Sun Alliance - Waiting to be paid off.

Wallywatty

NEWBY - Sun Alliance – waiting for the maturity funds to be paid to me from a Low Cost Endowment Mortgage Plan.

25 years ago I took out a low cost endowment mortgage which matured 1st June 2005.
Policy documents and my bank details were sent to the company on May 15th.
The policy is with Sun Alliance and I would like to know what is a reasonable time to wait for the matured funds to reach my bank. I have contacted the company twice now and have finally been told that the funds should be in my bank by 15th June. I am incensed as there is no provision for interest which I have lost since the 1st of June and when I consider that this policy has under performed well under expectation, I just feel that it is once again the big companies taking the public for a mug. I was also informed that according to the FIA ? rules that there is no requirement for penalty interest to be paid unless it takes them over 30 days.
Any comments or advice would be greatly appreciated

dunstonh

The policy is with Sun Alliance and I would like to know what is a reasonable time to wait for the matured funds to reach my bank.

The insurers can take 2-3 weeks to release the funds after maturity.

I have contacted the company twice now and have finally been told that the funds should be in my bank by 15th June

2 weeks seems acceptable.

I am incensed as there is no provision for interest which I have lost since the 1st of June

Interest is often added for the period up to the point the insurer releases the funds. You could push that point if you dont get any and you feel you want to but there is no requirement for them to do so at this stage. As they are not open for business and they are kissing goodbye to the money, I would think its unlikely. However, you never know. Resolution Life have surprised in some other areas.

I just feel that it is once again the big companies taking the public for a mug

Sounds more like lack of communication rather than doing anything wrong. The policy doesnt actually mature until close of business on the maturity date. After that point the insurer will start work on it. Some will be quick, some will be slow. You are with a closed insurance company where profitability is the priority. Service is expected to be worse than a company that is open for new business.

I was also informed that according to the FIA ? rules that there is no requirement for penalty interest to be paid unless it takes them over 30 days.

Its FSA. The FIA are to do with motorsport.

Wallywatty

Thank you for your answers to my queries. It has saved me wasting time complaining when there is no need. Thanks again.

Wallywatty