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Endowment; Note of interest.
Crabby
Posts: 858 Forumite
Can an Endowment have two notes of interest on it?
On Sunday one of my Endowments ended, so on Monday I rang Aviva, to check how much it was worth, and that it was paid out to Northern Rock, It hadn't been. According to Aviva, NR hadn't asked for it and also Halifax had a Note of interest on it, ( my Mortgage was originally with the Hfax). I rang NR asking why they hadn't asked for the money, their reply was that Aviva hadn't sent them any paperwork.
Back to Aviva, "we don't send out paperwork, we want the Original documents and Bank details of where to pay the money". So after several more phone calls, including one to the Hfax, who are sending a letter to Aviva declaring no interest, it seems that Niether Aviva or NR are willing to make the first move and I'm stuck in the middle.:(
Can anyone tell me what the correct procedures are for paying out Endowments?
On Sunday one of my Endowments ended, so on Monday I rang Aviva, to check how much it was worth, and that it was paid out to Northern Rock, It hadn't been. According to Aviva, NR hadn't asked for it and also Halifax had a Note of interest on it, ( my Mortgage was originally with the Hfax). I rang NR asking why they hadn't asked for the money, their reply was that Aviva hadn't sent them any paperwork.
Back to Aviva, "we don't send out paperwork, we want the Original documents and Bank details of where to pay the money". So after several more phone calls, including one to the Hfax, who are sending a letter to Aviva declaring no interest, it seems that Niether Aviva or NR are willing to make the first move and I'm stuck in the middle.:(
Can anyone tell me what the correct procedures are for paying out Endowments?
Winner winner, Chicken dinner.
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Comments
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it seems that Niether Aviva or NR are willing to make the first move and I'm stuck in the middle.:(
That is not uncommon with assigned policies.
Can anyone tell me what the correct procedures are for paying out Endowments?
On assigned policies, the lender should pay the money to the assignee. If the assignee no longer has any interest (which is the case here and in most cases nowadays), then the lender just has to let the insurer know in writing.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If it's of any help, my endowment with Scot Am (Pru) will mature in about two weeks time and it is not assigned to the lender. Pru sent me a maturity payment form with the maturity amount on it, and asked me to fill in details of where and to whom the cheque should be sent which I have returned to them.0
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Aviva have a similar maturity form as well.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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