Endowment Finishes In September.

[Kathyan]

Our endowment policy finishes in September and according to the company there will be a shortfall on the amount. We did change to a repayment mortgage about 6 years ago, so the shortfall isn't a problem regarding that. The insurers have told us that we may get a larger amount than they say due to money from a fund set up for this purpose. Has anyone been in the same situation and received a 'top up' and if so how much did you get?

[Slapshot]

If I remember right my parents got about an 8K top-up to their, wasn't a problem for them they had paid it off after from my grandmother's estate after she passed away

[factor-fiction]

It's the first I've heard of 'top ups' on this scale. Maybe it's a payment to those who haven't put in a misselling claim and it uses some the compensation they might have had to pay. If it's common it must be costing the companies a fortune. I'll have a look as it could help with mine- two have matured and did okay, and the mortgage is now paid up as we overpaid it, but we still have a policy to pay out in 2 years which will have a shortfall of maybe £5000. Does anyone have a link on this?

[Buenchico]

>>>and according to the company there will be a shortfall on the amount

Is that the first written notification you've had of a potential shortfall? If the letter is the first 'high risk' warning letter you've received, you've got a limited time period within which to to seek compensation if you believe that the policy was mis-sold to you:
https://www.moneyadviceservice.org.uk/en/articles/mis-sold-endowment-mortgages

Otherwise, this might help:
https://www.moneyadviceservice.org.uk/en/articles/dealing-with-an-endowment-shortfall
(I can see nothing there though about the 'fund' mentioned in your post).

[Kathyan]

We have known for a while about the shortfall and we tried the mis-sold route a few years ago but didn't get anywhere even though my husband was sold the policy as a life insurance before he went to the Gulf war (before we met). The agent told him that it was the only policy they would give him. As it worked out, we used it to buy our house but as I said we have changed to a repayment mortgage. Look under Mortgage Endowment Promise on the link below.

http://www.aviva.co.uk/savings-and-retirement/products/endowment/frequently-asked-questions.html