Not Sure What To Do With Endowment

amani_2

I took a joint endowment mortgage with Abbey National in 1991 with my ex husband. The endowment policy was with freinds provident, but sold to me by Abbey. The mortgage adviser told my that the policy would with out a doubt pay off my mortgage and we would have a good lump left over.

I was told by freinds provident in 22 may 2000 and in march 2003 that i will have a projected shortfall of £17,600.

At the time and still now my policy is in joint names and my ex is nowhere to be found(even had a private detective on it) as i would need his signiture to claim compensation(would I). Anyway now it will be transfered in to my sold name now (just been signed by the court after 5yrs) NOT IN SOLE NAME AS YET.

I made a complain to the Abbey as they sold me the policy, they wrote and told me they had passed it onto freind provident as this was a time when they had reps from that company in the banks selling the policies. The man who sold me the policy I heard he was a manager there in Abbey now.

I got a reply from freinds provident saying that I was out of time in which to make my complaint and have lost my right to any compensation after 26th october 2003.

Can i cash the endowment in what do i do i have no idea, I have 15yrs left on my mortgage which is also in joint names, the Abbey will not change this. I have managed to get the deeds in my sole name though after 5yrs(going through at the moment.

PLEASE PLEASE PLEASE HELP!!!!!!!!!!!!!!!!

EdInvestor

After it's in your sole name you should be able to surrender the endowment, which will almost certainly be the sensible thing to do but post some figs so we can check:

Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date
Maturity forecasts

Amount and interest rate payable on mortgage


PS.Trust you claimed your FP demutualisation shares in 2,000.

amani_2

Thanks will get with figures shortly. Yes did claim them

chops05

My mum is the same situation. She has an endowment and her ex is nowhere to be found. She has had everything transferred in to her name via the court EXCEPT the endowment as she was told that she needs ex's signature to do this. She made a compensation claim for misselling of endowment but was told that she is only entitled to half as policy is in joint names!! She has been paying for the policy since her ex left her over 5 years ago. She has been told by her solicitor that she cannot get it transferred into her own name!! Went to FOS and they have said the same thing. If you manage to get the endowment changed to your sole name I would be grateful if you can let me know how you manage to do it as we keep hitting a brick wall when we try to get it sorted.

chops05

We have also been told that if my mum surrenders her policy then she will only get half of the surrender value too!

amani_2

Hi chops05,

I have 2 children by my ex. I was given the house and the endowment instead of maintainace for my children ( I would never have seen a penny anyway). It has taken 8yrs though thanks to Abbey and not been able to find my ex. Was your mums mortgage in joint names with her ex? My motgage has to stay in joint names even though I am the one that has paid it for 10yrs. Unless I can prove my ex is DEAD.

amani_2

amani wrote: »

I took a joint endowment mortgage with Abbey National in 1991 with my ex husband. The endowment policy was with freinds provident, but sold to me by Abbey. The mortgage adviser told my that the policy would with out a doubt pay off my mortgage and we would have a good lump left over.

I was told by freinds provident in 22 may 2000 and in march 2003 that i will have a projected shortfall of £17,600.

At the time and still now my policy is in joint names and my ex is nowhere to be found(even had a private detective on it) as i would need his signiture to claim compensation(would I). Anyway now it will be transfered in to my sold name now (just been signed by the court after 5yrs) NOT IN SOLE NAME AS YET.

I made a complain to the Abbey as they sold me the policy, they wrote and told me they had passed it onto freind provident as this was a time when they had reps from that company in the banks selling the policies. The man who sold me the policy I heard he was a manager there in Abbey now.

I got a reply from freinds provident saying that I was out of time in which to make my complaint and have lost my right to any compensation after 26th october 2003.

Can i cash the endowment in what do i do i have no idea, I have 15yrs left on my mortgage which is also in joint names, the Abbey will not change this. I have managed to get the deeds in my sole name though after 5yrs(going through at the moment.

PLEASE PLEASE PLEASE HELP!!!!!!!!!!!!!!!!

Just been reading letter I recieved from friends provident. found a piece on further info on time barring, it says if you feel that you were unable to complain due to personal circumstances then I should write to them and appeal and give details of what happened with significant dates. GOING TO GIVE IT A GO :T