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Endowment Mortgages

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  • 28-06-2007 4:17pm
    #1
    con-chance
    Closed Accounts Posts: 17 ✭


    I would like to get some opinions on the whole endowment mortgage area. I work for a financial service provider and I have been asked to take on a project concerned with the whole endowment mortgage area so I went and not knowing anything about the area did some research on the net about the whole area and was shocked to find how awful a situation it is for so many people.
    If you're interested in this thread I take it you're aware of what they are.

    The thing I want to know about is what you're opinions are on whether the provider should cough up the shortfall in the affected customers mortgages and should they have to go to court with a money grabbing lawyer to get it. I'm looking for any opinions on this subject because I don't want to go down a road that will leave me wondering did I have anything to do with these people not getting the money they might disserve.
    So here's the thing ; I have in my possession some info regarding the vulnerability of a particular provider as regards their endowment shortfalls and I want some opinions preferably from people who know a little about the area on whether I need to make a conscience call on whether to get involved in something that might be considered a cover-up.
    See this info I have is very specific on where the provider in question is vulnerable to attack from someone looking for compensation as regards using the miss-selling approach to win their case.
    I work one of many many financial service providers who sold these policies during the 80's and I believe the total mortgage shortfall when you add all the customers up between the UK and Ireland tops 50 billion Euro and so this subject is on par with the pensions scandal and possibly similar in nature.
    Here's the thing I have been offered a big pay rise to do this job so I want to be sure that there is a conscience issue here before I turn it down. Thing is; if I do turn it down after further research and conversation with people who know a bit - I don't just want to walk away....Coz I'll be damned if I have specific info on how and why people got f@cked ...info that could help these couples/individuals get the money they might disserve. That's the basic story anyway.....any opinions at all would be greatly appreciated...let the opening of the can of worms begin.....Oh and if anyone knows of anyone who feels they were screwed with their policy any stories would be appreciated as I'm trying to get to grips with the whole area......before I sign my life away and possibly get involved with something that someday I may be ashamed of.[/SIZE]


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    #2
    ejmaztec
    Registered Users Posts: 23,997 ✭✭✭✭ejmaztec


    I remember the situation about 30 years ago in the UK - and someone should be held accountable. That "someone" seems to be questionable. I heard many hard-sell characters telling me that, at the end of the term, a mortgage would be paid off, leaving the policy-holder with a huge cash surplus. £50K was a popular figure, I seem to recall.
    As it has turned out, the annual growth rate was over-estimated - leaving many people with a deficit at the end of the term.
    I think that whoever came up with, and authorised the use of, the growth rates is a prime target. The endowment companies, naturally enough, will try to wriggle out of it, by shifting the blame onto the commission-hungry agent or broker acting outside their remit.


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    #3
    knighted
    Registered Users Posts: 559 ✭✭✭knighted


    best advice i can give u is delete this thread -u talking about potential cover ups etc -if i was a screwed over consumer reading this thread the first thing i would do is take ur ip address and trace u to its location ,see who u work for and present it as a case ,-delete it b4 joe duffy rings u on monday morning lol


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    #4
    Fitz1
    Closed Accounts Posts: 7 ✭Fitz1


    I am in the same boat, BOI endowment mortgage shortfall in 2011
    I increased my payments the last 2/3 years and doubled them this
    year 2009 but I am just wondering am I just wasting money?


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    #5
    dudara
    Registered Users Posts: 33,519 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #6
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    Welcome to boards.ie Fitz1.

    As you already have a thread on this, I'll close this.

    By the way, it's considered bad form to pull up old, old threads from the deep ;)


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