Endowment policies


E

esox

Hi
This has probably been well hammered but don't usually follow this
newsgroup.
Like many others we've been caught out by our endowment mortgage.
OK I suppose they are a risk, not that that side was ever highlighted.
Is there anyway to pursue policies that are guaranteeing just over
half there original value?
Any good sites?
I think I'm wasting my time since it appears we should have taped the
interviews when we were sold the policies.
Any help/guidance appreciated
Esox
 
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R

Rob graham

esox said:
Hi
This has probably been well hammered but don't usually follow this
newsgroup.
Like many others we've been caught out by our endowment mortgage.
OK I suppose they are a risk, not that that side was ever highlighted.
Is there anyway to pursue policies that are guaranteeing just over
half there original value?
This is a with profits policy is it? With a guarantee? Did you see this
guarantee when you bought the policy?

Rob Graham
 
T

tim

has full info and a letter template. just fill in and send. worked for me.
good luck.
Worked for me also. Remember though esox, it isn't JUST about the fact that
the policy that will fall short of original expectations (many fit that bill
but don't qualify for comp), you have to prove that you were mis-sold it
(policy not suitable for your personal situation perhaps), given bad advice,
whatever.

Fill the form in, as it costs nothing to try :eek:)

Good luck
tim
 
E

esox

Many thanks for the feedback.
Will sit down and go through our records and fill out the form.
Nothing to lose.
Shame our policies were with Standard Life and Norwich two of the
worst!
Cheers
 
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D

Doug Ramage

Richard Buttrey said:
"OK I suppose they are a risk".
So if you knew, how would 'highlighting' this have made any
difference?

It's not clear from your post how old your endowment is, but AFAIAA
back in the 70s, when these things seemed to be popular, it wasn't the
touchy feely, hand holding, world of today. Did the various financial
regulatory bodies exist back then? I rather suspect they didn't, and
even if they did, thet weren't circumscribed with all the rules they
seem to have these days.

I'm not trying to be clever, but endowment mortgages always seemed too
me to be too 'clever by half', with their wonderful projections of
paying off the capital sum at a stroke, and having oodles of cash left
over to swan off round the world.

My old dad always used to say you don't get owt for nowt in this
world, and from my observations, if something seems too good to be
true, it probably is.

Caveat emptor should be the watch word, and a little more time in
schools devoted to educating kids about basic financial facts wouldn't
go amiss either.

Sorry, that's my grump for the day out of the way,

Grumpy old man,

Rgds

__
Richard Buttrey
Grappenhall, Cheshire, UK
__________________________

It was indeed the 1970s which started the endowment mortgage explosion, via
the use of "Low Cost" endowments. These were essentially hybrid policies -
part endowment, part term insurance. Previously, endowments *guaranteed" to
pay off the loan, as the Sum Assured was equal to the loan, and did not
require any projected bonuses to make up any shortfall.

And the Building Societies (banks did not "lend long" in those days) loved
them for the commission they earned from them.
 

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