Need Advice Please.. Endowment Mortgage Mis-Selling or Mal-Administration

c0y0te_

Hi there,

I took out a 20 year mortgage back in 1994 and now, 16 years later, I'm being told that there will be a shortfall and I will end up owing a chunk of money at full term. I am aware of other claims being made (the Bank of Ireland one most recently) and I need some advice please.

How do I start this process? Where or who do I go to in order to get an assessment of my situation as to whether or not I do have a case for a claim, based upon either mis selling or maladministration?

I'm just unsure of how to proceed and want to make sure that I do it in the correct way, so I'm hoping someone else here has been down this route and can advise me. Thanks in advance for anything you can do to help me get started, either PM me or respond here.

Cheers.

There's some information here which may help.

Kennie1

c0y0te_ wrote: »

Hi there,

I took out a 20 year mortgage back in 1994 and now, 16 years later, I'm being told that there will be a shortfall and I will end up owing a chunk of money at full term. I am aware of other claims being made (the Bank of Ireland one most recently) and I need some advice please.

How do I start this process? Where or who do I go to in order to get an assessment of my situation as to whether or not I do have a case for a claim, based upon either mis selling or maladministration?

I'm just unsure of how to proceed and want to make sure that I do it in the correct way, so I'm hoping someone else here has been down this route and can advise me. Thanks in advance for anything you can do to help me get started, either PM me or respond here.

Cheers.

Must see thread on page 2 started by Diabheild and what their experiance and other's has been regarding endowments claims Endowment Policy/Mortgage. Has anyone made a complaint successfully in Ireland? (1 2)

c0y0te_

Thanks for the responses thus far.

Regarding claims.ie - I've seen the site and have tried to make contact with them for advice but no response as yet. I've tried email and phone calls so far. They seem to be more interested in accident claims from what I can see.

Regarding the other thread I did see that and have been following it. thanks.

I just want to make sure that I do this the right way, whatever way that is!

amdublin

c0y0te_ wrote: »

Hi there,

I took out a 20 year mortgage back in 1994 and now, 16 years later, I'm being told that there will be a shortfall and I will end up owing a chunk of money at full term. I am aware of other claims being made (the Bank of Ireland one most recently) and I need some advice please.

.

Did you receive any correspondence from the bank/insurance co between 1994 and now indicating the endowment policy was not performing as expected?

Or did you literally get one piece of correspondence now?

What literature did you get at time of sale in 1994? Did this indicate that it was guaranteed that your mortgage would be paid off?

What is the basis of your complaint that the policy was mis-sold to you?

Advice:
You can contact the institution that sold you the policy and make a complaint of mis-selling.
They will investigate and make a decision on your complaint. Either agree with you or repudiate your complaint.
If you do not agree with their decision then you can refer your complaint to the Financial Regulator who will make an independent ruling on your complaint.

Good luck.

broker2008

I mentioned it on an earlier thread on this topic. My experience is that all companies have written out on many occasions, at least 4 with some of the companies I'm thinking of to give up dates. I recall letters being issued as early as 1992, pointing out that the expected rate of returns would be forecasting lower returns and to do something about it. Make sure you gather your info and be very clear as to why you believe it was missold. The companies will have copies of all the letters that were issued over the years. The company, as amdublin pointed out, is your first port of call.

amdublin

Just to clarify, you must go through complaint process with company : the financial regulator will not view your complaint unless you have exhausted all avenues with the bank/insurance co.

Could you give us more info in relation to correspondence and any guaranteed (if any) returns?

pinkjackie

I have endowment mortgage maturing in Augut 2012 with a current shortfall of 11,500euro. Sold to me on the basis that I would have 10,000 pound on maturity as bonus. Have the original quotation and advertising brochure to this effect stating that bonus would be paid at the end. Got reviews 5 yearly advising to increase payments etc to ensure mortgage was covered. Did this but now seem like good money after bad. Contacted Ombudsman about 7 years ago with all the literature, and he replied back saying could n't say anything until it matured.

Anybody know good solicitor that I could contact to take on my case, as it is waste of time talking to the bank.

Pablo Sanchez

pinkjackie wrote: »

I have endowment mortgage maturing in Augut 2012 with a current shortfall of 11,500euro. Sold to me on the basis that I would have 10,000 pound on maturity as bonus. Have the original quotation and advertising brochure to this effect stating that bonus would be paid at the end. Got reviews 5 yearly advising to increase payments etc to ensure mortgage was covered. Did this but now seem like good money after bad. Contacted Ombudsman about 7 years ago with all the literature, and he replied back saying could n't say anything until it matured.

Anybody know good solicitor that I could contact to take on my case, as it is waste of time talking to the bank.

Does the brochure say that you would be guaranteed to meet your target amount, does it guarantee you a terminal bonus? Unless it does i doubt you have a leg to stand on.

c0y0te_

Well in my case I got in touch with Eddie Hobbs, who then referred me to Bryan Fox solicitors (who are apparently taking the class action for such matters). I passed on all the details but found out the hard way that there is a statute of limitations (6 years) from the date you are first informed that the policy 'might' not meet/perform to expectations. So basically I'm stuffed because I didn't realise you could even challenge this type of thing until last year so I was too late since they first notified me in 2004 of potential issues.

Long story short - look up Bryan Fox solicitors and get in touch. Maybe they can help you.

pinkjackie

Thank you for the info