MORTGAGE ENDOWMENT COMPLAINTS: WHAT IS THE PROCESS?

2007-03-08 10:33:40

( Financial )



Equity mortgage and refinancing mortgage can be paid through mortgage endowments. Borrowers who want to dispense making the actual payment to the bank set up a mortgage endowment to pay off mortgage. But what if your mortgage endowment is not able to pay off your loan? How would you deal with your dissatisfaction on the performance of your mortgage endowment? This is the key question that you need to answer before you continue with your mortgage endowment complaints.

Refer to the Agent

Inquire from the agent handling your mortgage endowment plan. Ask him why your mortgage endowment is not meeting your mortgage repayments.Review with your agent the terms of the agreement you signed with the mortgage endowment company and check whether its current performance is anticipated.

Refer to the Firm

Bring mortgage endowment complaints directly to the mortgage endowment company if you are not satisfied with your talk with your agent. Ask for the company’s procedure on filing a formal complaint. You should know who handles mortgage endowment complaints in the company so that you know who to contact and whom to follow up your complaint. Formal letters are best for filing mortgage endowment complaints.

Mortgage endowment complaints letter must contain the date of lapse of payment from the endowment, amount of payment and type of mortgage that the endowment will pay. It is better if you attached the collection letter from the bank as proof of the lapses of the mortgage endowment. Keep all copies of your communication with the mortgage endowment company and other necessary supporting documents in your files.

Be Professional in Your Dealings

Always remember to remain calm, polite and focused on dealing with mortgage endowment companies. Remember that your goal is not to intimidate or be aggressive but to make the terms of your mortgage endowment work. There is no use creating enemies with your endowment company who in the end will be the one you have to settle with.

Refer to Your Lawyer

Refer your mortgage endowment complaint to your lawyer if it is not resolved you’re your communication with the endowment company. Your lawyer will look at your files of communication with the company to give him a history of your complaint.


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