Norwich Union Endowment delays

ukcarper

Update on my endowment they paid it yesterday and have sent me £100 M&S vouchers for my inconvenience. I would have rather have had the money but I'm reasonably happy.

king_oo

Hi all, My first post and its a moan...............

I had reason to contact Aviva as my endowment had matured and I had filled in my 'payout' pack etc. Luckily I called them, after still not receiving my payout, and was told "they are doing them manually" - whatever that means as surely a computer can payout on a set mature date??
Anyway, they say it is NOW being processed and I should have it within 7 days (another 7 days!).

Funnily,they also included in their 'options' pack, a proposal that I re-invest the payout with them at a whopping 0.25% aer, which I suppose is better than the bonus I received from Aviva in the last 6 years, which was absolutely nothing!.

Sorry for the moan, maybe I will feel better if I get MY money in the next 7 days.............

dunstonh

was told "they are doing them manually" - whatever that means as surely a computer can payout on a set mature date??

They have become possibly the most stringent of all the insurers when it comes to money laundering checks. Either this means the FSA have told them they were not good enough before and have gone into overkill now or their compliance team have decided to take a harder line approach. Consequently, the checks they do now require manual intervention.

Aviva are not known for speed and since this new process they have taken ages to get money paid out.

which I suppose is better than the bonus I received from Aviva in the last 6 years, which was absolutely nothing!.

You ought to check that. The Aviva endowments I have come across have paid bonuses over the last 6 years.

king_oo

dunstonh wrote: »

You ought to check that. The Aviva endowments I have come across have paid bonuses over the last 6 years.

I was paid approx £19 in 2004 in regular bonus and there has been no regular bonus paid since then according to my yearly statements.

I started endowment in 1986 and received regular bonus of £100 - £300 until 2004.

coreykoch

I have been trying to get money out of Aviva for THREE and a HALF months. Sheer incompetence and gross misconduct is all I can say from my experience. The problem is that nobody within that company understands that you rely on that money. Frustrating and I will never advise anyone to deal with Aviva. I did not choose them either, I have inherited them, much to my dismay. It is still not solved and I am wondering now if they are in difficulties. They have managed to send me £100 as compensation!!!. So they admit their guilt and incompetence, but it does not pay any bills or mortgage.

tonycarew

coreykoch wrote: »

I have been trying to get money out of Aviva for THREE and a HALF months. Sheer incompetence and gross misconduct is all I can say from my experience. The problem is that nobody within that company understands that you rely on that money. Frustrating and I will never advise anyone to deal with Aviva. I did not choose them either, I have inherited them, much to my dismay. It is still not solved and I am wondering now if they are in difficulties. They have managed to send me £100 as compensation!!!. So they admit their guilt and incompetence, but it does not pay any bills or mortgage.

If they were as you speculate in difficulty and lets say they went under would the endowment policy and its current value be covered under the FSCS.
Can anyone shed any light on this possibility,what infact would happen.

pisces_pixie

king_oo wrote: »

Hi all, My first post and its a moan...............

I had reason to contact Aviva as my endowment had matured and I had filled in my 'payout' pack etc. Luckily I called them, after still not receiving my payout, and was told "they are doing them manually" - whatever that means as surely a computer can payout on a set mature date??
Anyway, they say it is NOW being processed and I should have it within 7 days (another 7 days!).

Funnily,they also included in their 'options' pack, a proposal that I re-invest the payout with them at a whopping 0.25% aer, which I suppose is better than the bonus I received from Aviva in the last 6 years, which was absolutely nothing!.

Sorry for the moan, maybe I will feel better if I get MY money in the next 7 days.............

Had similar problem with Aviva as my endowment policy matured on 6th January 2011. Contacted customer services and complained several times. Finally received payout on 19th January and £75 compensation for the delay in processing.