Endowment Complaints

RE: endowment mortgage. has someone been through the complaints process?

I have a valid complaint. what happens to the existing mortgage, if they make me a offer,to compensate me i still have 10 years left , will the mortgage just continue the same. what happens next. The mortgage was mis sold

Public Comments

1. What is your valid complaint? Is it that you're not going to end up with the money that you expected because of the market or is it that you were mis sold. You can't complain because you want more money, it has to be because the person who sold it to you did not explain that the value can fall as well as rise. They most probably did if you look through any literature you were given at the time of the sale or any reasons why letters they wrote. They won't just automatically offer to compensate you, you have to be able to show that the advice they give you was not suitable to your circumstances. If you have 10 years left it is most likely that within this time the estimated values will rise & you probably will end up with what you expected
2. THE MORTGAGE (BANK)is a seperate ENTITY from the ENDOWMENT (INSURANCE COMPANY) policy....... first write to the (INSURANCE) company concerned, BRIEFLY the situation , DO NOT GO INTO too MUCH details at this stage, EXPLAIN what you were PROMISED when you got sold the policy, (back it up with any HARD evidence, i.e. PHOTOCOPY of rough sketches made by the advisor)..you should get a reply, by letter or phone,, .....you will recieve a questionairre regarding your complaint, if they offer compensation, which you are happy with , then proceed, if NOT ......... then write to the ombudsmann to explain what happened, .... KEEP THE LETTER SIMPLE and PLAIN as POSSIBLE, DON't make yourself SOUND LIKE a unversity proffessor, (this is very important, DO NOT try and write CLEVER letters..!!!!!!!!!!!!!!!) good luck! hope this HELPS! DO NOT GO THROUGH AGENTS who promise a no win no fee, YOU WILL GET RIPPED OFF!!!!!!!!!!!!!!!!
3. Hi I have been through the complaints procedure. Don't worry the mortgage will still continue as normal and you will not lose any benefits. If you go to the which website(link provided below) they have a standard letter just fill in the blanks send it off and wait for the reply. It does work I received almost £5,000 last year. Do not go through one of the endowement claims companies you will end up with less money. You do not need a third party to do this for you Good luck