How do I go about surrendering endowment

dunstonh

I now know that Eagle Star/Zurich have been posting yearly statements to my old address!
Obviously the new owner never bothered to do anything about it!

Nor did you and you own the policy.

I dont know if this is right or wrong, all I wanted to know was how to go about surrendering an endowment policy that had lapsed 6 years ago!

As answered in post #2

jeez!

calm down. You posted all the extra information making it available for discussion and its almost certain the "advice" you were given wasnt very good (trading standards being involved being an added surprise but we now know it was a joint CAB/TS thing that is a local pecularity to Fife). If all you wanted to know was how to go about surrendering an endowment, then that is all you had to type.

molerat

For a start phone Eagle Star / Zurich and tell them you want to surrender the policy. Simple as that.

mrcow

It's really easy.


All you do is call Zurich and ask them to post you the forms as you want to cash the policy.

Once you have the form, sign it and send it back and wait for your money.

You don't need a financial advisor for this - anyone can do it.

funkyfifer

dunstonh wrote: »

#

Like funkyfifer, thats a new one for me. It has to be a Scottish thing as the English ones dont do it.

Yes, it is most likely a Scottish thing, and I appreciate your advice regarding asking Zurich for a form.
As for the rest of your little nit picking comments, along with maninthestreets, can I just say that I do not appreciate the way the 2 of you picked at comments I made, acting as if I wasnt even there for example "I chose to ignore that bit on the assumption funkyfifer meant CAB and not trading standards. However, you are right, "
That's not helping me, that is like insulting my intelligence, please dont choose to ignore something just because you think you know more than me, I do know the difference between the CAB and The Trading Standards and I was surprised too that they deal with such matters, but they do!
The only 'advice' you gave me was "You dont need an adviser to surrender the plan. Zurich are probably telling you that you need an adviser if you are asking questions that fall under an advice remit. You just ask them for a surrender form"
The rest of your comments made me feel that you assumed I was just a bit thick!

funkyfifer

dunstonh wrote: »

Nor did you and you own the policy.




As answered in post #2



calm down. You posted all the extra information making it available for discussion and its almost certain the "advice" you were given wasnt very good (trading standards being involved being an added surprise but we now know it was a joint CAB/TS thing that is a local pecularity to Fife). If all you wanted to know was how to go about surrendering an endowment, then that is all you had to type.

There you go again!

"(trading standards being involved being an added surprise but we now know it was a joint CAB/TS thing that is a local pecularity to Fife). "

We, as you refer to, do not know know any of the sort! A local pecularity!
I chose to ignore that part assuming that you meant a very helpful and different approach than we have here.
I take it you have never tried to get help from the CAB!

Oh I owned the policy, but I did not know I owned it! I was 21 years old and got a morgage, the bank arranged it all for me, I knew I had an endowment policy but thought the bank handled it, therefore I assumed that the bank would have taken over when I sent back the keys and they sold it!
And yes, I posted the thread and I included as much as I knew so you lovely people on the forum could understand my predicament better. I will know the next time I need any advice to keep it short and sweet!
Anyway, it seems you think I was very badly advised by the Trading Standards Debt Advice Team, (not involved with the CAB at all, I must point out again!) should I do anything about this or were you just casually discussing it with the other forum members?
Because I would discuss it too if you are up for it lol

dunstonh

can I just say that I do not appreciate the way the 2 of you picked at comments I made

Why did you post all that information then?

This is a discussion forum. Things posted are for discussion. That is the point of it.

by the Trading Standards Debt Advice Team, (not involved with the CAB at all, I must point out again!)

Yet the website you link to says:
Citizens Advice & Rights Fife (CARF) and Fife Council's Money Advice Team now form part of the Money Advice Partnership and are responsible for delivering the money advice strategy in Fife.

Citizens Advice and Rights Fife (CARF) is the umbrella organisation for Citizens Advice Bureaux in Fife. So, there clearly is a link and it is clearly something that is specific to Fife. Therefore a local pecularity where the majority of the UK have trading standards and CAB operating independently of each other.

I take it you have never tried to get help from the CAB!

No. However, I have dealt with a number of cases that have been referred to me by them. Generally, I havent been too impressed with information that they have given out in the past. Although its a lot better than it used to be.

Anyway, it seems you think I was very badly advised by the Trading Standards Debt Advice Team

Handing back the keys and running away from it is very rarely good advice. If you do that, you tend to find you waive protections you may have got from the court and incur more costs which are paid for out of your equity. Especially back then. Staying involved with the process could have seen you come out with more than just £900.

molerat

Some companies will do it over the phone, I just cashed my SL policy over the phone on Monday and money in the bank today.

funkyfifer

Handing back the keys and running away from it is very rarely good advice. If you do that, you tend to find you waive protections you may have got from the court and incur more costs which are paid for out of your equity. Especially back then. Staying involved with the process could have seen you come out with more than just £900.

I had no choice but to hand back the keys, I could not pay the monthly instalments and I did not want the flat to be re-possesed and get taken to court etc, would I not have lost money if this had happened?
The way I understood it was that the bank had somehow found a buyer for the flat, avoiding the need for re-posesion and considering I knew I had paid quite a bit towards my endowment policy, I was left to only asume that the bank had cashed it in.

PS I have been in touch with Zurich and it seems that the Bank did/does have some kind of link with my endowment policy as Zurich advised me to go to the bank and ask them for a notice of release before they can process the surrender of the policy, which is also apparently something the Bank should have informed both Zurich and myself of
So I will do this, hoping that the bank does not have any problems with this and I can finally cash in the policy.
Do you think they will? Considering my cheque of £900 from them I dont think I am in any more debt to them so I hope they wont throw some kind of legal spanner in the works and try to say it's theirs or anything!

dunstonh

PS I have been in touch with Zurich and it seems that the Bank did/does have some kind of link with my endowment policy as Zurich advised me to go to the bank and ask them for a notice of release before they can process the surrender of the policy, which is also apparently something the Bank should have informed both Zurich and myself of
So I will do this, hoping that the bank does not have any problems with this and I can finally cash in the policy.

That means the policy was assigned to the bank to receive the proceeds on maturity. That was what used to happen with all endowments. Its a not a link that allows communication of your personal details.

The bank should just issue a letter to Zurich (or via you) that they have no financial interest in the policy and that should do the trick nicely.

Considering my cheque of £900 from them I dont think I am in any more debt to them so I hope they wont throw some kind of legal spanner in the works and try to say it's theirs or anything!

Not an issue you need to give any worry to.

funkyfifer

dunstonh wrote: »

That means the policy was assigned to the bank to receive the proceeds on maturity. That was what used to happen with all endowments. Its a not a link that allows communication of your personal details.

The bank should just issue a letter to Zurich (or via you) that they have no financial interest in the policy and that should do the trick nicely.



Not an issue you need to give any worry to.

Yes, I can ask the bank to fax the notice of release to Zurich, they even gave me the number so im chuffed with that, and, although I may have been a bit snippy with you regarding your comments and discussions, I do appreciate you taking the time to answer my original query.

Sorry if I have been a pain :-)