Can anyone help? re late Grandmother

doughuelas

Hello

Please accept my apologies in advance if I am missing something completely obvious.

My Gran has recently passed away. Upon collating/sorting her paperwork the family have discovered documents for a 15 year (1994-2009) 'build up mortgage plan'' through Legal and General.

The thing that sticks out like a sore thumb is that the policy is in my AUNTS name (my AUNT knew nothing about this) with the policy/correspondence relating to my Grans property.

My Gran, bless her soul, was always far too trusting of people. Bearing in mind that my Aunt did not have any type of mortgaged property during this period - is there any scope that my Gran may have been mis-sold this?

Or was this common practise in the early 90's?

We are pretty stumped, and as my Gran is no longer with us we are clutching at straws really...we would understand my Gran taking out a policy for herself - but it is a bit strange that such a policy would be taken out in my Aunts name; especially when my Aunt had no knowledge of this.

As I say, this may have been the norm back in the day. But I thought i would double check

Many thanks

D

meer53

Have you asked your Aunt ? Is she still alive ?

jackieb

His aunt knows nothing about it.

dunstonh

is there any scope that my Gran may have been mis-sold this?

Anything can be mis-sold. However, nothing you have written suggests it was.

The plan was a 15 year savings endowment.

Or was this common practise in the early 90's?

Savings endowments were still the main long term regular savings plan at that point.

We are pretty stumped, and as my Gran is no longer with us we are clutching at straws really...we would understand my Gran taking out a policy for herself - but it is a bit strange that such a policy would be taken out in my Aunts name; especially when my Aunt had no knowledge of this.

Is your Aunt the policyholder, life assured, beneficiary or a trustee? It would be quite common for these plans to be placed in trust with family members named as additional trustees in addition to the policy owner.

This policy would have paid out on maturity. So, the money would have been received by your Gran unless there was another beneficiary.

doughuelas

dunstonh wrote: »

Anything can be mis-sold. However, nothing you have written suggests it was.

The plan was a 15 year savings endowment.



Savings endowments were still the main long term regular savings plan at that point.

Is your Aunt the policyholder, life assured, beneficiary or a trustee? It would be quite common for these plans to be placed in trust with family members named as additional trustees in addition to the policy owner.

This policy would have paid out on maturity. So, the money would have been received by your Gran unless there was another beneficiary.

Hello

My Aunt was the policy holder (there is no mention of my Gran within the policy documents). No mention of beneficiary or trustee.

My Aunt has never owned the property at the address that the 'mortgage build up plan' relates to. She was as stumped as us that the policy even existed.

It is therefore presumed - although we have very little in the way of bank statements - that my Gran paid the policy and would have received the payout upon maturity?

I have contacted Legal and General directly and I am awaiting word back. My Aunt was named executor in the Will but naturally she is struggling with the loss of her mother so I am doing as much legwork as possible in order to make things as smooth as possible

The thing that concerns me is that nobody knew about it and if it was a simple policy (like others we have discovered) then why wasnt it just in my Grans name? Why was it taken out in my Aunts name if my Aunt knew nothing of it and has never been connected with the mortgage at my Grans address...

My Gran did always look towards peoples better nature and i would hate to think that she was duped for 15 years into paying for a policy that was not required and in turn wasted what little £ she did have to herself

Thanks

D

Prycop

Hello all,
Bit of a newbie in all this.

Is there a way to check who owes PPI repayments to me?

Do I have to remember all loans, CC etc back over time, or can I check somewhere?
What about old credit cards, for example with Egg, where I don't know know the account details.
Can I send a 'blind' claim, for example to Lloyds TSB asking them to check my loan records?

thanks for any advice

magpiecottage

Prycop wrote: »

Hello all,
Bit of a newbie in all this.

Is there a way to check who owes PPI repayments to me?

Do I have to remember all loans, CC etc back over time, or can I check somewhere?
What about old credit cards, for example with Egg, where I don't know know the account details.
Can I send a 'blind' claim, for example to Lloyds TSB asking them to check my loan records?

thanks for any advice

Please start your own thread rather than hijacking somebody else's.

dunstonh

It is therefore presumed - although we have very little in the way of bank statements - that my Gran paid the policy and would have received the payout upon maturity?

If your aunt was the policyholder then she can ask L&G where the maturity was paid.

The thing that concerns me is that nobody knew about it and if it was a simple policy (like others we have discovered) then why wasnt it just in my Grans name?

That would be difficult to answer without your Gran. We cant even assume that L&G set it up. It could have been an IFA, accountant or solicitor in that period or an L&G rep.

Why was it taken out in my Aunts name if my Aunt knew nothing of it and has never been connected with the mortgage at my Grans address...

This type of plan wasnt a mortgage endowment I believe. It was a savings endowment that was designed to build up a lump sum which could be used to pass onto another to pay for a house deposit (or anything really).

My Gran did always look towards peoples better nature and i would hate to think that she was duped for 15 years into paying for a policy that was not required and in turn wasted what little £ she did have to herself

I wouldnt be making that sort of assumption yet. It probably isnt the case. These things have a good audit trail. i.e. who paid the premiums. Who signed the application form, how they were set up and who received the maturity.

Prycop

magpiecottage wrote: »

Please start your own thread rather than hijacking somebody else's.

Sorry posted in error, thought it was in the main PPI one.
No need to be so harsh magpie, a simple note would have been enough.