Searching for unclaimed policies / accounts ?

Kev64

Hi,

My dad passed away some 14 years ago, and I didn't have much involvement in the resolution of his financial affairs at the time, so all I really know is what my mum tells me. Unfortunately, she still finds it distressing to discuss the matter and I'm not entirely sure she can even remember what she did at the time. Mum left all of the finances to my Dad - he dealt with it all and she took no interest in the likes of insurance policies or mortgages etc.

My mother says that there "wasn't much" life insurance on my dad (thought she can't remember how much now) and that she paid off the bank overdraft and various other debts with what she received. However - the mortgage wasn't paid off, for whatever reason, and there is still £25k owing (interest only).

I don't know how or why my dad juggled the money the way he did, but I'm finding it difficult to accept that he made no provision at all to protect the house and my mum in the event of his death - and part of me is wondering whether there is a policy or pension somewhere that my mother has simply missed.

I've seen adverts for companies that search for such missing policies etc., and wondered if anyone has had any experience of using them ?

Cheers !

Annisele

You could try the Unclaimed Assets Register - you have to pay £25 for their services, but they are a legitimate organisation and the £25 is a flat fee (they don't take a percentage of what they find).

Before you go there - are there any endowment policies supporting the £25k interest only mortgage? Very occasionally couples will take out joint life endowments, but the survivor doesn't realise that the endowment pays out on first death - so the survivor will carry on making payments for years. Your mother could check her bank statements for direct debits going to insurance companies, rule out her buildings and contents/car insurance/anything that she knows what it is, and then if there are any left she should contact the providers to find out what the policies are for.

Rikki

Could the life insurance been from an endowment associated with the mortgage and meant to pay it off on death of the first policy holder? Your Mum having used this money in error for other debts?

[Deleted User]

Hi,

I would've thought for a mortgage there would need to be some sort of life assurance.

For an endownment/ life assurance tied to the mortgage, then the mortgage provider would've had first call on any monies, and any surplus would've been paid to your mother.

Could be that your mother has never notified the mortgage provider, and the fact that this was over 14 years ago, and she has still been paying, could work out a tidy sum.

Your mum must have some papers relating to the mortgage, have a look at them and contact the provider for more information.

Kev64

[Deleted User] wrote:

For an endownment/ life assurance tied to the mortgage, then the mortgage provider would've had first call on any monies, and any surplus would've been paid to your mother.

Could be that your mother has never notified the mortgage provider, and the fact that this was over 14 years ago, and she has still been paying, could work out a tidy sum.

My dad switched the mortgage from a repayment to an interest only as I believe he was having trouble keeping up with the payments. What, if any, plans he had for repaying the mortgage at the end, is anyone's guess. My mother is unaware of anything - but then, she left him to deal with it all. As for the mortgage provider having first call on any money, I really don't know what went on after his death. Mum & I are going to see her solicitor this week to discuss matters - he is the same chap who was executor for my father's will - so maybe he'll have some more information on how she's ended up still owing on the mortgage. I've got another thread in the Mortgages section of the forum here: https://forums.moneysavingexpert.com/discussion/3031744 asking for advice now that the mortgage has come to an end.

You would think that a building society would want some kind of proof of an endowment or other repayment vehicle before they would allow a switch to an interest-only basis wouldn't you ? Hence my query about searching for policies etc.

As mentioned in the other thread, the building society have written to mum asking what she plans to do about repaying the £25k etc.

[Deleted User]

HI,

Kev64 wrote: »

You would think that a building society would want some kind of proof of an endowment or other repayment vehicle before they would allow a switch to an interest-only basis wouldn't you ? Hence my query about searching for policies etc.

As mentioned in the other thread, the building society have written to mum asking what she plans to do about repaying the £25k etc.

Yes, that was my point, they would need some surety.

I'll have a wee read of your other thread.