National & Provincial Endowment policy - Where is it?

funkycat

In the early 1990's I took out an endowment mortgage with my then partner, I was part-time working, so we were named jointly.

When we split up and he disappeared to Australia, the court repossessed the house as I was unable to afford the payments alone. I was advised that as there was more money sat in the endowment than the actual arrears (£1200), they may dissolve the policy. However they didn't because I was unable to locate my ex-partner to co-sign.

Nothing has ever happened since to this policy, and recently during a house move I found all the orignal policy documents. What will have happened to the policy, does anyone know?
Would it still be there, and able to be cashed in? I know N&P were taken over by Abbey, and thereafter by Santander. How on earth would i be able to unravel it?

My ex has re-appeared in Britain now after all these years, so I probably am able to get signatures to look into it (if it was worth it to him I'm sure lol).

Help anyone?

kingstreet

It's unlikely the issuer was N&P or Abbey. They more commonly acted as an intermediary and effected policies with other companies, receiving a commission for their efforts. Abbey did purchase Scottish Mutual, then Scottish Provident a little later but I'm not sure who the issuer may have been at the time you applied.

From looking at the documentation, who is mentioned as the provider of the policy, rather than the mortgage?

Once you track down the issuer you can write asking for details. You won't need anyone else's signature for an enquiry but you will need them if you wish to surrender a contract which has a value.

If the policy wasn't formally made paid-up at the time premiums stopped the savings value may have been exhausted under the non-forfeiture regulations in the policy terms. Equally, if the policy was assigned as security for the mortgage, the lender may simply have taken the proceeds of the policy to offset against any losses resulting from the repossession.

funkycat

Thanks so much, I will dig into the documents when I've got a stiff drink to hand lol, could do with a financial windfall so fingers crossed!