Lloyds Tsb, How Can I Get Help With Being Ripped Off By The Bank, My Endownment Is Up In Amonths Time But They Want Me To Pay 20K Shortfall !!! Someone Please Help!

[mswain]

help!

[emeritus]

They should have been warning you for a number of years now that there would be a high Likelihood of a shortfall didnt they do this. ?

You can try to claim compensation for mis-selling but some Banks put a time limit on this ?

[factor-fiction]

And misselling is not to compensate you for a shortfall- it's to put you in the position you'd have been in if you'd had a repayment mortgage all along.

You will indeed have had statements- probably once a year on your endowments, with big blocks of text highleighted with a bright red background you can't miss warning you of the shortfall and need to take action.
There would have been booklets included too stressing that it is your responsibility to repay the balance and suggesting steps you could take.
And you should have had an annual mortgage statement too which would have stressed the same thing.

You may be able to put in a claim but I think that given the numbe rof years of warnings it may be too late.

Ask the bank or read the leaflets to explore the options- eg extend the mortgage (but on a repayment basis)

You're not alone- a lot of people have been ignoring the warnings and there may have to be respossessions- I think there is a ticking timebomb here

[VHG]

This is why, 30 years ago, when I was looking for a mortage, I turned down an endowment and went for a repayment.

Advisors where pushing me to take an endowment, but I knew they earned commision for selling them (which I did not like) and while I am no financial expert I did not believe the "fairy story" of massive extra money at the end of an endowment.

I took out a replayment mortgage, and as my salary went up I paid off more each month, and finsihed up paying the mortgage off early.

[factor-fiction]

I did have an endowment but succeeded with a misselling claim because my provider said it was the only option available and they had assured me it would leave me with a tax free lump sum at the end (which had been the case in earlier years). I used the compensation to pay off some of the capital and made regular overpayments for about 10 years as I'd been receiving warnings for at least this long.

[johnny37]

rip off is an emotive term. I assume the endowmenr was linked to a mortgage. At one time this was considered a normal way of paying off a mortgage and providing a bit over as 'savings'. It may be that all warnings to you were ignored and you have now exceeded all time limits for compensation. First step is to send a claim to Lloyds. If they say not liable you can complain to the Financial Obudsman. With all the negative publicity Lloyds have been receiving they will help you as much as they can but this does not mean writing off the debt if the compensation rules have been adhered to. I would ask to see your account manager to find out what your options are, which may mean taking out a loan to pay off the shortfall.

[ummmm]

We've been getting warnings for years and we still have 7 years left on our mortgage.

[Twenty20]

Failing to take notice of the warnings you've been given over the years isn't the bank ripping you off. It's called sticking your head in the sand.

[factor-fiction]

The projected returns on endowments seemed reasonable at the time when mortgage rates and inflation were running at 8-12% and stock markets were booming, but share prices haven't risen over the last 15 years and mortgage rates have been very low for a several years. At least you have benefited from the very low interest rate on your interest only mortgage