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ppeetteerr
Posts: 17 Forumite
Hello,
Hope this is the correct forum?
Recently my wife and I have been contacted by a very well known and large insurance company advising that they owe us some money on an unpaid policy which came to end of term appx 11 years ago.
Would it be correct in thinking that there should also be 15 years of interest paid on the amount owed.
Hope this is the correct forum?
Recently my wife and I have been contacted by a very well known and large insurance company advising that they owe us some money on an unpaid policy which came to end of term appx 11 years ago.
Would it be correct in thinking that there should also be 15 years of interest paid on the amount owed.
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Comments
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Sorry, 'term appx 11 years' should have read 15 years0
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Would it be correct in thinking that there should also be 15 years of interest paid on the amount owed.Not necessarily. Statute interest payments are only required when there is a wrongdoing.
If you failed to notify them of your change of address, then the wrongdoing (for want of a better word) is with you. Not them. If they had your correct address and they failed, then there is a case for them to add interest. Effectively, did they do wrong or did you just lose touch due to moving addresses?
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 -
Are you sure they are legit?? It could be a scammer who's just made an email look like it's from a good company. Do check the company on line and ring them rather than just respond to an unexpected email.ppeetteerr said:
Recently my wife and I have been contacted by a very well known and large insurance company advising that they owe us some money on an unpaid policy which came to end of term appx 11 years ago.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Brie,
thanks for that. We have contacted several people/depts at the company and they all confirm it is correct.
dunstonh,
Thanks for that. We have always had redirected mail whenever we moved and also had life insurance with them.
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dunstonh,Redirects only last for a defined period. Although you can pay to extend them. Did you actually notify them though?
Thanks for that. We have always had redirected mail whenever we moved and also had life insurance with them.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 -
Must admit no we didn't0
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In which case, statutory interest would not apply. If they give you anything, it will be on a goodwill basis and with interest rates being naff for over a decade, it would be unlikely to amount to much anyway.ppeetteerr said:Must admit no we didn'tI 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
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