How To File An Endowment Mortgage Complaint

endowment mortgage complaints

If you face a deficiency on your endowment mortgage and were mis-sold it, you could claim compensation. But how does one go about this, and is it worth the effort? There are a few crucial issues to think about in this process, firstly - are you able to complain? Secondly, how does one go about this and what do you do if your endowment mortgage complaint is rejected. The simplest choice is to employ an endowment mortgage complaint firm to act on your behalf - but this is highly expensive and the firm may not take you on ( full story ).

Many independent mavens recommend you go it alone, especially as the process is designed to be used by normal mortgage holders and not financial experts. There are some easy steps to do in order to moan.

The 1st is to draft a letter to the people that sold you your endowment mortgage. This is going to be done as fast as you learn you have got a cause for complaint. Time might be an issue here as grumbles are thrown out if you wait too long ( full story ). You won’t be charged for making a endowment mortgage complaint, and should outline why you believe you are due compensation together with copies of any documents you think back up your case. If you aren’t pleased with the response you receive from the endowment supplier, you can take the complaint to the finance Ombudsman Service.

The ombudsman service is free and decides if a complaint is valid by having a look at the facts of the case. It favors that you bitch yourself and not use a complaints firm as it “prefers to hear from you in your own words”. It adds : “Statistics show there is no difference in the outcome - whether customers bring their beefs direct to us themselves, or whether or not they use a claims management company. To bring the endowment mortgage complaint for them.

To explain, we are no roughly sure to uphold a complaint referred to us thru a claims management company.” The ombudsman will keep you informed about the progress of your complaint, but it currently takes six to 9 months to resolve disputes - doubtless longer - due to the volume of complaints it is receiving. Priority is given to people for who the outcome of the complaint is critical - for example if they’re facing finance difficulty or there are medical reasons.

If you are making a successful endowment mortgage complaint you could be due compensation. This is routinely worked out by figuring out where you are now with your endowment mortgage and comparing it with where you’d be if you had a repayment mortgage and making up the difference. However, once you have received compensation, you can’t then it again later on if the position becomes worse and you’re still left with an insufficiency. When the complaint is concluded you can do what you like with your endowment policy, there’s no compulsion to sell it, cash it in, or keep it.