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If I have a loan agreement that is unenforceable in that the respective bank has confirmed it can not find the agreement but I have a life assurance policy assigned as security, do I have to wait until the agreement is statute barred before I can reclaim the remaining benefits on my policy

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do you have the life insurance policy document, not the agreement but policy document

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now i take it the policy is in the name of norwich union for example and the bank are using it as security for a loan, like an endowment policy

 

sorry if repeating but i need the facts

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and have you signed over the rights of the policy to the bank

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I have the policy document and its assigned to the bank. The bank have already confirmed that they dont have the credit agreement and that they wont persue me through the courts. Havent paid them for nearly 2 years so is it going to be a case of waiting the 6 year statute barred route then trying to get my money back from the endowment policy then.

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it looks like you will have to wait till the debt expires under the limitations act, the only advice i can offer in this case is to offer the bank a full and final offer as the dont have the agreement, try 15 pence in the pound

 

once they have accepted and the account is closed, they will have no further claim on the policy and you then will have full rights on it

 

THIS IS IMPORTANT

 

WHEN WAS THE LAST TIME YOU ACKNOWLEDGED THE DEBT TO THE BANK IN WRITING OR PAYMENT

 

MONTH/YEAR

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With regards payment, about 20 month ago. If I was to offer a full and final, would that not be acknowledging the debt? I have thought about offering a low full and final but wasnt sure if this in theory was acknowledging the debt. I would be happy to pay a full and final as my policy is worth a good few quid and could also enable me to make offers on others

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You could make your offer "without prejudice"

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I may do that and see what happens. I only hope they dont use such a letter marked "without prejustice" isnt used against me as an admission of the debt

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without prejudice protects you

 

it cant be used in any legal proceedings without the consent of both sides

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Just make it absolutely clear that you deny liability but in order to rest the matter you are willing to offer ££££ on the clear understanding that it will be full & final & any pursuit of you will cease

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