Endowment settlement, now they want it back!!!

noobynoo

I received a letter from Norwich Union about my endowment policy which was surrendered in 2007 for the settlement value of £17,000.

The letter explains how I had a loan for £6,000 which should have been payed back by norwich union and deducted from the settlement before I got the money, but the amount was not deducted and now they want me to pay them the £6,000.

When I surrendered the policy I belived the loan had already been deducted from the amount I had received. I would not have surrender the policy if I had know otherwise. this was over 2 years ago. the letter explains that it was their fault and they claim full responsiblity.

The money was used to clear most of my my debts so there is nothing left.
I spoke to a solicitor who said they can not take the money back as it was so long ago and it was there fault and i had not been informed so i should have a good case.

Has anyone else experienced anything like this, or does anyone have any advice....

opinions4u

I would write back saying that you accepted the funds in good faith that the loan was repaid and that you feel that you owe them nothing.

I would also suggest a phone call the the Financial Service Ombudsman Service to informally ask their view on how to proceed.

I'm not promising my approach will work, but it should buy time. I'd be interested to see their reply.