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Loss of Endowment
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trish07
Posts: 13 Forumite
Looking for advice
My bank cancelled a direct debit in my account WITHOUT my authorisation.
This Direct Debit was to my mortgage endowment policy with another company. I had changed address around 18 months prior to discovering the problem, but as my endowment company had not received my correspondance changing addresses, I was not aware of their notifications that the policy direct debit had been cancelled.
On discovering the problem I contacted the endowment company who stated the policy had lapsed and they would not re-instate it.
I informed my bank of this and following initial investigations, they could provide no evidence of my authorisation of cancellation (surprisingly - since it never existed). They have now however said they are prepared to do NOTHING to rectify the situation. I have lost an endowment of 15 years to cover 20% of my mortgage.
Can anyone advise what I should do next?
My bank cancelled a direct debit in my account WITHOUT my authorisation.
This Direct Debit was to my mortgage endowment policy with another company. I had changed address around 18 months prior to discovering the problem, but as my endowment company had not received my correspondance changing addresses, I was not aware of their notifications that the policy direct debit had been cancelled.
On discovering the problem I contacted the endowment company who stated the policy had lapsed and they would not re-instate it.
I informed my bank of this and following initial investigations, they could provide no evidence of my authorisation of cancellation (surprisingly - since it never existed). They have now however said they are prepared to do NOTHING to rectify the situation. I have lost an endowment of 15 years to cover 20% of my mortgage.
Can anyone advise what I should do next?
0
Comments
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endowments dont just lapse like that. They have a period of reinstatement which can go upto 12 months with some providers. Its usually a couple of months minumum to cover clerical errors on direct debits just like this.
What was the gap between it lapsing and you contacting them?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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