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ReAssure not paying out my endowment.
absfabs
Posts: 573 Forumite
Hi, can anyone tell me if ReAssure are in trouble?
25 yrs ago I took out an endowment mortgage. While I managed to pay off the mortgage last year, the endowment matured 1.4.16.
I sent all the forms and proof of ID and phoned, just to make sure everything was complete. They said money would be transferred in 4-5 working days. When it wasn't, I phoned again. Now they said the process would take 5-10 working days. But again it did not arrive. I phoned again, got no proper explanation, demanded to speak to supervisor but none available. Was told supervisor would ring me within 24 h. And guess what, they haven't. I also asked to make formal complaint and did this also on their website.
While the mortgage is paid off, I counted on this money to pay back another loan, and this is causing me some embarrassment.
What is happening? Incompetence? Deliberate stalling to milk extra interest on this money? Or worse is this company called ReAsssure in trouble ?
Grateful for any advice.
25 yrs ago I took out an endowment mortgage. While I managed to pay off the mortgage last year, the endowment matured 1.4.16.
I sent all the forms and proof of ID and phoned, just to make sure everything was complete. They said money would be transferred in 4-5 working days. When it wasn't, I phoned again. Now they said the process would take 5-10 working days. But again it did not arrive. I phoned again, got no proper explanation, demanded to speak to supervisor but none available. Was told supervisor would ring me within 24 h. And guess what, they haven't. I also asked to make formal complaint and did this also on their website.
While the mortgage is paid off, I counted on this money to pay back another loan, and this is causing me some embarrassment.
What is happening? Incompetence? Deliberate stalling to milk extra interest on this money? Or worse is this company called ReAsssure in trouble ?
Grateful for any advice.
0
Comments
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Anybody? Please!0
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Bump
Anybody ? Help !0 -
You don't seem to be getting much response but the attached doesn't suggest that their Customer Service or repayments are exactly leading edge.
http://www.reviewcentre.com/Pensions/ReAssure-www-reassure-co-uk-reviews_1583771
No real hint of financial trouble though - just disorganisation0 -
can anyone tell me if ReAssure are in trouble?
No they are not.What is happening? Incompetence? Deliberate stalling to milk extra interest on this money? Or worse is this company called ReAsssure in trouble ?
They are known to be slow at admin. They are closed book insurer dealing with legacy books on a shoestring. They are not milking it for interest as they are not getting interest.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 -
Thanks for your replies, much appreciated !
Update:3 weeks late I finally received my money, much relieved!
They blamed busy time of year and work stacking up. Looks like some interest payment has been applied.
I've also had written response that they are looking into my formal complaint.0
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