Matured Phoenix Life Endowment Policy

Kikimay

Our Endowment matured on 11/05/11 and have received a letter from Phoenix wanting a letter giving notice of release from Woolwich Building Society before they will send us the cheque. We redeemed our mortgage with The Woolwich in 2004. The Woolwich is now part of Barclays so took their letter into Barclays and they said that it was normal and would send a letter off. I rang Phoenix today as we've heard nothing and was told they'd had the letter from Barclays but it was missing information and they had sent them more forms to fill in which they were still waiting to get back.
Is this normal or are they stalling paying out on our endowment? Is there anything else I could do to speed things up?

kingstreet

It's normal. The insurer has to make sure it pays the right person/firm.

Assignment is now so long ago, many people forgot their policies were assigned as security.

When you paid off Woolwich, they should have given you a notice of reassignment. Have you looked in your old mortgage paperwork or deeds pack to see if it's there?

Kikimay

We remortgaged with The Halifax and a conveyancer delt with it and the only paperwork I have (which I sent to Phoenix along with the policy) is a letter from Hammonds Direct saying further to completion of your re-mortgage we enclose the Life Policy which had been charged to your former lender. They no longer have an interest in the Life Policy. We have writted to the Insurance Company and told them of this.

Kikimay

Just to update we have finally received our cheque from Phoenix :-)