In 1981 I was advised by a smooth-talking salesman to take out an interest-only mortgage to be repaid by a 20-year endowment.
The salesman informed me that at maturity the proceeds of the policy would be sufficient to repay the mortgage and that there was a good chance of a small surplus. I was naive, knew no better and trusted this man – how many times have we heard this?
The mortgage was for £16,380. The policy has just matured and is obviously another blatant case of endowment misselling.
I have just received a cheque from Scottish Equitable for the sum of £30,500.
It is crystal clear that I was misinformed all those years ago as I was led to believe that there may be a small surplus. In fact, I have received a large surplus.
This has caused me great distress as I had conditioned myself over the past years to anticipate a shortfall (due to the constant bad publicity in the press regarding these policies).
At maturity, I was prepared – expected – to dip into my own meagre savings to repay the mortgage.
I am very annoyed as my careful financial planning over all these years has been totally ruined. What am I to do with all this extra money?
This situation has caused me great anguish. Please can you give me the name and address of the appropriate regulator from whom I may be able to seek redress.
TS Mackenzie Independent Financial Advisers, London