Lapsed Endowment policy

jmills

I'm a new member and feeling my way thro' this Thread entry!
I had an endowment policy and remorgaged on a repayment type.
I have applied for the endowment policey to be cashed in on this lapsed policy and they estimated that I would receive payment within 28 days (from 3rd April)
I am un-employed and need the cash, My telephone calls to them take hours to get through and get 'fobbed off' in the end - I am still waiting for a 24hr call back, I'm - 'not very Happy' - at the moment.
Should I have recieved yearly statement on this lapsed policy?
Is their interest on the sum over the past years while lapsed?
Can I ask them how the sum was made up?
Is their tax to pay on this sum?
But most of all, how can I get them to tip up?

dunstonh

Should I have recieved yearly statement on this lapsed policy?

No. If the policy has lapsed then it means there is no value.

Is their interest on the sum over the past years while lapsed?

No. as there is no value, there is not "interest"

Are you sure it is lapsed and not paid up? Paid up would be when there is still a value (but you are not paying into it). Lapsed is when it ceases with no value.

jmills

thanks for the above, I stopped paying into it but it has a value - they have contacted me just after a programe on TV ( Justin Maitland i think) telling me about the money i am due on the 'Not paid up' policy, which I assume it will be.

dunstonh

If it has a value then its "paid up". So, you can surrender it. However, this can vary in timescales with different insurers. At the moment, for example, Norwich Union ones are taking a lot longer than normal as they have recently introduced a rather lengthy and stupidly overkill process which now appears to be having teething troubles.