where did my endowment payments go?

mansicklebobblebod

Hi all,

when I was young and clueless,in Nov 1994,I had a mortgage for my first house with Halifax and a 'flexible mortgage plan' life assurance policy linked to an endowment with Legal & General.

A divorce meant my house was repossessed in roughly 1999 (details are painful & hazy).

I've been clearing out some old documents and come a cross the odd one or two relating to this property back in the 90's.It got me thinking..... when the house was repossessed...where did the money go that I had thus far paid into the endowment policy ? I'm hoping it is frozen somewhere and accruing interest but I doubt that.Or did the Halifax claim it when they repossessed the house?

The way I see it,its still my money as it wasn't used to pay off the mortgage on maturity as it was originally intended.

Any help or advice greatly appreciated

kingstreet

If the plan was assigned, it would be paid to the lender as a result of the repossession. How long did it run? If it wasn't assigned and you did nothing, the investment element may simply have been used up providing the life cover if you did not make the plan "paid-up" and it had no "non-forfeiture" clause.

Contact L&G is you have a policy number.

Goldiegirl

Endowment policies weren't assigned to Halifax mortgages in 1994.

After about 1990, any endowment policies supporting the mortgage were not kept with the title deeds. The Halifax's interest was noted on the policy, so they'd be advised if premiums lapsed. But the policy itself was kept by the borrower.

I don't know how long you kept paying the premiums, but a repossession implies that if you'd stopped paying the mortgage, you could well have stopped paying the endowment premiums too.

So there could be a very small paid up value for this policy.

You'd need to ask Legal & General.

But don't forget, if this was a joint life policy, any paid up value would be payable to the joint policy holders.

mansicklebobblebod

Thanks for replies!!!.I am going to contact legal & general with my policy number,here's to hoping there is something left!

I will update when I hear something