Endowment- how do I get the money I'm owed?

Luna_Pixie

Hi all,

I am very new to this site and am looking for some expert advice on what to do next!

Basically, 14 years ago (when I was 18) both my partner and I took out separate endowment policies with Royal London which were to last for 12 years. I faithfully paid into my endowment and it matured 2 1/2 years ago. However, my partner didn't complete all the payments as we were going through some financial difficulties at the time and I had no idea that he had stopped his payments. When my policy matured I got my cheque through- but he still hasn't had his. He has contacted them on several occasions via email and telephone- but to no avail. Although he didn't pay in for the full 12 years, he had paid in for at least 9 of them and surely he should get some money back?

He has contacted the financial ombudsman, but they didn't really offer any advice- has anyone out there had a similar situation? I would be very grateful for any help you can provide!

Luna_Pixie

We have success!!!! After months and months of filling out questionnaires, telephone calls and emails- we now have the response that we were after.

Called once again (5 minutes ago) and it has been clarified that a cheque was not sent out, the money is still there and we will have the money in 7-10 days (after processing). At last!

McKneff

hopefully there will be some interest on it too.

Last year I was contacted by mu insurance company who were clearing the decks so to speak. Apparently many years ago I had
taken an insurance out for my dad, in those days yu could only insure for a payout of £30. He died about 20 years ago and because of coping with this i forgot about it.
Anyway, when they contacted me about this policy i was only expecting £30 plus a bit of interest, Know how much I got, £480 it was a surprise to say the least, I sent some of it to help the Heroes (as my dad was ex army and had been a prisoner of war)
Did they tell you how much the cheque was for.
(and well done for perservering.

Luna_Pixie

Hi McKneff,

No they didn't say how much we would get. What I do know is that £25 per month was paid into it for at least 9 years. The only reason that the payments stopped was due to my partner becoming self employed and his bank (although they were fully aware of some accounts not being settled) decided to cancel all direct debits including the Royal London one. Once the direct debits had stopped, he was under the impression that he wouldn't be able to start them up again as it had happened around 12 months before I knew about it. Unfortunately, my partner didn't contact Royal London to see if he would be able to set up payment again once he had gone back into employment. I'm hoping that it will be around the 3k mark, but I think that would be a bit of an overestimation, but to be honest, anything would be good as my house is in dire need of decorating!!

it was good that the insurer got in contact with you regarding the policy and a nice sum considering how much the policy was for

I will post on this thread (or perhaps a new one!) once we find out what the amount is- we can then work out how much interest it has gathered as it has sat in their investment arm for the past 5 1/2 years!

McKneff

He could ring up and ask, dont forget that the payout has no resemblance to what was paid in.
The reason for this is because he has had life insurnace within the policy so obviously that would be a cost borne by him and of course there may be a penalty for not paying for the last few years.
Like I say, get him to ring them and find out, it wouldnt be a problem I'm sure.

Luna_Pixie

I'll get him to give them a ring tomorrow to find out (if he has chance). I know that we won't get all the money back... I'm just being hopeful! We were told when we took the endowments out that they would be worth a lot more than they eventually were which was a little upsetting- but that's the way it goes! I had paid in £2,300 over the 12 years and earned £500 in bonuses. My adviser who 'sold' us, (I use the quote marks because I'm not sure of the correct terms), the endowment told me that it would be worth far more than that- but that was before the stock markets began to wobble!

We were also informed that all the admin fees etc, would be taken from the first year's payments- I can't remember if there was a penalty for not paying until the end, although I'm sure there must be. Even if it's around the 2k mark, I would be happy. It can help pay towards a new boiler......

McKneff

Good luck and dont forget to let us know.
And treat yourselves too.:j