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Endowment Maturity Payment


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Hi,

I've just received a letter from my building society letting me know that they have applied for te payment on maturity of my endowment policy. I know it's not enough to cover the mortgage which does not require paying back until 2016. The endowment matures in November 2013 and I assumed the money was paid to me so that I can try to increase the sum before the mortgage is due to be paid off.

 

My question is can the building society do this - I thought Norwich Union/Aviva paid me the endowment money.

 

Any advice gratefully received.

 

Gary

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Thanks - appears as though the policy is assigned to the building society so it will go straight to them - although they've asked me to leave the bank details blank so that they can fill in their details when I receive the forms from Aviva.

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  • 1 year later...

My endowment was attached to the original mortgage from Barclays. I had to get a "Letter of Disclaimer" from Barclays saying they had no interest in the loan any more as I moved to a repayment mortagage about 15 years ago that paid Barclays. I continued paying into the endowment so the money all comes my way, but it appears I have a lot of hoops to jump through so it becomes mine!

 

Barclays phone support was awful. trying to ask me for security details from a 20 year old account that was closed 15 years ago. It was impossible to satisfy them with an answer. However, a visit to branch with ID soon got the letter I needed.

 

So unless your endowment holder is satisfied that their is no bank attachment in the endowment they won't pay out directly.

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