Endowment and PPI policies are 2 different types of financial products.

PPI (payment protection insurance) was usually applied to a loan, credit card or mortgage to protect the repayments in case you were made redundant or unable to work due to an illness/disability.

An Endowment mortgage policy is similar to a regular savings plan that will run along your interest only mortgage. The Endowment policy would usually finish (mature) at the same time as your mortgage and was designed to pay out a lump sum to repay your mortgage in full. Sadly, for many people the endowment failed to perform and suffered a shortfall.

Were you mis-sold an Endowment or PPI?

  • If you were mis-sold your endowment policy, you can still make a claim.
  • Unfortunately, if you had PPI with your mortgage, the PPI deadline has now passed and you cannot reclaim any mis-sold PPI.

Do you qualify for a mis-sold Endowment claim?

An endowment policy would never be able to guarantee to clear your mortgage as it was based upon the performance of an investment.

An endowment policy would never be able to guarantee to leave you with a lump sum as it was based upon the performance of an investment.

There would always be a potential risk of a shortfall and this should of be explained to you.

should not have added PPI to your agreement without your permission.

Your financial situation at the time of sale should have been fully assessed to determine if an endowment policy was the right option for you.

A discussion about your plans to support your repayments into retirement should have taken place to establish your financial risk.

What are you entitled to if you were mis-sold your endowment policy?

Compensation is usually based on:

  • Your financial position if you had opted for a repayment mortgage
  • Your current financial position based on you having an endowment mortgage

If you would have been in a better financial position with a repayment mortgage, the difference financially is the amount of compensation you could receive in addition to 8% interest per annum on top of the compensation, which could amount to £1000s in compensation.

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