Prudential Endowment Plan Mature Payment Issue

Heiglt1971

Is anyone else having issues with Prudential, i have a Endowment that matured 11th of June and have still not received payment. When i contact them they say there is a system issue and cant tell me when i will receive the payment. This system issue has been going on for 2 weeks. Just unbelievable situation.

dunstonh

 i have a Endowment that matured 11th of June and have still not received payment.

If the plan matured the 11th, then you wouldn't expect it to become available to pay out for several working days after that.    Pru are not known for their speed any more (since the move to Lancing, service has been nothing like what it was in the old Holburn days).

This system issue has been going on for 2 weeks. Just unbelievable situation.

Your dates do not suggest it has been going on for 2 weeks.  Possibly a week and a half at most.   The rules typically allow up to 30 days after maturity on those old plans.

Heiglt1971

Thanks but the reason they are giving for not sending the payment is that there is a system issue and they cant tell me when I will receive it, no date given. I was just wondering if other people are also experiencing similar issues. They tell me it is not just me.

Hoenir

I doubt that you've been singled out for particular attention. Technology when it goes wrong can take an eternity to fix. Then causes an administrative backlog of work that takes weeks to catch up with. 7 hours of lost productive time takes 7 working days to recoup that's if the staff are working an hour a day overtime. 

dunstonh

Thanks but the reason they are giving for not sending the payment is that there is a system issue and they cant tell me when I will receive it, no date given.

The call centre staff won't know the issue.  They won't know what is going on behind the scenes.  So, they cannot tell you what they do not know.  

 I was just wondering if other people are also experiencing similar issues. They tell me it is not just me.

They have been taking their systems offline at weekends a fair bit recently.   Pru are notorious for systems issues though.   When I log into their systems, I never know if its going to be their old interface that I get or their more recent one.  Sometimes it flicks between the two.

Furrypaws54

You're not alone.

My policy matured on 24th May.

I phoned about 16 times so far, variously being told :- 

• It's  been paid and on it's way
• Approved for payment, it'll be 3-5 working days 
• It hasn't been paid, it's with Admin, we can call you back
• There's an IT problem
• There's a problem calculating maturity values and we don't know how long this will take to resolve, we'll call you weekly to keep you posted or you can call us

I've raised a formal complaint but that's an 8 week timeline and seems completely separate.

I have spoken to the same call handler 3 or 4 times and he is pretty frustrated with this as well, but there is little he can do. He has now sort of become my unofficial "case worker".

It seems I can only wait and keep calling.

TeaBoy67

Yes, exactly the same scenario; there is a system fault old plans need to be moved over (?) no idea of when it will be resolved.  Contact with Pru so far has been good but still no detail on when the funds will be released. Its been formally recorded as a complaint. so you are not alone!

peetp

Thanks for all your posts. It’s somewhat re-assuring to see I’m not alone.

I’ve been chasing payment on a matured endowment policy (26th May) and have spoken to several call handlers - most are helpful) but can only tell me there’s an IT issue, although one gave false promises on a payment date.

I have also launched a complaint and am currently waiting for a manager to call me back, as none were available.

Does anyone have any suggestions before we default on our mortgage?

Can’t even contact our MP as a very last resort at the moment…

MWT

peetp said:

Does anyone have any suggestions before we default on our mortgage?

Get ahead of that one and tell the lender what is going on.

This will not be the first time they have had to deal with this sort of issue

gp123gp

Same issue. Call centre advised it is BTS issues (didn’t know what that meant though). No time line to get fixed. Have requested interest is paid for the period they are holding funds longer than they should have - he said it’s a big issue so would expect them to. Have requested they put in writing the situation - letter on way (he said). 

dunstonh

No time line to get fixed. Have requested interest is paid for the period they are holding funds longer than they should have - he said it’s a big issue so would expect them to. 

It's pretty much the default of all companies to pay interest on the period of maturity to payment.   Its discretionary if less than 30 days but required if over 30 days.