Is this true

trawl

:rolleyes: When I split from my ex (15yrs ago) I took my name off the mortgage we still have a joint endowment policy. I would have kept the house but he moved his new girlfriend in and it was two against one. Now i'm getting threatening letters to take me to court to have my name taken off the policy. He has since sold the house and made a profit while I had to pay rent. What should I do?

opinions4u

What financial settlement was agreed at the time?

If nothing was legally agreed I would:

1) Write back asking him to agree to remove his name from the endowment policy allowing the policy and its value to be put in to your name.

Assuming he declines your kind offer, I would then:

2) Offer to surrender the policy on the basis that the funds are split 50/50.

Whatever the outcome of his response to point (2) I would suggest that you involve a solicitor. Even if it is simply to ensure that the proceeds of the policy are split as agreed.

Who's been paying the premiums? If, for the last 15 years, he has then your claim to policy proceeds will probably be a share significantly less than 50% of the policy value.

All this should have been resolved in 1994 though.

trawl

Thanks for that. I was going to sign as he has been paying but he wouldn't give me any money for the time that I was paying! What if I leave it until it matures will it get split 50/50 or will i be summons to court beforethen it matures in 8 yrs?

opinions4u

trawl wrote: »

Thanks for that. I was going to sign as he has been paying but he wouldn't give me any money for the time that I was paying! What if I leave it until it matures will it get split 50/50 or will i be summons to court beforethen it matures in 8 yrs?

If you leave things as they are you are simply deferring the inevitable.

Either the two of you need to agree what a fair split is or sooner or later it will probably end up with the pair of you throwing away money on solicitors and court fees.

If you paid half the premiums for two years, and none for the past fifteen, you could reasonably argue that you are entitled to about 7% of the current surrender value. That 7% may be nothing if the financial settlement when you parted was full and final.

I'd deal with this matter now if I were you.

He probably wants to surrender the policy.

trawl

Thank you that sounds like good advice. Wish it had been sorted 15yrs ago!