Old Endowment Policy

[Castlebest]

I still have to do some research into this one but would be grateful for any thoughts on this.

When I bought my first house in 1977 I had to take out an endowment policy for part of its value as a guarantee against the mortgage, it was for about £3,000.00 at that time from memory. I have since sold this house and a couple more but I kept the policy as an investment and kept up the payments until the mid 90’s.

In the mid 90's I hit a sticky patch, a business failure, and my finances went into melt down, somehow this policy got overlooked and also the monthly payments were stopped.

I have recently had a letter from GE finance and a credit into my bank account for just over £30.00, the only thing I can think is this policy has now matured but this is all that is left of it.

GE finance have not contacted me at all to find out why I had stopped paying or informed me of the position regarding this policy, not even a standard annual review at any point from October 1977 until the above noted letter. This is one of the reasons why this policy was forgotten when I was going through my troubles, they obviously have my current address in their records.

Any thoughts about what I should do, my first instinct is to write an SAR for the statements to see exactly what they have done but is there any president or any other basis for recovery of any of this money.

pete

[hellhasnofury]

I still have to do some research into this one but would be grateful for any thoughts on this.

 

When I bought my first house in 1977 I had to take out an endowment policy for part of its value as a guarantee against the mortgage, it was for about £3,000.00 at that time from memory. I have since sold this house and a couple more but I kept the policy as an investment and kept up the payments until the mid 90’s.

 

In the mid 90's I hit a sticky patch, a business failure, and my finances went into melt down, somehow this policy got overlooked and also the monthly payments were stopped.

 

I have recently had a letter from GE finance and a credit into my bank account for just over £30.00, the only thing I can think is this policy has now matured but this is all that is left of it.

 

GE finance have not contacted me at all to find out why I had stopped paying or informed me of the position regarding this policy, not even a standard annual review at any point from October 1977 until the above noted letter. This is one of the reasons why this policy was forgotten when I was going through my troubles, they obviously have my current address in their records.

 

Any thoughts about what I should do, my first instinct is to write an SAR for the statements to see exactly what they have done but is there any president or any other basis for recovery of any of this money.

 

pete

Hello I would follow your first instinct and send a SAR. Once or if you get it from them you can then look at it to see what has happened to you endowment policy. And them make a decision. They will probably tell you the policy became void because you stopped making payments to it. But they will tel you anything rather than give you any money.

 

Anyway good luck on that one

[Castlebest]

Hiya hell, yes I thought that but then why pay me £30.00 in February 2007?

 

Will follow it up and keep you posted.

 

pete

[crayzee]

Good luck but i have a feeling they will say the responsibility was yours to ensure that payments were being deducted for your account.

 

Don't let that stop you though and good luck. I would have thought a letter at some point telling you they hadn't received payment for the first month at least wouldn't be too much to expect.

[essayeffsea]

Any update on this one? I have a similar problem my policy was classifiied as "paid up" (surely yours would be similar )and I had communications with the company approx 5 years ago stating the policy will be worth £11000 at maturity (2009). Since then I have lost all documentation as to who the company is.

How can I find out who this company is? without writing to every Insurance co in the land and asking if its them.

I can always wait till 2009 and expect a cheque through the door butI would like to fingd out if the value has dropped/risen and th eexact date

[Castlebest]

If the premium payments on an endowment policy lapse the insurance company take the cost element of the monthly premiums from the principal (the money you have paid them they are investing for you).

 

The policy eats itself away untill there is nothing left.

 

pete