Hello one and all, I was recently sorting out some old PC magazines when I came across an unopened letter from Brittanic Assurance. I was going to throw it away but opened it and to my surprise, one of the Policies I had with them had matured and there was a cheque attached for just under £1000. The date on the cheque was November 2004 so called Phoenix (company who took over Brittanic) and explained the situation and was told I would be getting a new cheque.

Several days passed and I recieved a letter from Phoenix saying the cheque had been cashed back in 2005. The letter states the cheque cleared 1st June 2005. I went online to check my bank statement from 23rd May to 10th June 2005 and the only thing that was going into my account was my wages, nothing else. So I called again and said the cheque was NOT cashed into my account and would like to know who's account it went into. I was told I could not be told that sort of information. So I asked the woman on the phone what I could do... she said ' I dont know' .... utterly useless.

I have paid into that policy for years and yet not one penny belongs to me. To say I'm annoyed is an understatement.

Is there anything I can do?

Steve

I think I would be writing to them and trying to establish exactly who cashed the cheque. Try and keep a paper trail.

Start off gently but if you don't get a satisfactory answer then start to get heavy with them.

Do you still have the cheque? If you still have that one, then obviously a 2nd cheque was issued somewhere (maybe an unscrupulous employee????).

There may be a case of fraud here!

I have the original cheque from November 2004, I have not seen/found the cheque dated 2005.

I will write to them and explain the situation. Funnily enough, I keep thinking 'Fraud' too.

The last letter Phoenix sent, said they could not provide details requested as they have contacted the bank, but are unable to provide details as records are only kept for a maximum of 6 years.

Steve

Convenient!

What about their finance department? They should keep ledgers etc. I bet if the bank digs hard enough they can find something. Not up on how banks run, but there must be some record somewhere, I can't see a computer doing a mass delete of transactions on their 6th birthday!

I have printed out a bank statement from 23rd May to 10th June 2005. It just seems so odd that the cheque has been cashed but not into my account, and nobody at Phoenix knows anything.

I have written to Watchdog, will be going to CAB next week as its the only time I can get there.

All I want is my cheque, and a possible investigation to find out who had my cheque and was able to cash it. This is nothing short of theft.

Hi,

I just wondered if this problem was resolved and you received a credible explanation?

I am also coming up against a somewhat similar circumstance with a Brittanic endowment policy.

I purchased a Brittanic policy in 2006, so the policy was transferred from the policy holder and assigned by Brittanic to myself as the new owner.

It is a simple process with a lawyer completing the assignment which becomes a TEP (traded endowment policy) and the policy holder receives a better pay out than the surrender value so everyone benefits.

The direct debits were requested up until the maturity date when I was then informed by Phoenix that the policy was apparently surrendered in 2005, but the records were not updated.

Therefore as the policy was surrendered it has no value even though all the payments were made, but likewise Phoenix do not seem to know who received the payment and both the policy holder and Brittanic themselves seemed to be unaware as they transferred the policy to me!

Phoenix admitted a mistake had been made by Brittanic not updating the policy details to be surrendered in 2005 but that would mean the owner falsly sold the policy that was no longer valid and Brittanic failed to update their records.

I don't believe in that many coincidences..and when I saw your Blog it sounds similar with a similar date.

I received the repayment of the premiums I paid but so far not the value of the policy which would be much higher if the policy matured.

Unfortunately fraud is also springing to my mind...probably at Brittanic in 2005.

If this was the case, this is where the similarity and date align with your situation.

I am awaiting for an explanation from the Phoenix legal department!