Prudential Endowment Plan Mature Payment Issue

Highlandone

Same thing with us. The policy was due to mature on 7th June. We got a letter in April saying it would be sent 7 working days after maturity. Many calls and messages saying all the same things mentioned above to no avail. I also raised a complaint but it appears to be a separate issue. This is appealing service from a company. It’s a large chunk of our money and we are now having the stress and juggle of our finances as we were expecting this payment we had already used the money as we had been told we would have it. If it was prudential not getting the money they would be sharp to respond. It is good to hear we are not alone but unacceptable that a large company can be allowed to treat customers in such a way.Shame on prudential or the Pru as they are now called. I certainly will not be investing anything with them again in the future. I hope to hear soon that others are getting paid. If anyone gets paid perhaps they can update on here. If some folk are May and it was a new system then I can not see how they are still saying it’s the new system in July!

BarelySentientAI

Highlandone said:

 we are now having the stress and juggle of our finances as we were expecting this payment we had already used the money as we had been told we would have it.

Spending money before you have it is not usually a good idea.

Highlandone

I was told I had it and my money to spend is my money surely as an adult that is my call. Do you happen to work for the PRU? You seem to be of the same opinion as them. as clearly they also believe that even though they have told me it’s mine and I can have it, they too think it is not. I have waited 25 years to know I was getting this money so why not spend it and yes it was not in my bank but they had said 7 days so when I spent it all was fine as I knew that before it was all due back I would Have my money. 

BarelySentientAI

Highlandone said:

I was told I had it and my money to spend is my money surely as an adult that is my call. Do you happen to work for the PRU? You seem to be of the same opinion as them. as clearly they also believe that even though they have told me it’s mine and I can have it, they too think it is not. I have waited 25 years to know I was getting this money so why not spend it and yes it was not in my bank but they had said 7 days so when I spent it all was fine as I knew that before it was all due back I would Have my money. 

Completely your call to spend it, yes, and as an adult to accept the consequences of your call.

I stand by my point.  Spending something you don't have isn't normally a good idea.  Which part of that statement do you disagree with?

Pretty bad form to accuse people of being paid shills when they make a comment you don't like though.

Highlandone

Update for anyone, we have received one of our policies so finally things must be moving. I hope you all get your money too and I suggest you all get your complaints in, if you have not done this already. Compensation and interest is due to us all.

silvercar

I hope you get good interest and compensation. They have had 25 years notice of when to pay out. Even only considering the short term consequences of their systems, they knew they had payouts to make in these months so should have had a plan in place to cover any system change overs.

peetp

Thanks for everyone’s feedback.
I’m pleased to share that we have now received our money, as well as compensation and interest.
We raised a complaint, phoned them persistently and finally spoke to a manager, so I can recommend that line of action.

Furrypaws54

I finally got paid Maturity value on 10th July. A letter followed accepting my complaint and offering compensation and interest.

I don’t know if you have to have made a complaint to get the compensation, but if so, it's not too late.

Interest, of course, should be a given.

BillBob9

similar issue. Policy due to mature Sept, the maturity value they sent via post in approx 13k less than estimated value online when I login, Pru putting it down to system error.

Freebyman

Hi. A bit of advice needed. My mortgage endowment was due to pay out on the 15th of June and after a lot of messing around with paperwork they said it was fine.

It's now the end of July and still no payout.

Apparently since it was a Scottish Amicable policy which was bought out by them years ago there is a technical issue which stops the payout.

My problem is that I'm still paying the interest payments and there is no sign of a payout.

I have complained initially and the complaint is ongoing. Cannot speak to anyone on the phone who is of any use and no senior staff member will talk to me.

Anyone have any suggestions on what to do?