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Endowment mortgage scandal background

Endowment mortgage claims

Please Note

This site is for information purposes only  – we are not accepting any new cases from January 2007

Customers who bought Payment Protection Insurance (PPI) may have been mis-sold their policy according to The Competition Commission – 10th June 2008

Mis-sold Payment Protection Insurance (PPI) claims:

Use our PPI calculator to get a rough idea how much compensation you could be due.

Find local Accountants in Leeds to help deal with your finances. We also offer Yorkshire Notary services.

If you believe you may have been mis-sold your endowment mortgage for a residential property and are left with a shortfall – you may be entitled to No win No fee  compensation. It is strongly recommended that you act now to avoid missing crucial industry imposed deadlines.

Time is now running out for most policyholders.

Please read our questions and answers page regarding time barring, surrender issues, pre 1988 cases and other key complaint questions – click

The Background

There are more than 10 million endowment policies linked to mortgages in the UK. endowments were sold as a low cost, long term and supposedly “safe” method of paying off a mortgage. endowments combine interest-only property mortgage payments with an investment.

Throughout the term of the mortgage you pay interest on the amount borrowed to your mortgage lender and a monthly premium to your endowment policy. Very few people were warned of the risks involved with an investment of this kind.

Deadlines: You may already have been advised by your endowment provider that policy projections suggest your plan is not going to meet your mortgage loan.

Now is the time to act – before it is too late. You generally have only 3 years to claim from the time you receive your first “red” warning letter. You may be running out of time to claim –

Time barring is the number one reason why claims are rejected by the providers – don’t get caught out. Read our information pages on “Time Barring” “The 5 step guide”

The following is quoted from the Financial Services Authority website:

Key factors to consider if you are worried that your policy will suffer a shortfall and won’t pay off your mortgage:

  • 1. Don’t Ignore It – things could get worse if you don’t act now.
  • 2. Consider Your Options – there are various ways you can make up the shortfall. Speak to an Independent Financial Adviser (IFA).
  • 3. Speak To Your Lender – discuss the situation with them.
  • 4. Protect Yourself – If you decide to move to a residential repayment mortgage, you may need to buy separate life cover.
  • 5. Don’t Delay if You Need To Complain about mis-selling – Some insurers may consider your claim “time barred”.

The 1988 rule:

If you took out your endowment through a financial adviser before 29 April 1988 you may be caught in a black hole because there was very limited regulatory protection. However people sold endowments by banks, building societies or insurance company salesmen before this deadline can still complain, despite what you may have heard to the contrary.

You may have grounds for a mis-selling complaint if:

Your financial advisor did not explain at the time of taking out the mortgage that the plan would invest on the stock market and the pay-out was therefore not guaranteed.

You were single and did not require the life insurance element of the endowment and the salesman failed to make it clear you were paying for this cover (some lenders would insist on this cover as a condition of providing the mortgage).

The endowment matures after your retirement date and the salesman failed to make this clear to you or told you that the policy would be worth enough at retirement to pay off your mortgage.

Or if the salesman failed to conduct a proper fact find to discover whether you would have sufficient income in retirement to meet the mortgage and endowment payments.

The salesman persuaded you to cash in one endowment and take out another.

The fees or charges involved were not fully explained to you.

There are a few interesting sites below where you can find out more about endowment complaints, bad advice or general problems with paying financial debts: Financial Ombudsmans official site – Financial Services Compensation Scheme – Professional negligence claims advice.

We have a team of specialist Insolvency lawyers providing bankruptcy advice and can provide information on Individual Voluntary arrangements – IVA’s

We also offer Payment Protection Insurance (PPI) mis-selling complaints information:

Other Pryers services:  See also our Divorce solicitors service site and we also offer a no win no fee personal injury compensation claim service.

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