Help/Advice needed about an old endowment

SantaCruz_3

Hi, this relates to a mortgage I had dating back to 1990 to about 2001.

I recently contacted my mortgage company at the time just to see if I had some form of PPI on the repayments, but they told me about a policy number linked to the mortgage which was originally for Scottish Provident, now Phoenix Life, I had complelety forgotten about this and was advised to contact them as the policy may still be going. I haven't made payments to them since selling the property and I don't remember, and I'm pretty sure that I didn't at the time, cash the policy in. Anyway I contacted Phoenix Life and they have no record of the policy and suggested I write to them asking to confirm details about the policy but the person I spoke to seemed to think that I wouldn't be due anything as the policy had probably lapsed or been closed. Are they right? I assumed I would be owed something based on the amount I had paid in over the period I had the mortgage or can they just close it and keep my money as I have not made further payments? Would it be considered just like some insurance policy where the payments had to be completed for it to mature? Between 1998 and 2001 I was a full time student so I was struggling to make payments anyway. Also what if they just say they can find no records at all? I have some bank statements from that time showing payments to Scottish Provident but if they have no records they could just say we have nothing and you're entitled to nothing.

Any advice appreciated, thanks.

kingstreet

If you simply stop paying the premiums for a savings plan, the plan will normally continue providing life cover until the investment value is used up. Then it lapses "no value."

It would depend on the plan's "non-forfeiture" terms, TBH.

SantaCruz_3

Thanks kingstreet, I've no idea of the plan's "non-forfeiture" terms, I've been looking through old paperwork to see if I can find any info or documents but no luck so far, I'll have to write to the company and hope they can find some info and let me know.

kingstreet

It's likely the plan "lapsed no value" after the savings in it was used up. If this happened a good few years before Resolution/Phoenix came on the scene, there's a good chance there is no record of the plan left anywhere.

All you can do is write, confirming the policy number and your full name and date of birth to see if they have any records.