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Endowment

cadevine51
cadevine51 Posts: 3 Newbie
First Post
in Insurance & life assurance
I have an endowment which matured in June , but I am still waiting on the money as Scottish widows will not send the funds until they receive a letter of no further interest from Lloyds. As of today they have had no response from Lloyds. 

Comments

  • dunstonh
    dunstonh Posts: 118,424 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Your question is?
    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.
  • cadevine51
    cadevine51 Posts: 3 Newbie
    First Post
    Should it be taking so long as this money is going towards my interest only mortgage that has come to end of term. I am having to pay interest until I have paid the redemption figure. I can't understand why Lloyds would not reply 
  • dunstonh
    dunstonh Posts: 118,424 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
     I can't understand why Lloyds would not reply 
    In the race to the bottom, banks don't really employ as many knowledgeable people as they used to.   So, there is a good chance that the average bank clerk today hasn't got a clue what is being asked.  A long standing employee or conscientious employee would.

    Often in this scenario, you have to revert to the complaints team as the skills and knowledge will be obtained that way and get the letter issued.


    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.
  • daveyjp
    daveyjp Posts: 13,094 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If the endowment was tied to a property with a mortgage the endowment company need confrimation from the mortagagee that the mortgage has been paid off and the endowment funds are no longer required for their original purpose of paying off that mortgage,

    I went through this with Santander a few years ago.  It took one phone call to Santander and about a week to sort out a letter.


  • dunstonh
    dunstonh Posts: 118,424 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Apparently Scottish widows and Lloyds are part of the same company so I thought it would have been straightforward. 
    No. They are not part of the same company.  They are unable to share data.    They are part of the same group though.



    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.
  • dunstonh
    dunstonh Posts: 118,424 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Regarding this issue should I take legal advice?
    It's not something that normally needs legal advice.

     I contacted Scottish Widows today and there is no updates. Lloyds have still not replied to Scottish Widows. 
    It will be sluggish if done through the normal customer service channels.   Its quicker if done via the complaints team.


    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.
  • cadevine51
    cadevine51 Posts: 3 Newbie
    First Post
    Thank you for the advice. I will contact complaints department. 
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