had bought the house I was moving to and exchanged contracts so the price was fixed, and the one I was selling eventually sold for £70k less than the asking price and to add to the fun interest rates were at around 15%. IIRC the interest on the bridging loan alone was £13,000 - character building stuff

fast bloke

1988 - Ah - the good old days - I was doing O'Levels and trying to raise £199.00 for a new set of golf clubs. - Had to work the entire summer in a bar at £1.10 per hour to get the money.


BTW - If you had a decent mortgage advisor you would not have ended up in such a character building situation. drop me a mail next time

(bet this gets deleted for non subscribing advertising )

FLAT ERIC

iTrader: (1)

I am probably way off course but presumably most people took out an endowment mortgage with the sole purpose initially of paying off their mortgage,not as a means to stash their savings or generate a profit.

As this criteria has not,in many cases,been met.Does the usual consumer protection adage "product not fit for the purpose it was intended" apply?

It cant be that simple or else everyone would have got compo.

GaryCat

Hi fast bloke, I've complained to the original financial advisor but they told me that as the policy was sold before 1988 it is not covered by the FSA rules on mis-selling.

Who can I complain to then?

Cheers
Gary

FlightMan

Gary,
Similar story as you mate. Cut-off date is August 26th 1988. Mine was sold to me on 12th July 1988, so I missed out by 6 weeks!
According to the FSA, I have no-one to complain to. Legal & General will just tell me to **** off.
Why August 26th? Well it was a date plucked out of the air by the Govt. Why they chose August 26th, when there are probably thousands like you and me who were sold endowments before that date, **** knows. Like you, we were told we'd have a 20k+ surplus.
I think the finance industry and I include insurance in that, is the biggest feckign con going. Bastewards the lot of 'em.

IanW

FlightMan,

Send a leter of complaint to L&G, they will look at the complaint, and they may well even take it on. BTW your complaint isn't Pre-FSA 29th April 1988 is 'A Day'

I would give you the address to write too, but I cant remember the post code of the office

BTW fast bloke, can I interest you in some comission clawback

Ian

[Edited by IanW - 1/24/2004 10:29:45 AM]

misty

MORTGAGE WHAT'S A MORTGAGE???
dave

moses

never go for them i lost 4 thousand pounds in 7 yrs only


i have a repayment mortgage now the best

go for bristol and west 4.4 interest gross

FlightMan

IanW,

The FSA themselves gave us the August 26th date, and its posted on their website as well. Are yous sure thats wrong?

Regarding contacting L&G direct. Well we did, unbeknown to us, their policy was sold to us by a tied agent, and that firm has gone bust. So, according to L&G, its tough luck.
So we bought a policy off what was effectively a salesman, selling L&G products, with L&G forecasts. But, because he wasnt an L&G employee, L&G are claiming to be innocent.

As i said earlier, fecking barstewards.

Dracoro

Forgive me for being dumb, but I hear about endowment policies being all bad and a big no no. This seems to be because of the poor performance in recent years. If the market performs well int he future then you'll be quids in?

It seems that they are OK 'in principle' and wholly depends on the stock market (goes up as well as down).

The real ISSUE, if I've understood it correctly, is the fact that they were mis-sold and final figures exageratted by over zealous 'sellers' of these policies, NOT the actual idea of endownments themselves.

Please correct me/Let me know what I've misunderstood

IanW

FlightMan,

Can you mail me on my profile address please?

Ian

ProperCharlie

much of the problem was to do with the fact that mortgage brokers were getting big commisions for selling endowments, and so "pushed" people into them. a good example was when i went with my g/f to get our first mortgage (and this was only 8 years ago).

i explained to the bloke that i wanted a repayment mortgage with death cover for both partners. he said that was fine, however he would have to explain *all* the options. He then spent (i kid you not) nearly three hours banging on about how we would be so much better off with an endowment, and showing illustrations which AFAICR included one showing 9% PA growth

he then followed up by "assessing our attitude to risk" after which he was able to conclude that we needed several other insurance policies for illness, this that and the other. i was so desperate to get out of the place that i agreed to everything.

the next day, after i realised that we'd been rolled over, i went back and told him that i wanted to cancel the whole lot!

the look on his face was absolutely brilliant.

since then i've had two different repayment mortgages, which have suited me fine. In a well perfoming market, an endowment type should be better value than a repayment, but it depends on whether or not you want to gamble with those sort of sums of money.


[Edited by ProperCharlie - 1/24/2004 8:41:34 PM]

GaryCat

This site http://www.endowmentaction.co.uk/ run by "Which" may be of use to check if you can claim.

G.

FlightMan

Ian,
Mailed you as requested
cheers
Pete

IanW

Pete,

You have mail back.

Ian