Help Needed

F10na_2

Hi

My partner is cashing in his endowment policy with Norwich Union. He has received a letter today saying that the surrender can not be completed until he has provided "A relevant Deed of Reassignment". Sorry if I am being really stupid but can anyone please tell me what this is?

Thanks very much.
Fiona

stanmoresaver

F10na wrote:

Hi

My partner is cashing in his endowment policy with Norwich Union. He has received a letter today saying that the surrender can not be completed until he has provided "A relevant Deed of Reassignment". Sorry if I am being really stupid but can anyone please tell me what this is?

Thanks very much.
Fiona

It would appear that the policy has been assigned ( legally the assignee recieve any benefits payable) to a third party, normally this would be the mortgage lender. If the policy is not being used a security for their loan then they need to approach their lender to ask for the policy to be reassigned back but the lender would want to be satisfied that there was a suitable repayment vehicle in place before granting it.

It is possible that the policy could still be assigned to a previous lender.

SS

F10na_2

stanmoresaver wrote:

It would appear that the policy has been assigned ( legally the assignee recieve any benefits payable) to a third party, normally this would be the mortgage lender. If the policy is not being used a security for their loan then they need to approach their lender to ask for the policy to be reassigned back but the lender would want to be satisfied that there was a suitable repayment vehicle in place before granting it.

It is possible that the policy could still be assigned to a previous lender.

SS

Thank you very much for your quick response. I understand what they are talking about now. Thanks again much appreciated.