Paid up Policy......Getting my money!

BGMAN1

Hi, I am new to this site but I am looking for some advice.
25.5 years ago I took out a policy to be attached to my mortgage, an endowment. Well, it matured last October 2011, the company, Pheonix, say they wrote to me three times to ask me to claim the money or have it sent to a mrtgage lender. None of the letters were received! They did nothing else, I think they should have sent a recorded delivery letter or telephone, but no, they did nothing. Then in Febuary this year 2012 I noticed that it was paid up, so I called them and they resent the laims forms, funny how this time they arrived. I filled them in and sent them back including the original policy document. They then told me that the policy was assigned to Birmingham Midshire Building Soc. who I have never had a mortgage with! So I have had to wait whilst they wrote the them to ask them to send a letter stating they had no interest in the policy. Well, on the 28th Feb. I was told on a recorded phone call that the money was due for release and would be in my bank account in 8 working days. On the 12th March I called them as the money was not in my bank account, then they told me that the Birmingham Midshires had still not replied to them! I asked them to give me a plan of action that they would be doing to sort this issue out, I also asked for a daily phone call to keep me informed, none of which has happened. I called again on the 14th March and was fobbed off again by a telephone person who promised me the claims dept. would call me today, it is now 3pm and I am still awaiting the call.......
What can I do, the policy was paid up over 6 months ago and Pheonix do not seem to be interested in helping me to get my money......I do have a mortgage with Lloyds TSB, but this policy is not attached to it and I have had Lloyds send them a letter confirming this.......
Just how do I get my money?
If I was owing them money they would have taken me to court by now! Am I due any interest or compensation?
I have asked them to set up an internal complaint, but this could take weeks......Any ideas or help is gratfully recieved!

The_J

Just focus on getting the money now and complain afterwards. Get the interest refunded.

You have to understand that administration, in any large company (financial, post, logistics etc.) is all a complete farce. A joke. There are so many departments, and employees have so little responsibility that nothing can be achieved quickly.

We Brits accept this if it costs less, we do not pay for a service. We'd prefer bad service and free bank accounts. That is our bed and we must sleep in it. In different countries you pay for service and you get it.

edit: Also, didn't you know that it was up for maturity? Why didn't you chase them to start with?

dunstonh

They did nothing else, I think they should have sent a recorded delivery letter or telephone, but no, they did nothing.

Since when has sending three letters doing nothing?

They then told me that the policy was assigned to Birmingham Midshire Building Soc. who I have never had a mortgage with!

You probably had a mortgage with a lender that later merged with Birm mid.

I also asked for a daily phone call to keep me informed, none of which has happened.

Unrealistic request.

I do have a mortgage with Lloyds TSB, but this policy is not attached to it and I have had Lloyds send them a letter confirming this.......

Your current lender is irrelevant. It is the one that is in place when the policy was taken out. You signed back then to assign the policy to that lender. The insurer is legally obliged to send the money to that lender unless the lender revokes it's claim on the policy. This is the crux of the problem and easily resolved. You need a letter from Birmingham midshires stating that they have no claim to the policy in respect of the mortgage with xyz taken out 25 years ago.

Insurers can be very slow and complicated in their task management of jobs but their hands are tied in this respect as they cant give you the money until the assignment is revoked. Only the lender can revoke it.

opinions4u

Birmingham Midshires included Liverpool Building Society and loads of others. Some listed below:

Birmingham Midshires was formed in June 1986, the result of a merger between the Birmingham & Bridgewater and the Midshires Building Societies. These societies have roots dating back to the mid 19th century, and were themselves the result of the cumulative amalgamation of some 50 building societies, including the Harrow Building Society, Redditch Benefit Building Society, Worchester Permanent Building Society, Ealing and Acton Building Society, Coventry and Warwickshire Benefit Building Society, and the Wolverhampton Freeholders Permanent Building Society.

Here's a linky thing to all the building societies that eventually became Birmingham Midshires.

A bit sad, but I found it a cracking read!