Overdue payment of endowment maturity.

steve1905

My endowment is about to mature (May 1st). I received a letter from the the endowment co. today (CIS) informing me that the policy was assigned to the Coventry Building Society and that I would receive outstanding funds direct from them. There is, in fact, very little debt on the flexible mortgage (£450).
I decided to phone the Coventry, only to be told, they have not received any correspondence from the CIS and according to their records the policy is not assigned to them. I then phoned CIS, who said they had written to the Coventry one month ago. I have now arranged with the Coventry to write to CIS to confirm they have no interest in the policy. I have been informed by CIS, once they are in receipt of the letter confirming no interest, it will take upto 21 days before I am in receipt of the cheque.
The CIS, as of 1st may, will be holding a few pounds short of £30,000 of our money in their account for possibly three weeks (If all goes well). Am I entitled to any claim on loss of interest on this money.

Thanks for any help.

dunstonh

The CIS, as of 1st may, will be holding a few pounds short of £30,000 of our money in their account for possibly three weeks (If all goes well). Am I entitled to any claim on loss of interest on this money.

No.

The provider has to issue the funds within a reasonable timescale and anything upto 30 days is considered reasonable. That said, many providers automatically add on interest as standard without you asking.

I suggest you wait and see how long it takes and if CIS automatically pay interest or not.