The Endowment Diary

The Endowment Diary


The Endowment Mis-selling Debacle - one of the UK's worst financial scandals

Wednesday, October 06, 2004

More Mis-selling

My "friendly" life assurance company has written to me again, this time they have sent me a warning letter about my other endowment policy.

This policy, taken out in 1987, was meant to cover a mortgage of £35K.

The projected shortfall is, roll on the drums......£10600.

In other words 30% of my mortgage.

Put that together with the other shortfall of £14500 projected by my life assurance company (see earlier post), and I am going to have to find £25K when my two endowments expire in 2012.

Do I think that I have been ripped off?

I do.

To add insult to injury, the life assurance company then goes on to suggest that I could top up my underperforming policy.

I think that it is high time that these companies were brought "to book" over this £40BN scandal that is bordering on the criminal.

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