Aviva - Lifetime Mortgage

Matty007

My elderly mum took out a small (£20000) lifetime mortgage with Aviva, the strategy was to pay the interest so it didn't accrue. I have the LPA (finance & Property) which is lodged with Aviva. Yesterday I tried over the phone to pay £500.00 from my account to clear the accrued interest, which I had done previously, but they firstly wanted six months worth of statements from my Halifax account I was paying it from. It seemed a bit of overkill but I submitted them anyway. But then when I tried to pay they queried a number of credit amounts that came into my account, firstly was my wifes wages, she's a deputy headteacher at an established Academy Trust, it was becoming a little uncomfortable and overly intrusive. After explaining I am only trying to pay off part of my mums balance and didn't expect an investigation into innocent transactions they then said they would require copies of her salary slips, it was at this point I decided to withdraw from the discussion as it was becoming far too invasive. As I understand it, its due to regulation but I wonder if this had been administered correctly, any advice would be appreciated.

DE_612183

It's probably anti-money laundering regulations - companies can put their own processes around this and it is up to them.
Could you not just pay the money into your mums bank account and then pay off from there?

MEM62

The answer would be to pay the money from your mum's account.  

Matty007

It absolutely is anti-money laundering policy, however I suspect Aviva's processes needn't take on the guise of a full blown investigation into one of my bank accounts for a simple transaction. It wouldn't of taken much for Aviva to interpret a quite straight forward monthly credit that came from a credible/established source as something that obviously fulfilled its checks and balances and didn't require any further investigation. I did say I will pay it from mums account and they said they would need to speak to her first, which in itself shouldn't be necessary if I am my mums LPA attorney for Finance & Property, anyway thank you for taking time to reply and offer your view, it's very much appreciated.

DE_612183

Organisation can have quite hefty penalties if they break AML regs - some err on the side of caution a lot more than others ( especially if they may have been caught in the past ).

Matty007

DE_612183 said:

Organisation can have quite hefty penalties if they break AML regs - some err on the side of caution a lot more than others ( especially if they may have been caught in the past ).

No doubt they do, but if for a moment we assume you too have many financial products, credit cards, insurances, loans, mortgages etc. could you tell me how many times you've had to submit 6 months worth of bank statements and then submit your wage slips for being in receipt of your salary from a high status employer when repaying a meagre £500 on one of those products from an unremarkable Halifax current account ? 

DE_612183

Matty007 said:

DE_612183 said:

Organisation can have quite hefty penalties if they break AML regs - some err on the side of caution a lot more than others ( especially if they may have been caught in the past ).

No doubt they do, but if for a moment we assume you too have many financial products, credit cards, insurances, loans, mortgages etc. could you tell me how many times you've had to submit 6 months worth of bank statements and then submit your wage slips for being in receipt of your salary from a high status employer when repaying a meagre £500 on one of those products from an unremarkable Halifax current account ? 

can't say I've ever done that - recently I had to pay off some of my brothers debts when he was in hospital - I transferred money into his account and then paid from there - I didn't see the point in paying directly from my bank account - it would only confuse matters.

It maybe they have a limit that triggers investigation - if you'd paid £499 it may have gone through like a dream.

Not much you can do about it - if that's their process, then you have to abide by it.

Matty007

Just to update the thread, I have received an apology from Aviva and they aren't too sure why a quite low £20 000 lifetime morthgage with a prospective repayment of £500.00 was treated in such a way, they have promised to delete details and offered a simple way of me to pay when I wish, from either mine or my mums account.