Norwich Union Endowment delays

dunstonh

It's even worse if you have to claim on the insurance part.

I cant see NU doing much wrong here.

They have to ensure that the policy is paid to the correct person and from how you explain it, it seems that it either wasnt in trust or didnt have the wife as owner. In other words no beneficiary was recorded. So, NU have to receive instructions and information from the executor of the estate (who is the only one they can corrospond with, other than the IFA responsible for this policy).

If the policy was set up correctly, she would have had the payment in about 7 days after notification.

What's worrying her is that NU might go bust before she gets the cash.

NU are well capitalised and can survive another 40% drop in the stockmarket. Insurers have not been hit as hard as the banks as they dont have as much exposure in the bad areas. They are more affected by the drop in the stockmarkets. NU are not going bust.

Harasseddad

I cant see NU doing much wrong here.

The point is that they've reset the start point. She supplied all the information they asked for, they returned the documents with thanks. Then a month later they sent a claim form and asked for the documents again. When she phoned them, they said "oh it's a mistake, just send the form, we've seen the documents". Now they're again saying they haven't seen the documents and to resend them, plus a requirement to get a new document that no-one had previously asked for or mentioned. So now she has to start getting a form from the old mortgage company when she could have been doing in back in October. So NU get to keep the cash for what, at the rate we're going, is going to be six months.

They have to ensure that the policy is paid to the correct person
It was a joint endowment - both lives covered.
If the policy was set up correctly, she would have had the payment in about 7 days after notification.

I've checked the dates on their letters and they are all exactly 28 days apart - it seems that NU are on a four week cycle and don't even look at letters for three weeks after receiving them, so I doubt they could pay that fast.

EdInvestor

Make a complaint to the FOS about NU's service asking for interest on the amount due to be paid and compensation for the delay.

Whenever anyone makes a complaint about a company, the FOS charges them 500 pounds. So if everyone started complaining about poor service, you should start to see action fairly quickly as those charges mount up.


https://www.financial-ombudsman.org.uk

You have to make a formal complaint to NU first, which they have to reject before you take it on to the FOS.Possibly, simply sending them the first complaint letter will have the desired effect....

dunstonh

It was a joint endowment - both lives covered.

Was it assigned to the lender? That often holds things up.

So NU get to keep the cash for what, at the rate we're going, is going to be six months.

They will pay interest on it but its not likely to be as much as the mortgage though. Why doesnt she go back to the original adviser or the servicing adviser for the plan. We can get things sorted much quicker than trying to DIY.

ukcarper

Norwich Union still haven’t paid out my endowment, which matured on the 13th of Jan. Have complained to them asking for compensation for mortgage interest. They have contacted me and say they are still dealing with it and it should be paid between 5 and 10 days time and my claim for compensation has been sent to the appropriate department. I’m not very impressed.

ukcarper

Update on my endowment 4 weeks past maturity date still hasn’t been paid. Rang them today no reason or date for payment given, just it has been passed to offshore team and she will email them chasing it up. I threatened complaining to FOS if it isn’t sorted out by the end of week .

Great service I don’t think so.

Honest_Man

ukcarper wrote: »

Update on my endowment 4 weeks past maturity date still hasn’t been paid. quote]

What are you complaining about? :rolleyes:
My endowment matured on 2 December - and I'm still waiting! :mad:

ukcarper

"My endowment matured on 2 December - and I'm still waiting"

Thats totally out or order Have they given you any reason for not paying.

What would have happened if you were two and half monthes late with your payments

What do other people think is a reasonable time to wait I would of thought two week at most.

How long have other people had to wait with Norwich Union or any other endowment provider.

moneysaver

dunstonh wrote: »

Was it assigned to the lender? That often holds things up.

The OP said all paper work that was asked for was sent in October & they returned the documents with thanks, if you read one of the posts. Now they are saying that they have not seen the original documents.

It is just delay tactics, typical insurance company, they take your money fast enough but when they have to pay out they put all sort of obstacles in your way.


Moneysaver

ukcarper

Yes I noticed his post after I had posted

I had a letter in Nov saying that as the policy was assigned too my bank I didn’t have to do anything and they would pay them. I think that if I hadn’t contacted them they still wouldn’t have contacted me and have offered no explanation why they haven’t paid.

Delay tactic no tactic just delay