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Endowment Policy.


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Hi all,

 

I took out an endowment policy with Countrywide assured in 2000 when I bought my first flat as part of an interest only mortgage.

 

2 yrs later, I sold the flat, cancelled the DD for the policy and effectively "forgot all about it".

 

A couple of weeks ago, I got a letter from Countrywide assured trying to trace someone with the same name as me regarding a policy that could have been mine.

 

I contacted them and confirmed my identity. They informed me the policy had a small cash value of around £300.

 

Apparently they have continued to deduct the cost of the policy from the balance since 2002!!

 

How can they do this? I stopped paying the DD as I didn't need the cover.

 

Is it worth me challenging them as to why they continued to provide cover for the past 9 years despite the fact I was completely incommunicado and no longer owned the property? Surely they should have frozen the policy when the DD was cancelled?

 

Thanks,

 

Dazzaboy2

Darren :p

 

BOS - WON - £5.6k

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Virgin Mastercard - WON - £300

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Barclaycard - WON - £200

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Lloyds - WON - £1.6k

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Hello there. I think you need to check the wording of your policy. I'm a little rusty on this, but I seem to recall that some policies can continue to deduct premiums.

 

Did you ask for the policy to be made 'paid up', assuming this was an option open to you under the policy terms?

 

My best, HB

Illegitimi non carborundum

 

 

 

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