Endowment Shortfall

[gordonthegofor]

I have a small endowment policy which falls far short of the projected return when sold. As I no longer have a mortgage to pay off can I still make a claim for miss - selling.

 

[jacobite]

To make a claim for mis-selling there is a lot more to investigate than just the fact that your endowment has a short fall.

An endowment policy sold to cover a mortgage (and sold compliantly!) should come with the explanation that it carries an element of risk and may not pay off the mortgage it was intended to cover.

That said, you may still have a claim for mis-selling, drop me a PM with some details (when policy was purchased, who from and how long ago did you pay off your mortgage will do for starters) and I can have a look at it for you.

 

[Nadine]

I also have one of these and I went back to the company who sold the policy to me and they have decided that it had been mis-sold to me, but that because it is no longer attached to a mortgage it is not to my detriment. The fact that I have been using it for the past 10 years as a savings tool doesn't seem to matter.

Please can you tell me how to go about finding out if it is worth stopping my payments into this policy and putting them into something else.

(I actually have the salesman's quotation in his handwriting saying that there should be money over when the mortgage has been paid off!)

Thanks

Nadine
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