My mortgage endowment has matured and is very short of being able to pay off the amount it was intended to cover (never mind the profits expected!).
The endowment matured a year ago, but I was not informed as the endowment company claim they did not have my current address. (I was expecting it to mature in August this year). I have been at my current address since 2001 (i.e. 12 years).
I am making a claim against the mortgage lender for mis-selling as I had no idea the amount borrowed was at risk when I took out the endowment mortgage I was told that that much was guaranteed and that there would be 'profits' on top. If I had thought that there was any chance of a shortfall I would not have taken the endowment mortgage.
Additionally, I may come back to the endowment company with a claim as I believe they didn't try very hard to find me having claimed they haven't had my address for many years, they still managed to take £70 out of my bank account every month. My bank has my address as does the Mortgage company to which the endowment was linked. I may be entitled to a year's interest on almost £40,000.
My questions are:-
1) Is it ok to accept the maturity payment, but without prejudicing any future claim I may have against either the mortgage or endowment companies?
2) Should I add some kind of caveat to the 'maturity claim form' to that effect before signing it?
Any help much appreciated.
The endowment matured a year ago, but I was not informed as the endowment company claim they did not have my current address. (I was expecting it to mature in August this year). I have been at my current address since 2001 (i.e. 12 years).
I am making a claim against the mortgage lender for mis-selling as I had no idea the amount borrowed was at risk when I took out the endowment mortgage I was told that that much was guaranteed and that there would be 'profits' on top. If I had thought that there was any chance of a shortfall I would not have taken the endowment mortgage.
Additionally, I may come back to the endowment company with a claim as I believe they didn't try very hard to find me having claimed they haven't had my address for many years, they still managed to take £70 out of my bank account every month. My bank has my address as does the Mortgage company to which the endowment was linked. I may be entitled to a year's interest on almost £40,000.
My questions are:-
1) Is it ok to accept the maturity payment, but without prejudicing any future claim I may have against either the mortgage or endowment companies?
2) Should I add some kind of caveat to the 'maturity claim form' to that effect before signing it?
Any help much appreciated.