Abbey: maturing mortgage, but what have they done?

cottager

Update...

Rang Standard Life first to check endowment funds situation. Policy matured Mon 16 Nov, and they told me Abbey had the funds in their collection account on Thu 19 Nov, + exact amount.

The 19th was also the date of the weird letter sent from Abbey, so it began to look something akin to 'crossing in the post'.

Abbey next. Referred them to the letter received, and when she got the record on screen the following is the gist, not word for word.

Abbey: Yes, we've extended the loan for 6 months, and your new payment is £xxx per month.

Me: I can see that, but we don't understand why.

Abbey: Well, because it can take anything up to a month or more for funds to come through from your policy, so until we're in receipt of that the balance is still outstanding, and you need to continue payments till we have the funds to credit the account. Then it will all be adjusted, and takes 7-14 days.

Me: Standard Life have told me this morning the funds were in your collection account last Thursday, the 19th.

Abbey: Oh? [sounds politely but distinctly doubtful]

Me: Now, maybe it wasn't credited to our account till the system updated overnight, but I'm assured you will have had the funds on Thursday.

Abbey: Right... [still sounds rather doubtful; furious tap-tap-tapping in the background] ... let me have a look.

Me: The amount was £xxx and xxp. Do you see it?

Abbey: Errrrm....OH! [surprised] Yes we have had it, credited on 19th. Well in that case...

Me: Excellent. So where do we stand now?

Abbey: Bear with me... [tap, tap]. Oh! there are some funds due to you, aren't there!

Me: Yes there are. So what happens now?

Apparently the maturity team will tie things up, take what they need, prepare the closing statement and forward a cheque for the rest due to us. This will take 7-10 days. I checked the £50 repayment fee for closing down the account, which had been quoted in a previous letter about maturity (20 Oct). She told me this was no longer being charged, so there would be no deductions apart from the oustanding mortgage balance. Our deeds will take longer to be returned, 4-6 weeks.

As for the recent letter received Saturday, she assured me as they were in receipt of funds in full we could ignore it. No requirement to pay any more.

So fingers crossed it goes as she says. Then we'll be mortgage-free
Thanks to all for the input and ideas over the weekend... it just looked like everything was going pear-shaped, and I was worried! That apart, I don't think there's too much to complain of with Abbey so far; except I certainly think the system should have made it immediately plain to her the funds were there without all the delving around.

Also, I must add a big dollop of praise for Standard Life. This isn't the first time I've spoken to them, in fact I needed to talk to another section about something else as well today, to do with some savings. The people I've dealt with have always been lovely: really friendly, very helpful and efficient, volunteer information, explain clearly and do what they say. Never had to drag blood out of a stone, like you do with many companies. They listen to the query then deal with it, very well indeed. Breath of fresh air.

It's only my experience of their customer service, but top marks! Worth a lot in my book. And the maturity payment... how prompt was that? Plus accurate details today to take to Abbey. Big pat on the back for making that part of the process so painless and efficient.